Evercore ISI Lowers PACCAR (NASDAQ:PCAR) Price Target to $115.00

PACCAR (NASDAQ:PCAR) had its target price decreased by equities researchers at Evercore ISI from $127.00 to $115.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price objective would indicate a potential upside of 18.91% from the company’s previous close.

Several other research analysts also recently issued reports on PCAR. Truist Financial lowered their price objective on shares of PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Citigroup lowered their price objective on shares of PACCAR from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley downgraded shares of PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price objective on the stock. in a research report on Wednesday, April 16th. Melius raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. downgraded shares of PACCAR from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $105.00 to $90.00 in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $104.14.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $96.71 on Monday. The company’s fifty day moving average price is $93.34 and its 200 day moving average price is $103.86. PACCAR has a 12 month low of $84.65 and a 12 month high of $118.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. The firm has a market capitalization of $50.77 billion, a P/E ratio of 12.23, a P/E/G ratio of 2.77 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.12). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The business had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.13 billion. During the same period in the previous year, the business posted $2.27 earnings per share. The company’s revenue for the quarter was down 16.0% on a year-over-year basis. As a group, sell-side analysts predict that PACCAR will post 7.57 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Pierre R. Breber acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were purchased at an average price of $89.78 per share, with a total value of $448,900.00. Following the completion of the acquisition, the director now owns 13,015 shares in the company, valued at approximately $1,168,486.70. This represents a 62.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Harrie Schippers sold 28,676 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the sale, the chief financial officer now directly owns 114,659 shares in the company, valued at approximately $12,150,414.23. This represents a 20.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in PACCAR by 1.8% during the first quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company’s stock worth $6,133,914,000 after buying an additional 1,113,520 shares in the last quarter. Wellington Management Group LLP raised its position in PACCAR by 20.1% during the first quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock worth $1,964,725,000 after acquiring an additional 3,379,165 shares during the last quarter. Geode Capital Management LLC raised its position in PACCAR by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 12,242,288 shares of the company’s stock worth $1,275,269,000 after acquiring an additional 362,637 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in PACCAR by 9.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company’s stock worth $1,144,578,000 after acquiring an additional 987,805 shares during the last quarter. Finally, FMR LLC raised its position in PACCAR by 1.9% during the fourth quarter. FMR LLC now owns 8,791,660 shares of the company’s stock worth $914,509,000 after acquiring an additional 167,165 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.