Zacks Investment Research upgraded shares of PACCAR (NASDAQ:PCAR) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $75.00 target price on the stock.
According to Zacks, “In fourth-quarter 2018, PACCAR’s adjusted earnings per share and consolidated net sales and revenues surpassed the respective Zacks Consensus Estimate. The company’s results are backed by strong global truck markets, and solid aftermarket parts’ results. In fact, the company’s class 8 truck retail sales are rising primarily due to a robust economy and strong freight demand, which is expected to drive its financials. Also, it is well-positioned in its key markets on the back of its strong cash flow, enabling it to undertake capital investments and research and development expenses.”
PCAR has been the topic of several other research reports. Credit Suisse Group reaffirmed a hold rating and issued a $63.00 price objective on shares of PACCAR in a research note on Tuesday, January 22nd. ValuEngine raised PACCAR from a sell rating to a hold rating in a research note on Friday, December 21st. Mizuho reaffirmed a hold rating on shares of PACCAR in a research note on Monday, December 31st. JPMorgan Chase & Co. downgraded PACCAR from a neutral rating to an underweight rating and set a $54.00 price objective on the stock. in a research note on Thursday, January 10th. Finally, BidaskClub cut PACCAR from a strong-buy rating to a buy rating in a research report on Friday, March 1st. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. PACCAR currently has an average rating of Hold and a consensus price target of $68.04.
NASDAQ PCAR opened at $68.45 on Tuesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.18 and a current ratio of 2.33. PACCAR has a 52 week low of $53.43 and a 52 week high of $72.89. The stock has a market capitalization of $23.83 billion, a PE ratio of 10.97, a P/E/G ratio of 0.98 and a beta of 1.24.
PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, January 29th. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.57 by $0.08. PACCAR had a return on equity of 25.01% and a net margin of 9.34%. The firm had revenue of $5.93 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the company earned $1.18 earnings per share. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities analysts predict that PACCAR will post 6.42 EPS for the current fiscal year.
PACCAR announced that its board has initiated a stock repurchase program on Tuesday, December 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other PACCAR news, insider R Preston Feight sold 3,226 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $68.73, for a total transaction of $221,722.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Darrin C. Siver sold 8,088 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $68.81, for a total value of $556,535.28. Following the transaction, the senior vice president now owns 24,335 shares of the company’s stock, valued at approximately $1,674,491.35. The disclosure for this sale can be found here. Insiders have sold 61,989 shares of company stock valued at $4,160,345 in the last quarter. 2.64% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Berman Capital Advisors LLC purchased a new position in PACCAR during the 4th quarter valued at approximately $43,000. Lindbrook Capital LLC purchased a new position in PACCAR during the 4th quarter valued at approximately $47,000. Synovus Financial Corp grew its holdings in PACCAR by 1,116.5% during the 4th quarter. Synovus Financial Corp now owns 1,253 shares of the company’s stock valued at $72,000 after buying an additional 1,150 shares in the last quarter. Massey Quick Simon & CO. LLC purchased a new position in PACCAR during the 4th quarter valued at approximately $77,000. Finally, Kinneret Advisory LLC purchased a new position in PACCAR during the 4th quarter valued at approximately $99,000. Institutional investors and hedge funds own 60.17% of the company’s stock.
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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