Morgan Stanley Issues Positive Forecast for PACCAR (NASDAQ:PCAR) Stock Price

PACCAR (NASDAQ:PCAR) had its price target increased by equities researchers at Morgan Stanley from $93.00 to $102.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential downside of 13.47% from the stock’s current price.

PCAR has been the subject of a number of other reports. Jefferies Financial Group reiterated a “hold” rating and issued a $90.00 price target on shares of PACCAR in a research report on Tuesday, October 21st. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a report on Monday, December 8th. Citigroup reaffirmed a “neutral” rating on shares of PACCAR in a research note on Tuesday. Wells Fargo & Company started coverage on PACCAR in a research note on Thursday, November 13th. They issued a “positive” rating and a $106.00 target price on the stock. Finally, Wall Street Zen upgraded PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PACCAR has an average rating of “Moderate Buy” and a consensus price target of $111.96.

PACCAR Stock Performance

NASDAQ PCAR traded down $0.59 on Tuesday, reaching $117.87. 508,750 shares of the company’s stock traded hands, compared to its average volume of 3,051,874. The stock has a 50 day moving average price of $107.20 and a 200-day moving average price of $101.38. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. The firm has a market cap of $61.91 billion, a price-to-earnings ratio of 23.08, a P/E/G ratio of 14.78 and a beta of 1.01. PACCAR has a fifty-two week low of $84.65 and a fifty-two week high of $119.22.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The company had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The firm’s revenue for the quarter was down 20.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.85 EPS. Equities research analysts predict that PACCAR will post 7.57 EPS for the current fiscal year.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $101.15, for a total value of $340,774.35. Following the completion of the sale, the chief financial officer directly owned 468 shares in the company, valued at approximately $47,338.20. This represents a 87.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.02% of the stock is currently owned by insiders.

Institutional Trading of PACCAR

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in PACCAR by 0.8% during the third quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock valued at $6,205,117,000 after buying an additional 485,678 shares in the last quarter. State Street Corp grew its position in PACCAR by 1.0% in the second quarter. State Street Corp now owns 22,534,596 shares of the company’s stock worth $2,142,139,000 after acquiring an additional 218,188 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of PACCAR by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock valued at $1,184,112,000 after purchasing an additional 159,632 shares in the last quarter. Capital Research Global Investors increased its position in PACCAR by 20.3% during the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock worth $587,084,000 after buying an additional 1,009,134 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of PACCAR by 25.2% in the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock worth $551,211,000 after buying an additional 1,165,443 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.