Paccar Inc. (PCAR) Price Target Raised to $50.00 at Barclays PLC
Paccar Inc. (NASDAQ:PCAR) had its target price boosted by equities researchers at Barclays PLC from $47.00 to $50.00 in a report issued on Wednesday. The brokerage currently has an “underweight” rating on the stock. Barclays PLC’s target price would suggest a potential downside of 12.94% from the stock’s previous close.
PCAR has been the subject of a number of other research reports. Bank of America Corp. restated a “buy” rating on shares of Paccar in a research report on Thursday, June 16th. Zacks Investment Research upgraded Paccar from a “sell” rating to a “hold” rating in a research report on Thursday, July 28th. Jefferies Group boosted their price objective on Paccar from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, September 1st. JPMorgan Chase & Co. lowered Paccar from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $58.00 to $47.00 in a research report on Monday, June 27th. Finally, Credit Agricole SA assumed coverage on Paccar in a research report on Friday, September 30th. They set an “outperform” rating and a $65.00 price objective for the company. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $56.33.
Shares of Paccar (NASDAQ:PCAR) traded down 0.17% during midday trading on Wednesday, reaching $57.33. The company’s stock had a trading volume of 421,192 shares. The company’s 50-day moving average price is $58.34 and its 200 day moving average price is $56.21. The firm has a market capitalization of $20.10 billion, a PE ratio of 30.43 and a beta of 1.51. Paccar has a 1-year low of $43.46 and a 1-year high of $60.86.
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Paccar (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.04. Paccar had a return on equity of 21.92% and a net margin of 3.71%. The business earned $4.12 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was down 14.0% compared to the same quarter last year. On average, equities research analysts forecast that Paccar will post $3.98 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.67%. Paccar’s dividend payout ratio is 51.34%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Paccar by 2.7% in the first quarter. Wellington Management Group LLP now owns 2,216,874 shares of the company’s stock worth $121,241,000 after buying an additional 57,859 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Paccar by 2.0% in the first quarter. Geode Capital Management LLC now owns 3,070,842 shares of the company’s stock worth $167,628,000 after buying an additional 59,726 shares during the period. Nicholas Investment Partners LP purchased a new position in shares of Paccar during the first quarter worth approximately $4,954,000. Riverhead Capital Management LLC increased its position in shares of Paccar by 133.7% in the first quarter. Riverhead Capital Management LLC now owns 129,942 shares of the company’s stock worth $7,107,000 after buying an additional 74,334 shares during the period. Finally, Pictet Asset Management Ltd. increased its position in shares of Paccar by 1.6% in the first quarter. Pictet Asset Management Ltd. now owns 189,555 shares of the company’s stock worth $9,762,000 after buying an additional 3,000 shares during the period. Institutional investors and hedge funds own 62.23% of the company’s stock.
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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