PACCAR (NASDAQ:PCAR) Price Target Cut to $126.00

PACCAR (NASDAQ:PCAR) had its price objective dropped by investment analysts at Morgan Stanley from $135.00 to $126.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 20.24% from the stock’s current price.

Other analysts also recently issued research reports about the company. BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Raymond James initiated coverage on PACCAR in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup boosted their target price on PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Truist Financial dropped their target price on PACCAR from $107.00 to $103.00 and set a “hold” rating for the company in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. boosted their target price on PACCAR from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $113.82.

PACCAR Stock Down 4.4 %

Shares of NASDAQ PCAR opened at $104.79 on Wednesday. PACCAR has a 52 week low of $80.94 and a 52 week high of $125.50. The business has a 50-day simple moving average of $98.78 and a two-hundred day simple moving average of $103.41. The company has a quick ratio of 2.54, a current ratio of 2.78 and a debt-to-equity ratio of 0.52. The company has a market cap of $54.93 billion, a P/E ratio of 11.10, a P/E/G ratio of 1.70 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The business had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business’s revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.33 EPS. Research analysts anticipate that PACCAR will post 8.08 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the transaction, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several hedge funds have recently made changes to their positions in the company. Miracle Mile Advisors LLC boosted its position in shares of PACCAR by 3.8% during the first quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock valued at $307,000 after purchasing an additional 91 shares in the last quarter. Security National Bank boosted its position in shares of PACCAR by 4.2% during the second quarter. Security National Bank now owns 2,328 shares of the company’s stock valued at $240,000 after purchasing an additional 93 shares in the last quarter. Brookstone Capital Management boosted its position in shares of PACCAR by 4.1% during the second quarter. Brookstone Capital Management now owns 2,366 shares of the company’s stock valued at $258,000 after purchasing an additional 94 shares in the last quarter. CVA Family Office LLC boosted its holdings in PACCAR by 13.3% in the third quarter. CVA Family Office LLC now owns 827 shares of the company’s stock worth $82,000 after acquiring an additional 97 shares in the last quarter. Finally, Graypoint LLC boosted its holdings in PACCAR by 2.9% in the first quarter. Graypoint LLC now owns 3,557 shares of the company’s stock worth $441,000 after acquiring an additional 99 shares in the last quarter. 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.