Paccar Inc. (PCAR) Upgraded at Zacks Investment Research
Paccar Inc. (NASDAQ:PCAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Earnings estimates for PACCAR have remained stable of late. PACCAR holds a strong market share in the U.S. and Canada. Moreover, the company is well positioned in the key non-U.S. markets, backed by its strategic investments. Further, PACCAR follows an active capital deployment policy to boost earnings. The company raised its outlook for industry sales in Europe and modified the same for the U.S. and Canada. However, PACCAR is likely to be affected by the expected decline in Class 8 industry retail sales in the U.S. and Canada this year. It is also facing competition in the commercial trucks market.”
A number of other research firms have also issued reports on PCAR. Jefferies Group lifted their target price on Paccar from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, September 1st. BMO Capital Markets reiterated a “hold” rating and issued a $57.00 price target on shares of Paccar in a research report on Friday, July 29th. Barclays PLC set a $47.00 price target on Paccar and gave the company a “sell” rating in a research report on Wednesday, July 27th. Credit Agricole SA started coverage on Paccar in a research report on Friday, September 30th. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Deutsche Bank AG started coverage on Paccar in a research report on Tuesday, September 6th. They issued a “hold” rating and a $63.00 price target for the company. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $56.33.
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Paccar (NASDAQ:PCAR) traded down 1.17% on Thursday, hitting $56.78. 669,090 shares of the stock were exchanged. The company has a market cap of $19.90 billion, a PE ratio of 30.14 and a beta of 1.51. The company’s 50-day moving average is $58.27 and its 200-day moving average is $56.22. Paccar has a 52 week low of $43.46 and a 52 week high of $60.86.
Paccar (NASDAQ:PCAR) last released its earnings results on Tuesday, July 26th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.04. The firm had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.17 billion. Paccar had a return on equity of 21.92% and a net margin of 3.71%. Paccar’s revenue was down 14.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.26 earnings per share. On average, analysts predict that Paccar will post $3.98 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Wednesday, November 16th. Paccar’s payout ratio is 51.34%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. MSI Financial Services Inc increased its position in shares of Paccar by 11.1% in the third quarter. MSI Financial Services Inc now owns 7,449 shares of the company’s stock valued at $438,000 after buying an additional 744 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Paccar during the third quarter valued at approximately $811,000. Creative Planning increased its position in shares of Paccar by 23.5% in the third quarter. Creative Planning now owns 12,221 shares of the company’s stock valued at $718,000 after buying an additional 2,327 shares in the last quarter. Bristlecone Advisors LLC acquired a new position in shares of Paccar during the third quarter valued at approximately $3,525,000. Finally, Raymond James Trust N.A. acquired a new position in shares of Paccar during the third quarter valued at approximately $216,000. 62.23% of the stock is currently owned by institutional investors and hedge funds.
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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