PACCAR (NASDAQ:PCAR – Get Free Report) had its target price boosted by investment analysts at Wells Fargo & Company from $125.00 to $157.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 18.47% from the stock’s current price.
Other research analysts have also recently issued reports about the stock. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday. Evercore set a $139.00 target price on PACCAR in a report on Monday, May 11th. Truist Financial boosted their target price on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Finally, Morgan Stanley set a $119.00 target price on PACCAR in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $130.20.
Get Our Latest Stock Analysis on PCAR
PACCAR Stock Performance
PACCAR (NASDAQ:PCAR – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the previous year, the firm posted $1.37 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. As a group, analysts anticipate that PACCAR will post 5.66 earnings per share for the current fiscal year.
Institutional Trading of PACCAR
Several hedge funds have recently made changes to their positions in PCAR. Nomura Asset Management Co. Ltd. grew its holdings in PACCAR by 2.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock worth $45,281,000 after acquiring an additional 9,524 shares in the last quarter. Merit Financial Group LLC boosted its position in PACCAR by 165.8% in the 4th quarter. Merit Financial Group LLC now owns 24,319 shares of the company’s stock valued at $2,663,000 after buying an additional 15,169 shares during the period. Vanguard Group Inc. increased its stake in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after purchasing an additional 363,782 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares during the period. Finally, Swiss Life Asset Management Ltd lifted its stake in shares of PACCAR by 118.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company’s stock valued at $69,943,000 after purchasing an additional 345,937 shares during the period. 64.90% of the stock is currently owned by hedge funds and other institutional investors.
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.
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