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

PACCAR (NASDAQ:PCAR) had its price objective cut by Morgan Stanley from $135.00 to $126.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 20.18% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of PACCAR from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. StockNews.com upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Truist Financial dropped their target price on PACCAR from $107.00 to $103.00 and set a “hold” rating on the stock in a research report on Wednesday, October 9th. Evercore ISI reduced their price target on PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, PACCAR has a consensus rating of “Hold” and an average target price of $114.18.

PACCAR Stock Up 1.0 %

Shares of NASDAQ PCAR opened at $104.84 on Wednesday. The stock has a fifty day moving average price of $98.98 and a 200 day moving average price of $103.41. The company has a current ratio of 1.91, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. PACCAR has a 12-month low of $80.94 and a 12-month high of $125.50. The company has a market cap of $54.96 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.62 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. During the same period in the previous year, the company posted $2.34 EPS. PACCAR’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts anticipate that PACCAR will post 8.07 EPS for the current fiscal year.

Insider Transactions at PACCAR

In related news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now owns 162,782 shares of the company’s stock, valued at $16,066,583.40. This represents a 0.00 % decrease in their position. The sale 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 Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PCAR. Dimensional Fund Advisors LP grew its position in shares of PACCAR by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock worth $557,572,000 after acquiring an additional 171,317 shares during the last quarter. Legal & General Group Plc grew its position in PACCAR by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after purchasing an additional 242,435 shares during the last quarter. Capital International Investors increased its stake in shares of PACCAR by 44.8% in the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock valued at $490,967,000 after purchasing an additional 1,225,468 shares during the period. Principal Financial Group Inc. raised its holdings in shares of PACCAR by 1.5% during the second quarter. Principal Financial Group Inc. now owns 3,219,380 shares of the company’s stock valued at $331,403,000 after buying an additional 48,784 shares during the last quarter. Finally, TD Asset Management Inc boosted its position in shares of PACCAR by 24.3% during the first quarter. TD Asset Management Inc now owns 2,576,627 shares of the company’s stock worth $319,218,000 after buying an additional 504,346 shares during the period. 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.