Morgan Stanley Raises PACCAR (NASDAQ:PCAR) Price Target to $102.00

PACCAR (NASDAQ:PCAR) had its price target lifted by equities researchers at Morgan Stanley from $93.00 to $102.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 14.29% from the company’s previous close.

Several other equities research analysts also recently commented on the company. Zacks Research raised PACCAR from a “strong sell” rating to a “hold” rating in a report on Monday, December 8th. JPMorgan Chase & Co. raised shares of PACCAR from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $108.00 to $133.00 in a research note on Friday, December 19th. Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 22nd. Jefferies Financial Group restated a “hold” rating and set a $90.00 price target on shares of PACCAR in a report on Tuesday, October 21st. Finally, Citigroup reaffirmed a “neutral” rating and issued a $120.00 price objective (up previously from $113.56) on shares of PACCAR in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $112.33.

PACCAR Trading Down 0.4%

Shares of NASDAQ:PCAR opened at $119.00 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. The stock has a market capitalization of $62.50 billion, a price-to-earnings ratio of 23.29, a PEG ratio of 14.88 and a beta of 1.01. PACCAR has a 1-year low of $84.65 and a 1-year high of $120.53. The company has a 50 day moving average price of $108.01 and a 200 day moving average price of $101.67.

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

Insider Buying and Selling at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction 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 completion of the sale, the chief financial officer directly owned 468 shares in the company, valued at approximately $47,338.20. This trade represents a 87.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PCAR. Hazlett Burt & Watson Inc. lifted its holdings in shares of PACCAR by 53.8% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock valued at $28,000 after buying an additional 100 shares during the last quarter. Private Wealth Management Group LLC increased its holdings in PACCAR by 293.1% in the third quarter. Private Wealth Management Group LLC now owns 283 shares of the company’s stock worth $28,000 after buying an additional 211 shares during the last quarter. Wealth Watch Advisors INC bought a new position in PACCAR during the third quarter valued at approximately $32,000. AlphaQuest LLC acquired a new stake in PACCAR in the third quarter valued at approximately $38,000. Finally, True Wealth Design LLC grew its position in PACCAR by 61.1% in the fourth quarter. True Wealth Design LLC now owns 364 shares of the company’s stock worth $40,000 after acquiring an additional 138 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Company Profile

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.