PACCAR (PCAR) Downgraded by BidaskClub to “Hold”
BidaskClub lowered shares of PACCAR (NASDAQ:PCAR) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
Other research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of PACCAR from a strong-buy rating to a hold rating in a research report on Tuesday. ValuEngine raised shares of PACCAR from a sell rating to a hold rating in a research report on Saturday, August 18th. Evercore ISI raised shares of PACCAR from an in-line rating to an outperform rating in a research report on Monday, August 6th. Credit Suisse Group reduced their price objective on shares of PACCAR from $70.00 to $69.00 and set a neutral rating on the stock in a research report on Wednesday, July 25th. Finally, Robert W. Baird boosted their price objective on shares of PACCAR from $56.00 to $59.00 and gave the company an underperform rating in a research report on Wednesday, July 25th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $71.64.
Shares of NASDAQ PCAR opened at $68.78 on Wednesday. The company has a current ratio of 2.52, a quick ratio of 2.34 and a debt-to-equity ratio of 0.69. PACCAR has a 52 week low of $59.82 and a 52 week high of $79.69. The firm has a market capitalization of $24.28 billion, a P/E ratio of 16.15, a PEG ratio of 1.06 and a beta of 1.25.
PACCAR announced that its Board of Directors has approved a share buyback plan on Monday, July 9th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 4th. Stockholders of record on Tuesday, November 13th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, November 9th. PACCAR’s dividend payout ratio (DPR) is presently 26.29%.
In related news, insider Darrin C. Siver sold 5,750 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $64.46, for a total value of $370,645.00. Following the transaction, the insider now owns 22,596 shares in the company, valued at approximately $1,456,538.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Douglas S. Grandstaff sold 580 shares of the company’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $65.90, for a total transaction of $38,222.00. Following the completion of the transaction, the vice president now owns 5,891 shares in the company, valued at approximately $388,216.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,634 shares of company stock worth $625,510. Company insiders own 2.64% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Vigilant Capital Management LLC bought a new position in PACCAR in the 2nd quarter worth about $105,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in PACCAR by 5,888.2% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,036 shares of the company’s stock worth $126,000 after purchasing an additional 2,002 shares in the last quarter. Amussen Hunsaker Associates LLC bought a new position in PACCAR in the 2nd quarter worth about $132,000. Point72 Asia Hong Kong Ltd boosted its stake in PACCAR by 1,202.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,423 shares of the company’s stock worth $160,000 after purchasing an additional 2,237 shares in the last quarter. Finally, CWM Advisors LLC bought a new position in PACCAR in the 2nd quarter worth about $203,000. Institutional investors own 61.03% of the company’s stock.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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