PACCAR (NASDAQ:PCAR) Stock Rating Upgraded by Bank of America

PACCAR (NASDAQ:PCAR) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $121.50 price objective on the stock, up from their previous price objective of $116.00. Bank of America‘s price target would suggest a potential upside of 10.83% from the stock’s previous close.

PCAR has been the subject of a number of other reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. JPMorgan Chase & Co. boosted their price target on shares of PACCAR from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday. Jefferies Financial Group cut shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price objective on the stock. in a research note on Friday, December 6th. Morgan Stanley dropped their target price on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $119.96.

PACCAR Trading Down 0.5 %

Shares of NASDAQ PCAR opened at $109.63 on Tuesday. PACCAR has a 1-year low of $90.04 and a 1-year high of $125.50. The company has a 50-day moving average of $111.37 and a two-hundred day moving average of $103.89. The company has a market cap of $57.48 billion, a PE ratio of 12.25, a P/E/G ratio of 1.77 and a beta of 0.93. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The firm had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. PACCAR’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.34 EPS. As a group, equities analysts expect that PACCAR will post 7.98 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the sale, the vice president now owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This represents a 51.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the transaction, the chief executive officer now owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock worth $6,358,552 in the last quarter. Corporate insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PCAR. Wellington Management Group LLP lifted its stake in PACCAR by 53.3% in the 3rd quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock valued at $1,325,678,000 after purchasing an additional 4,669,172 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of PACCAR by 47.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after buying an additional 3,296,146 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after acquiring an additional 1,164,692 shares during the period. Renaissance Technologies LLC acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $88,437,000. Finally, Erste Asset Management GmbH bought a new stake in PACCAR in the 3rd quarter valued at $63,186,000. Institutional investors own 64.90% of the company’s stock.

About PACCAR

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.