PACCAR (PCAR) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of PACCAR (NASDAQ:PCAR) from a buy rating to a hold rating in a research note released on Monday morning.
According to Zacks, “PACCAR is well-positioned in its key markets on the back of its strategic investments and a strong balance sheet, enabling it to undertake capital investments and research and development expenses. It also has an expanded network presence, enabling it to provide high-quality aftermarket products and services to its customers. Development and production of new products and services plus an active capital deployment policy are a few of the other benefits that PACCAR has. However, tough competition in the commercial truck market and declining prices of used trucks are its few concerns. Also, year to date, its shares have underperformed in the industry it belongs to.”
PCAR has been the topic of several other reports. Citigroup raised their price objective on shares of PACCAR from $78.00 to $81.00 and gave the company a buy rating in a research report on Friday, October 13th. BidaskClub upgraded shares of PACCAR from a hold rating to a buy rating in a research report on Thursday, December 7th. ValuEngine downgraded shares of PACCAR from a buy rating to a hold rating in a research report on Tuesday, October 10th. BMO Capital Markets restated a buy rating and set a $85.00 price objective on shares of PACCAR in a research report on Friday, October 20th. Finally, J P Morgan Chase & Co set a $83.00 price objective on shares of PACCAR and gave the company a buy rating in a research report on Wednesday, November 29th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and nine have given a buy rating to the company’s stock. PACCAR presently has a consensus rating of Hold and a consensus target price of $75.15.
PACCAR (NASDAQ PCAR) opened at $71.74 on Monday. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.56 and a quick ratio of 2.40. PACCAR has a 52-week low of $61.93 and a 52-week high of $75.68. The firm has a market cap of $25,310.00, a P/E ratio of 18.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.22.
PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 24th. The company reported $1.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.06. PACCAR had a net margin of 7.61% and a return on equity of 18.77%. The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.57 billion. During the same period last year, the firm earned $0.98 earnings per share. The company’s quarterly revenue was up 19.7% on a year-over-year basis. sell-side analysts predict that PACCAR will post 4.18 EPS for the current fiscal year.
The business also recently announced a special dividend, which will be paid on Thursday, January 4th. Investors of record on Thursday, December 14th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Wednesday, December 13th. This represents a yield of 1.4%. PACCAR’s payout ratio is 25.64%.
In related news, VP C Michael Dozier sold 3,618 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $69.02, for a total transaction of $249,714.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark C. Pigott sold 98,956 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $71.37, for a total transaction of $7,062,489.72. Following the transaction, the insider now directly owns 2,985,401 shares of the company’s stock, valued at $213,068,069.37. The disclosure for this sale can be found here. Insiders have sold 106,598 shares of company stock valued at $7,597,908 over the last ninety days. 2.64% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of PCAR. Boston Partners purchased a new position in shares of PACCAR in the 3rd quarter worth $155,973,000. Principal Financial Group Inc. grew its stake in shares of PACCAR by 381.5% in the 2nd quarter. Principal Financial Group Inc. now owns 2,573,188 shares of the company’s stock worth $169,932,000 after buying an additional 2,038,761 shares in the last quarter. BlackRock Inc. grew its stake in shares of PACCAR by 6.6% in the 2nd quarter. BlackRock Inc. now owns 25,508,314 shares of the company’s stock worth $1,684,572,000 after buying an additional 1,572,038 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of PACCAR in the 2nd quarter worth $82,298,000. Finally, Vanguard Group Inc. grew its stake in shares of PACCAR by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 24,555,355 shares of the company’s stock worth $1,621,636,000 after buying an additional 1,164,896 shares in the last quarter. 62.36% of the stock is owned by institutional investors and hedge funds.
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PACCAR Company Profile
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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