Wall Street Zen Upgrades PACCAR (NASDAQ:PCAR) to Hold

PACCAR (NASDAQ:PCAR) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other research analysts have also issued reports about the stock. Wolfe Research upgraded shares of PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 22nd. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Wells Fargo & Company began coverage on shares of PACCAR in a report on Thursday, November 13th. They issued a “positive” rating and a $106.00 price target on the stock. Citigroup reissued a “neutral” rating and set a $115.00 price objective (up from $105.00) on shares of PACCAR in a research note on Thursday, December 11th. Finally, Weiss Ratings lowered PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $111.04.

PACCAR Trading Up 0.3%

NASDAQ:PCAR opened at $111.79 on Friday. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $58.71 billion, a PE ratio of 21.88, a price-to-earnings-growth ratio of 15.25 and a beta of 1.01. The stock has a fifty day simple moving average of $103.92 and a 200-day simple moving average of $99.63. PACCAR has a 52-week low of $84.65 and a 52-week high of $115.43.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The company had revenue of $7.24 billion for the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The firm’s revenue was down 20.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.85 EPS. On average, equities research analysts expect that PACCAR will post 7.57 earnings per share for the current fiscal year.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the transaction, the chief financial officer directly owned 468 shares of the company’s stock, valued at approximately $47,338.20. The trade was a 87.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in PACCAR in the 2nd quarter valued at about $472,520,000. Pacer Advisors Inc. lifted its stake in shares of PACCAR by 2,389.2% in the third quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock worth $197,705,000 after acquiring an additional 1,930,056 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of PACCAR by 235.9% in the third quarter. American Century Companies Inc. now owns 2,540,688 shares of the company’s stock worth $249,801,000 after acquiring an additional 1,784,236 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in PACCAR by 16,393.9% in the first quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company’s stock valued at $139,402,000 after purchasing an additional 1,422,992 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in PACCAR by 25.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after purchasing an additional 1,165,443 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.