PACCAR (NASDAQ:PCAR) Downgraded to “Hold” at StockNews.com

PACCAR (NASDAQ:PCAR) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other analysts have also weighed in on the stock. Truist Financial reaffirmed a “hold” rating and set a $121.00 price objective (up previously from $117.00) on shares of PACCAR in a report on Thursday, May 2nd. Royal Bank of Canada started coverage on shares of PACCAR in a report on Tuesday, March 26th. They issued a “sector perform” rating and a $123.00 price target for the company. Citigroup started coverage on shares of PACCAR in a report on Wednesday. They issued a “neutral” rating and a $115.00 price target for the company. JPMorgan Chase & Co. lowered their price target on shares of PACCAR from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Finally, UBS Group raised shares of PACCAR from a “neutral” rating to a “buy” rating and raised their price target for the company from $104.00 to $136.00 in a report on Friday, March 15th. Eight investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.38.

PACCAR Price Performance

Shares of NASDAQ PCAR traded down $0.32 during mid-day trading on Thursday, hitting $103.97. 2,305,647 shares of the stock were exchanged, compared to its average volume of 2,468,491. The company has a market cap of $54.50 billion, a P/E ratio of 10.79, a PEG ratio of 1.63 and a beta of 0.94. The stock’s fifty day simple moving average is $107.96 and its two-hundred day simple moving average is $107.62. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.49 and a current ratio of 2.73. PACCAR has a twelve month low of $79.95 and a twelve month high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.07. The company had revenue of $8.24 billion during the quarter, compared to analyst estimates of $8.25 billion. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $2.25 earnings per share. As a group, analysts forecast that PACCAR will post 8.36 EPS for the current fiscal year.

Insider Transactions at PACCAR

In other news, VP Michael K. Walton sold 9,123 shares of PACCAR stock in a transaction on Monday, May 6th. The shares were sold at an average price of $105.11, for a total transaction of $958,918.53. Following the transaction, the vice president now directly owns 1,468 shares of the company’s stock, valued at $154,301.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO R Preston Feight sold 33,850 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total value of $3,594,193.00. Following the sale, the chief executive officer now directly owns 154,430 shares of the company’s stock, valued at approximately $16,397,377.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael K. Walton sold 9,123 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $105.11, for a total transaction of $958,918.53. Following the completion of the sale, the vice president now directly owns 1,468 shares in the company, valued at $154,301.48. The disclosure for this sale can be found here. Insiders have sold a total of 45,040 shares of company stock valued at $4,779,241 over the last three months. 2.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. increased its stake in PACCAR by 18.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 107,018 shares of the company’s stock valued at $10,450,000 after buying an additional 16,360 shares during the last quarter. abrdn plc increased its stake in shares of PACCAR by 50.9% during the 4th quarter. abrdn plc now owns 264,756 shares of the company’s stock worth $25,853,000 after purchasing an additional 89,359 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of PACCAR by 29.6% during the 4th quarter. Pacer Advisors Inc. now owns 71,727 shares of the company’s stock worth $7,004,000 after purchasing an additional 16,390 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of PACCAR by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 823,651 shares of the company’s stock worth $80,430,000 after purchasing an additional 9,978 shares during the last quarter. Finally, Nilsine Partners LLC acquired a new position in shares of PACCAR during the 4th quarter worth about $1,337,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

About PACCAR

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.