PACCAR (NASDAQ:PCAR) Rating Increased to Hold at Wells Fargo & Company

PACCAR (NASDAQ:PCAR) was upgraded by Wells Fargo & Company to a “hold” rating in a report released on Thursday, MarketBeat Ratings reports.

PCAR has been the topic of several other research reports. JPMorgan Chase & Co. boosted their price target on PACCAR from $103.00 to $108.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Truist Financial increased their price target on shares of PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Morgan Stanley set a $90.00 price objective on shares of PACCAR in a research report on Tuesday, October 21st. Evercore ISI set a $114.00 target price on shares of PACCAR and gave the company an “outperform” rating in a report on Tuesday, August 19th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of PACCAR in a research report on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $106.54.

PACCAR Stock Down 1.0%

PCAR stock traded down $0.96 during midday trading on Thursday, hitting $95.59. The company’s stock had a trading volume of 2,928,015 shares, compared to its average volume of 2,876,518. The company’s fifty day moving average price is $98.22 and its 200 day moving average price is $96.64. PACCAR has a twelve month low of $84.65 and a twelve month high of $118.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.82 and a quick ratio of 1.51. The stock has a market capitalization of $50.20 billion, a P/E ratio of 18.71, a PEG ratio of 4.11 and a beta of 0.95.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The company had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. PACCAR’s revenue was down 20.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.85 EPS. As a group, equities research analysts predict that PACCAR will post 7.57 EPS for the current year.

Insiders Place Their Bets

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the completion of the sale, the chief financial officer owned 468 shares of the company’s stock, valued at $47,338.20. The trade was a 87.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On PACCAR

Institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC increased its stake in PACCAR by 27.7% during the 3rd quarter. Lazard Asset Management LLC now owns 5,828 shares of the company’s stock worth $573,000 after acquiring an additional 1,264 shares during the period. Creative Planning grew its holdings in shares of PACCAR by 12.2% during the 3rd quarter. Creative Planning now owns 78,676 shares of the company’s stock worth $7,735,000 after purchasing an additional 8,567 shares in the last quarter. AQR Capital Management LLC increased its position in shares of PACCAR by 48.5% in the third quarter. AQR Capital Management LLC now owns 1,217,142 shares of the company’s stock worth $119,669,000 after purchasing an additional 397,361 shares during the period. Ancora Advisors LLC raised its stake in PACCAR by 43.6% in the third quarter. Ancora Advisors LLC now owns 151,021 shares of the company’s stock valued at $14,848,000 after purchasing an additional 45,820 shares in the last quarter. Finally, Credit Agricole S A bought a new stake in PACCAR during the third quarter worth about $16,586,000. 64.90% of the stock is currently owned by institutional investors.

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.