J P Morgan Chase & Co Upgrades PACCAR Inc. (PCAR) to Overweight
J P Morgan Chase & Co upgraded shares of PACCAR Inc. (NASDAQ:PCAR) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. J P Morgan Chase & Co currently has $83.00 price target on the stock, up from their prior price target of $70.00.
A number of other research analysts have also recently commented on the company. UBS AG reiterated a buy rating and issued a $82.00 price target (up from $76.00) on shares of PACCAR in a research note on Tuesday, October 3rd. Royal Bank Of Canada reiterated a buy rating and issued a $77.00 price target on shares of PACCAR in a research note on Tuesday, October 3rd. Zacks Investment Research upgraded PACCAR from a hold rating to a buy rating and set a $80.00 price target for the company in a research note on Tuesday, September 26th. ValuEngine upgraded PACCAR from a hold rating to a buy rating in a research note on Thursday, September 7th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $72.00 price target on shares of PACCAR in a research note on Tuesday, September 5th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $74.32.
Shares of PACCAR (NASDAQ PCAR) opened at 73.28 on Wednesday. The firm has a market capitalization of $25.75 billion, a PE ratio of 19.61 and a beta of 1.18. The stock has a 50 day moving average price of $68.72 and a 200 day moving average price of $66.58. PACCAR has a 1-year low of $53.38 and a 1-year high of $74.79.
PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.07. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the prior year, the company earned $1.06 EPS. PACCAR’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that PACCAR will post $4.00 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 14th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, November 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.36%. PACCAR’s payout ratio is currently 26.74%.
In other PACCAR news, insider T. Kyle Quinn sold 2,786 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total transaction of $189,141.54. Following the completion of the sale, the insider now directly owns 20,800 shares in the company, valued at approximately $1,412,112. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.64% of the company’s stock.
Institutional investors have recently modified their holdings of the business. IFP Advisors Inc grew its holdings in PACCAR by 91.1% during the 2nd quarter. IFP Advisors Inc now owns 1,867 shares of the company’s stock worth $123,000 after acquiring an additional 890 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co grew its holdings in PACCAR by 18.8% during the 2nd quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,900 shares of the company’s stock worth $125,000 after acquiring an additional 300 shares during the period. State of Alaska Department of Revenue grew its holdings in PACCAR by 29.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 2,175 shares of the company’s stock worth $143,000 after acquiring an additional 500 shares during the period. Perkins Coie Trust Co grew its holdings in PACCAR by 102.8% during the 2nd quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock worth $151,000 after acquiring an additional 1,157 shares during the period. Finally, Sun Life Financial INC grew its holdings in PACCAR by 19,884.6% during the 2nd quarter. Sun Life Financial INC now owns 2,598 shares of the company’s stock worth $172,000 after acquiring an additional 2,585 shares during the period. Hedge funds and other institutional investors own 62.13% of the company’s stock.
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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