PACCAR (NASDAQ:PCAR) Price Target Cut to $126.00

PACCAR (NASDAQ:PCAR) had its price objective decreased by equities researchers at Morgan Stanley from $135.00 to $126.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 20.24% from the stock’s previous close.

PCAR has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft lowered their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Truist Financial lowered their price target on PACCAR from $107.00 to $103.00 and set a “hold” rating on the stock in a report on Wednesday, October 9th. Citigroup upped their price objective on PACCAR from $100.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Evercore ISI reduced their price objective on PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their price objective on PACCAR from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $113.82.

PACCAR Trading Down 4.4 %

PACCAR stock opened at $104.79 on Wednesday. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. The business’s fifty day simple moving average is $98.78 and its two-hundred day simple moving average is $103.41. PACCAR has a 12 month low of $80.94 and a 12 month high of $125.50. The company has a market capitalization of $54.93 billion, a price-to-earnings ratio of 11.10, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The business had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.33 earnings per share. As a group, equities analysts predict that PACCAR will post 8.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the sale, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

A number of hedge funds and other institutional investors have recently bought and sold shares of PCAR. State Board of Administration of Florida Retirement System grew its position in shares of PACCAR by 4.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 610,934 shares of the company’s stock worth $75,689,000 after purchasing an additional 27,963 shares in the last quarter. BDF Gestion purchased a new stake in shares of PACCAR during the second quarter worth about $2,862,000. Advisory Services Network LLC grew its position in shares of PACCAR by 15.9% during the first quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock worth $6,944,000 after purchasing an additional 7,678 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of PACCAR by 18.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 666,638 shares of the company’s stock worth $82,590,000 after purchasing an additional 105,109 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of PACCAR during the first quarter worth about $1,359,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.