PACCAR (NASDAQ:PCAR) Rating Increased to Buy at Bank of America

PACCAR (NASDAQ:PCAR) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $121.50 price target on the stock, up from their prior price target of $116.00. Bank of America‘s price target would indicate a potential upside of 12.33% from the stock’s current price.

A number of other research analysts also recently issued reports on PCAR. Jefferies Financial Group downgraded shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a research report on Friday, December 6th. JPMorgan Chase & Co. raised their target price on shares of PACCAR from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup upped their target price on PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Finally, BNP Paribas upgraded PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $120.79.

PACCAR Trading Up 1.5 %

NASDAQ PCAR opened at $108.16 on Tuesday. The company has a market capitalization of $56.71 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 1.77 and a beta of 0.93. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR has a 12 month low of $90.04 and a 12 month high of $125.50. The company’s fifty day moving average price is $111.33 and its two-hundred day moving average price is $103.84.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same period last year, the firm earned $2.34 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts predict that PACCAR will post 7.98 earnings per share for the current fiscal year.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. This trade represents a 13.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the transaction, the vice president now owns 3,061 shares in the company, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PACCAR

Hedge funds have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new position in PACCAR in the 2nd quarter worth about $36,000. Federated Hermes Inc. boosted its holdings in shares of PACCAR by 69.2% in the second quarter. Federated Hermes Inc. now owns 15,767 shares of the company’s stock worth $1,623,000 after buying an additional 6,448 shares during the period. Envestnet Asset Management Inc. increased its position in shares of PACCAR by 2.9% in the second quarter. Envestnet Asset Management Inc. now owns 580,887 shares of the company’s stock worth $59,796,000 after acquiring an additional 16,225 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new stake in shares of PACCAR during the second quarter valued at approximately $270,000. Finally, Citizens Financial Group Inc. RI boosted its position in shares of PACCAR by 13.2% in the second quarter. Citizens Financial Group Inc. RI now owns 3,655 shares of the company’s stock worth $376,000 after buying an additional 425 shares during the period. 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.