PACCAR (PCAR) Rating Lowered to Underweight at JPMorgan Chase & Co.

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PACCAR (NASDAQ:PCAR) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued on Thursday, MarketBeat reports. They presently have a $54.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 9.15% from the company’s previous close.

Several other research firms have also recently weighed in on PCAR. Wolfe Research cut PACCAR from a “peer perform” rating to an “underperform” rating in a research report on Friday, October 5th. BidaskClub raised PACCAR from a “hold” rating to a “buy” rating in a research report on Friday, October 5th. Zacks Investment Research cut PACCAR from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 25th. ValuEngine cut PACCAR from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Finally, Loop Capital began coverage on PACCAR in a report on Wednesday, October 17th. They set a “hold” rating and a $68.00 target price on the stock. Seven research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $68.16.

PCAR stock opened at $59.44 on Thursday. The company has a quick ratio of 2.44, a current ratio of 2.63 and a debt-to-equity ratio of 0.72. The stock has a market cap of $20.55 billion, a PE ratio of 13.95, a PEG ratio of 0.87 and a beta of 1.26. PACCAR has a fifty-two week low of $53.43 and a fifty-two week high of $79.69.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 23rd. The company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.04. The company had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.50 billion. PACCAR had a return on equity of 23.52% and a net margin of 9.73%. PACCAR’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 earnings per share. As a group, equities research analysts anticipate that PACCAR will post 6.16 EPS for the current fiscal year.

PACCAR announced that its board has initiated a stock repurchase plan on Tuesday, December 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

In other PACCAR news, insider Mark C. Pigott sold 194,004 shares of the company’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $58.84, for a total value of $11,415,195.36. Following the sale, the insider now owns 3,080,449 shares in the company, valued at $181,253,619.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP David J. Danforth sold 651 shares of the company’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $59.44, for a total value of $38,695.44. Following the completion of the sale, the vice president now owns 5,453 shares in the company, valued at approximately $324,126.32. The disclosure for this sale can be found here. Insiders sold 195,262 shares of company stock worth $11,490,110 in the last 90 days. Corporate insiders own 2.64% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC grew its position in shares of PACCAR by 26.1% in the third quarter. FMR LLC now owns 6,043,716 shares of the company’s stock valued at $412,121,000 after purchasing an additional 1,249,446 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of PACCAR by 33.3% in the third quarter. Bank of New York Mellon Corp now owns 6,026,604 shares of the company’s stock valued at $410,954,000 after purchasing an additional 1,505,929 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of PACCAR by 11.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,653,453 shares of the company’s stock valued at $180,962,000 after purchasing an additional 274,613 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of PACCAR by 75.1% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 1,780,223 shares of the company’s stock valued at $121,393,000 after purchasing an additional 763,338 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of PACCAR by 4.6% in the third quarter. Legal & General Group Plc now owns 1,746,151 shares of the company’s stock valued at $119,070,000 after purchasing an additional 76,245 shares during the last quarter. Hedge funds and other institutional investors own 60.55% of the company’s stock.

About PACCAR

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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