Zacks Investment Research lowered shares of Paccar (NASDAQ:PCAR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “The Zacks Consensus Estimate for PACCAR’s annual earnings has been going up of late. The company’s U.S. Class 8 truck retail sales are rising primarily due to strong economic growth, high consumer spending and heightened construction activities, which is expected to drive its financials. Also, the company 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.”
A number of other equities research analysts have also weighed in on the stock. Piper Jaffray set a $67.00 target price on shares of Paccar and gave the stock a hold rating in a report on Sunday, December 10th. Bank of America raised shares of Paccar from a neutral rating to a buy rating and set a $70.00 target price on the stock in a report on Tuesday, January 2nd. Morgan Stanley initiated coverage on shares of Paccar in a report on Friday, March 2nd. They set an underweight rating and a $69.00 target price on the stock. Wells Fargo boosted their target price on shares of Paccar from $75.00 to $80.00 and gave the stock a market perform rating in a report on Thursday, January 18th. Finally, BidaskClub raised shares of Paccar from a hold rating to a buy rating in a report on Thursday, December 7th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Paccar presently has a consensus rating of Hold and a consensus price target of $76.24.
Paccar (NASDAQ:PCAR) last posted its earnings results on Tuesday, January 30th. The company reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.06. Paccar had a net margin of 8.61% and a return on equity of 19.65%. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up 36.0% compared to the same quarter last year. equities research analysts forecast that Paccar will post 5.41 EPS for the current fiscal year.
In other news, VP Marco A. Davila acquired 570 shares of Paccar stock in a transaction dated Friday, February 16th. The shares were bought at an average cost of $69.05 per share, with a total value of $39,358.50. Following the purchase, the vice president now owns 7,536 shares in the company, valued at approximately $520,360.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.64% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PCAR. Nationwide Fund Advisors boosted its stake in Paccar by 2.0% during the third quarter. Nationwide Fund Advisors now owns 116,603 shares of the company’s stock worth $8,435,000 after acquiring an additional 2,334 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Paccar by 3.3% during the third quarter. New York State Common Retirement Fund now owns 798,500 shares of the company’s stock worth $57,763,000 after acquiring an additional 25,800 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Paccar by 3.3% during the third quarter. Ameriprise Financial Inc. now owns 341,669 shares of the company’s stock worth $24,715,000 after acquiring an additional 10,990 shares in the last quarter. WINTON GROUP Ltd boosted its stake in Paccar by 27.1% during the third quarter. WINTON GROUP Ltd now owns 8,851 shares of the company’s stock worth $640,000 after acquiring an additional 1,888 shares in the last quarter. Finally, BB&T Securities LLC bought a new position in Paccar during the third quarter worth $210,000. 64.10% of the stock is currently owned by institutional investors and hedge funds.
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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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