PACCAR (NASDAQ:PCAR) Price Target Cut to $103.00

by · The Markets Daily

PACCAR (NASDAQ:PCAR – Get Free Report) had its target price decreased by equities researchers at Truist Financial from $107.00 to $103.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential downside of 0.60% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Citigroup cut their price target on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Raymond James initiated coverage on PACCAR in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Finally, Evercore ISI decreased their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $113.09.

View Our Latest Stock Analysis on PCAR

PACCAR Stock Performance

Shares of NASDAQ:PCAR opened at $103.62 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. PACCAR has a fifty-two week low of $80.94 and a fifty-two week high of $125.50. The firm’s 50 day simple moving average is $96.24 and its 200 day simple moving average is $104.52. The company has a market capitalization of $54.31 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.52 and a beta of 0.91.

PACCAR (NASDAQ:PCAR – Get Free Report) last released its earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.14 by ($0.01). The firm had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The company’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.33 EPS. As a group, sell-side analysts forecast that PACCAR will post 8.08 earnings per share for the current year.

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at $16,066,583.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Several institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in PACCAR by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock valued at $557,572,000 after acquiring an additional 171,317 shares in the last quarter. Fisher Asset Management LLC raised its holdings in PACCAR by 1.7% in the 4th quarter. Fisher Asset Management LLC now owns 4,910,042 shares of the company’s stock valued at $479,466,000 after acquiring an additional 83,444 shares during the last quarter. Legal & General Group Plc lifted its position in PACCAR by 5.9% during the second quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after buying an additional 242,435 shares in the last quarter. Capital International Investors increased its position in PACCAR by 44.8% during the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after purchasing an additional 1,225,468 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of PACCAR by 1.5% during the 2nd quarter. Principal Financial Group Inc. now owns 3,219,380 shares of the company’s stock valued at $331,403,000 after buying an additional 48,784 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Company Profile

(Get Free Report)

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.

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