Truist Financial Forecasts Strong Price Appreciation for PACCAR (NASDAQ:PCAR) Stock

PACCAR (NASDAQ:PCAR) had its price objective lifted by equities research analysts at Truist Financial from $126.00 to $131.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price would indicate a potential upside of 8.05% from the stock’s previous close.

A number of other brokerages have also weighed in on PCAR. BNP Paribas Exane initiated coverage on shares of PACCAR in a research note on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price target on the stock. Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the stock an “equal weight” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Evercore set a $139.00 price objective on shares of PACCAR in a research report on Monday, May 11th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $125.00 price objective (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, PACCAR has a consensus rating of “Hold” and an average target price of $122.45.

PACCAR Stock Up 0.9%

Shares of PACCAR stock opened at $121.24 on Thursday. PACCAR has a 1 year low of $92.25 and a 1 year high of $131.88. The business has a 50-day moving average of $116.59 and a two-hundred day moving average of $118.66. The company has a market capitalization of $63.81 billion, a P/E ratio of 25.80, a price-to-earnings-growth ratio of 1.12 and a beta of 0.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The business had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. During the same quarter in the previous year, the business posted $1.46 EPS. PACCAR’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, equities analysts predict that PACCAR will post 5.59 EPS for the current year.

Hedge Funds Weigh In On PACCAR

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ares Financial Consulting LLC acquired a new position in PACCAR during the fourth quarter worth $27,000. Steph & Co. acquired a new stake in PACCAR in the first quarter valued at $29,000. MCF Advisors LLC lifted its stake in PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock valued at $28,000 after acquiring an additional 92 shares during the last quarter. Elyxium Wealth LLC bought a new position in shares of PACCAR in the 4th quarter valued at about $30,000. Finally, Camelot Portfolios LLC bought a new position in shares of PACCAR in the 4th quarter valued at about $33,000. 64.90% of the stock is owned by 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.