PACCAR (NASDAQ:PCAR) Price Target Lowered to $99.00 at Evercore ISI

PACCAR (NASDAQ:PCAR) had its price target cut by equities research analysts at Evercore ISI from $109.00 to $99.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target points to a potential upside of 3.64% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Raymond James initiated coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup reduced their price target on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, August 12th. StockNews.com upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Truist Financial reduced their target price on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. decreased their target price on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $112.73.

PACCAR Stock Up 0.4 %

NASDAQ PCAR traded up $0.35 during trading on Monday, hitting $95.52. The stock had a trading volume of 84,497 shares, compared to its average volume of 2,653,048. PACCAR has a 12 month low of $80.94 and a 12 month high of $125.50. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. The company’s 50-day moving average price is $101.40 and its two-hundred day moving average price is $108.34. The company has a market capitalization of $50.07 billion, a PE ratio of 9.91, a P/E/G ratio of 1.45 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last released its 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 company had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. PACCAR’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.33 EPS. As a group, sell-side analysts forecast that PACCAR will post 8.08 EPS for the current year.

Insiders Place Their Bets

In other PACCAR 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 value 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 approximately $16,066,583.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in 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 purchasing an additional 171,317 shares during the period. Fisher Asset Management LLC boosted its position in shares of PACCAR by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,916,582 shares of the company’s stock worth $480,104,000 after acquiring an additional 89,984 shares in the last quarter. Norges Bank acquired a new stake in shares of PACCAR during the 4th quarter worth approximately $448,288,000. Legal & General Group Plc increased its stake in PACCAR by 5.9% in the second quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock valued at $445,681,000 after acquiring an additional 242,435 shares during the last quarter. Finally, Capital International Investors raised its position in PACCAR by 44.8% during 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 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.