PACCAR Inc. (PCAR) Given New $77.00 Price Target at Wells Fargo & Company

PACCAR Inc. (NASDAQ:PCAR) had its price objective lifted by equities research analysts at Wells Fargo & Company from $74.00 to $77.00 in a research report issued on Friday, October 6th. The brokerage currently has a “market perform” rating on the stock. Wells Fargo & Company’s target price points to a potential upside of 5.90% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Goldman Sachs Group, Inc. (The) raised shares of PACCAR from a “neutral” rating to a “buy” rating and set a $79.00 price target for the company in a report on Thursday, June 15th. UBS AG reaffirmed a “buy” rating and issued a $76.00 price target (up from $75.00) on shares of PACCAR in a report on Wednesday, July 26th. Citigroup Inc. lifted their price target on shares of PACCAR from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $72.00 price target (up from $64.00) on shares of PACCAR in a report on Wednesday, July 26th. Finally, Zacks Investment Research raised shares of PACCAR from a “sell” rating to a “buy” rating and set a $77.00 price target for the company in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $75.42.

Shares of PACCAR (NASDAQ:PCAR) traded down 0.03% during midday trading on Friday, hitting $72.69. The stock had a trading volume of 446,511 shares. PACCAR has a 52-week low of $53.38 and a 52-week high of $74.79. The firm has a market cap of $25.54 billion, a price-to-earnings ratio of 19.46 and a beta of 1.17. The firm’s 50 day moving average price is $70.23 and its 200 day moving average price is $66.77.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.07. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the business posted $1.06 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts expect that PACCAR will post $4.02 earnings per share for the current year.

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In other news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total transaction of $189,141.54. Following the sale, the insider now owns 20,800 shares in the company, valued at $1,412,112. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.64% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PCAR. IFP Advisors Inc grew its position in PACCAR by 91.1% during 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 in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co grew its position in PACCAR by 18.8% during 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 in the last quarter. State of Alaska Department of Revenue grew its position in PACCAR by 29.9% during 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 in the last quarter. Perkins Coie Trust Co grew its position in PACCAR by 102.8% during 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 in the last quarter. Finally, Sun Life Financial INC grew its position in PACCAR by 19,884.6% during 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 in the last quarter. 62.13% of the stock is currently owned by hedge funds and other institutional investors.

About PACCAR

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.

Analyst Recommendations for PACCAR (NASDAQ:PCAR)

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