Zacks Investment Research downgraded shares of PACCAR Inc. (NASDAQ:PCAR) from a buy rating to a hold rating in a report published on Monday.
According to Zacks, “PACCAR expects to achieve total sales of 200,000-220,000 units in Class 8 retail in the U.S. and Canada and 290,000-310,000 unit sales in Europe for fiscal 2017. Moreover, it is expanding its presence in South America and Russia, among others countries. A strong balance sheet enables it to invest in the development of new technologies, enhanced manufacturing facilities and after-market support. However, declining used truck prices and tough competition in the commercial truck market are few concerns the company has been facing. In the last six months, PACCAR’s shares have also underperformed the industry it belongs to.”
Other analysts also recently issued reports about the stock. Goldman Sachs Group, Inc. (The) upgraded shares of PACCAR from a neutral rating to a buy rating and set a $79.00 price target on the stock in a research report on Thursday, June 15th. UBS AG upgraded shares of PACCAR from a neutral rating to a buy rating and increased their price target for the company from $66.00 to $75.00 in a research report on Tuesday, June 6th. Jefferies Group LLC set a $77.00 price target on shares of PACCAR and gave the company a buy rating in a research report on Sunday, May 28th. BidaskClub upgraded shares of PACCAR from a hold rating to a buy rating in a research report on Tuesday, August 8th. Finally, Citigroup Inc. increased their price target on shares of PACCAR from $74.00 to $78.00 and gave the company a buy rating in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company’s stock. PACCAR presently has a consensus rating of Hold and a consensus price target of $71.74.
Shares of PACCAR (NASDAQ PCAR) opened at 69.16 on Monday. The firm has a market cap of $24.30 billion, a price-to-earnings ratio of 18.51 and a beta of 1.15. PACCAR has a 12-month low of $53.38 and a 12-month high of $70.32. The stock’s 50 day moving average is $66.20 and its 200-day moving average is $66.11.
PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.29 billion. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. PACCAR’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company posted $1.06 EPS. On average, analysts anticipate that PACCAR will post $4.00 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 14th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, November 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.45%. PACCAR’s dividend payout ratio (DPR) is presently 26.74%.
In other news, insider T. Kyle Quinn sold 2,786 shares of PACCAR stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total value of $189,141.54. Following the sale, the insider now directly owns 20,800 shares in the company, valued at $1,412,112. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.64% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of PCAR. IFP Advisors Inc raised its holdings in shares of PACCAR by 91.1% in the second quarter. IFP Advisors Inc now owns 1,867 shares of the company’s stock valued at $123,000 after purchasing an additional 890 shares during the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co raised its holdings in shares of PACCAR by 18.8% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,900 shares of the company’s stock valued at $125,000 after purchasing an additional 300 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of PACCAR by 29.9% in the second quarter. State of Alaska Department of Revenue now owns 2,175 shares of the company’s stock valued at $143,000 after purchasing an additional 500 shares during the last quarter. Perkins Coie Trust Co raised its holdings in shares of PACCAR by 102.8% in the second quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock valued at $151,000 after purchasing an additional 1,157 shares during the last quarter. Finally, Sun Life Financial INC raised its holdings in shares of PACCAR by 19,884.6% in the second quarter. Sun Life Financial INC now owns 2,598 shares of the company’s stock valued at $172,000 after purchasing an additional 2,585 shares during the last quarter. Institutional investors own 62.69% of the company’s stock.
PACCAR Company Profile
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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