PACCAR (NASDAQ:PCAR) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
A number of other brokerages have also recently commented on PCAR. ValuEngine cut shares of PACCAR from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 4th. Robert W. Baird cut shares of PACCAR from a “neutral” rating to an “underperform” rating in a report on Monday, July 2nd. Citigroup upped their target price on shares of PACCAR from $65.00 to $67.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Wolfe Research cut shares of PACCAR from a “peer perform” rating to an “underperform” rating in a report on Friday, October 5th. Finally, Zacks Investment Research cut shares of PACCAR from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. Five research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $71.64.
Shares of NASDAQ:PCAR opened at $62.13 on Friday. PACCAR has a one year low of $59.82 and a one year high of $79.69. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.52 and a quick ratio of 2.34. The stock has a market capitalization of $23.90 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.25.
PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 24th. The company reported $1.59 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.16. PACCAR had a net margin of 9.39% and a return on equity of 22.68%. The business had revenue of $5.47 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The business’s revenue was up 24.3% compared to the same quarter last year. As a group, sell-side analysts predict that PACCAR will post 6.03 EPS for the current year.
PACCAR declared that its Board of Directors has initiated a share repurchase program on Monday, July 9th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, VP Douglas S. Grandstaff sold 580 shares of the business’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $65.90, for a total transaction of $38,222.00. Following the transaction, the vice president now directly owns 5,891 shares in the company, valued at $388,216.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David J. Danforth sold 3,304 shares of the company’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $65.57, for a total transaction of $216,643.28. Following the transaction, the vice president now owns 7,878 shares in the company, valued at $516,560.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,634 shares of company stock worth $625,510. Company insiders own 2.64% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Vigilant Capital Management LLC acquired a new position in PACCAR during the second quarter worth about $105,000. Migdal Insurance & Financial Holdings Ltd. grew its position in PACCAR by 5,888.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,036 shares of the company’s stock worth $126,000 after buying an additional 2,002 shares during the period. Amussen Hunsaker Associates LLC acquired a new position in PACCAR during the second quarter worth about $132,000. Point72 Asia Hong Kong Ltd grew its position in PACCAR by 1,202.7% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,423 shares of the company’s stock worth $160,000 after buying an additional 2,237 shares during the period. Finally, Boltwood Capital Management acquired a new position in PACCAR during the third quarter worth about $204,000. Institutional investors own 61.07% of the company’s stock.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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