PACCAR Inc (PCAR) Downgraded by Bank of America Corp to “Neutral”
PACCAR Inc (NASDAQ:PCAR) was downgraded by Bank of America Corp from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday. They currently have a $70.00 price objective on the stock, down from their previous price objective of $78.00. Bank of America Corp’s target price would suggest a potential upside of 10.46% from the company’s current price.
A number of other analysts also recently commented on PCAR. Seaport Global Securities reiterated a “buy” rating and issued a $80.00 target price on shares of PACCAR in a report on Thursday, April 6th. Barclays PLC set a $56.00 target price on shares of PACCAR and gave the stock a “sell” rating in a report on Wednesday, April 26th. BMO Capital Markets reiterated a “buy” rating and issued a $85.00 target price on shares of PACCAR in a report on Thursday, April 20th. Royal Bank of Canada upgraded shares of PACCAR from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $54.00 to $75.00 in a report on Friday, January 13th. Finally, Piper Jaffray Companies downgraded shares of PACCAR from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $72.00 to $66.00 in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $68.07.
PACCAR (NASDAQ:PCAR) opened at 63.37 on Thursday. The stock has a market capitalization of $22.26 billion, a PE ratio of 15.66 and a beta of 1.26. The firm has a 50-day moving average of $66.38 and a 200-day moving average of $65.19. PACCAR has a one year low of $48.17 and a one year high of $70.12.
PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, April 25th. The company reported $0.88 EPS for the quarter, hitting analysts’ consensus estimates of $0.88. PACCAR had a net margin of 3.12% and a return on equity of 20.21%. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the previous year, the firm earned $0.99 EPS. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts forecast that PACCAR will post $3.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 6th. Shareholders of record on Friday, May 19th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Wednesday, May 17th. This is a positive change from PACCAR’s previous quarterly dividend of $0.24. PACCAR’s dividend payout ratio is currently 64.86%.
In other PACCAR news, insider Michael T. Barkley sold 8,736 shares of the company’s stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $69.74, for a total value of $609,248.64. Following the transaction, the insider now owns 19,249 shares in the company, valued at approximately $1,342,425.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Alma Lily Ley sold 904 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $67.39, for a total transaction of $60,920.56. Following the completion of the transaction, the vice president now owns 1,679 shares in the company, valued at approximately $113,147.81. The disclosure for this sale can be found here. 2.62% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its position in PACCAR by 1.1% in the first quarter. Amalgamated Bank now owns 24,342 shares of the company’s stock valued at $1,636,000 after buying an additional 276 shares in the last quarter. BlackRock Inc. raised its position in PACCAR by 2,119.4% in the first quarter. BlackRock Inc. now owns 23,936,276 shares of the company’s stock valued at $1,608,519,000 after buying an additional 22,857,778 shares in the last quarter. Morgan Stanley raised its position in PACCAR by 44.7% in the first quarter. Morgan Stanley now owns 1,352,076 shares of the company’s stock valued at $90,859,000 after buying an additional 417,475 shares in the last quarter. Geode Capital Management LLC raised its position in PACCAR by 6.7% in the first quarter. Geode Capital Management LLC now owns 3,641,538 shares of the company’s stock valued at $244,381,000 after buying an additional 227,367 shares in the last quarter. Finally, Bluestein R H & Co. bought a new position in PACCAR during the first quarter valued at $202,000. Hedge funds and other institutional investors own 60.60% of the company’s stock.
PACCAR Company Profile
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.
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