Paccar Inc. (NASDAQ:PCAR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “PACCAR holds a strong market share in the U.S. and Canada. Moreover, the company is well positioned in the key non-U.S. markets, backed by its strategic investments. Further, PACCAR follows an active capital deployment policy to boost earnings. The company raised its outlook for industry sales in Europe and modified the same for the U.S. and Canada. However, PACCAR is likely to be affected by the expected decline in Class 8 industry retail sales in the U.S. and Canada this year. It is also facing competition in the commercial trucks market.”
A number of other research firms have also commented on PCAR. Longbow Research lowered shares of Paccar from a “neutral” rating to an “underperform” rating and set a $44.00 price objective for the company. in a research note on Tuesday, July 19th. BMO Capital Markets reaffirmed a “hold” rating and set a $57.00 price objective on shares of Paccar in a research note on Friday, July 29th. Deutsche Bank AG started coverage on shares of Paccar in a research note on Tuesday, September 6th. They set a “hold” rating and a $63.00 price objective for the company. Robert W. Baird reaffirmed a “buy” rating on shares of Paccar in a research note on Tuesday, June 28th. Finally, Credit Agricole SA started coverage on shares of Paccar in a research note on Friday, September 30th. They set an “outperform” rating and a $65.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $56.13.
Paccar (NASDAQ:PCAR) opened at 59.09 on Monday. Paccar has a 52-week low of $43.46 and a 52-week high of $60.86. The stock’s 50 day moving average is $58.42 and its 200-day moving average is $56.06. The firm has a market capitalization of $20.71 billion, a PE ratio of 31.36 and a beta of 1.51.
Paccar (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.04. Paccar had a net margin of 3.71% and a return on equity of 21.92%. The company earned $4.12 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same period in the prior year, the firm earned $1.26 earnings per share. The business’s quarterly revenue was down 14.0% on a year-over-year basis. Equities analysts expect that Paccar will post $3.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $0.96 annualized dividend and a yield of 1.62%. Paccar’s dividend payout ratio (DPR) is presently 51.34%.
A number of institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its position in shares of Paccar by 67.0% in the second quarter. Macquarie Group Ltd. now owns 16,700 shares of the company’s stock valued at $866,000 after buying an additional 6,700 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Paccar during the second quarter valued at approximately $734,000. Kentucky Retirement Systems bought a new position in shares of Paccar during the second quarter valued at approximately $1,546,000. Nomura Holdings Inc. bought a new position in shares of Paccar during the second quarter valued at approximately $433,000. Finally, Mason Street Advisors LLC bought a new position in shares of Paccar during the second quarter valued at approximately $2,449,000. Institutional investors own 62.23% of the company’s stock.
Paccar Company Profile
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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