PACCAR (NASDAQ:PCAR) Upgraded to “Hold” at Cowen

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Cowen upgraded shares of PACCAR (NASDAQ:PCAR) to a hold rating in a report issued on Wednesday, AnalystRatings.com reports. The firm currently has $83.00 price objective on the stock, up from their previous price objective of $65.00.

A number of other equities research analysts also recently issued reports on the stock. Wells Fargo & Co increased their target price on shares of PACCAR from $80.00 to $92.00 and gave the stock an overweight rating in a research report on Monday, July 20th. BidaskClub upgraded shares of PACCAR from a sell rating to a hold rating in a research report on Thursday, July 16th. Morgan Stanley increased their target price on shares of PACCAR from $59.00 to $73.00 and gave the stock an underweight rating in a research report on Wednesday, July 22nd. TheStreet upgraded shares of PACCAR from a c+ rating to a b- rating in a research report on Wednesday, April 22nd. Finally, Deutsche Bank increased their target price on shares of PACCAR from $95.00 to $108.00 and gave the stock a buy rating in a research report on Wednesday, July 22nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $85.21.

Shares of NASDAQ:PCAR opened at $85.08 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.09 and a current ratio of 1.32. The company has a market cap of $29.25 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 2.60 and a beta of 1.12. PACCAR has a 52 week low of $49.11 and a 52 week high of $87.24. The firm has a 50 day simple moving average of $77.32 and a 200 day simple moving average of $71.48.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.12. PACCAR had a net margin of 7.95% and a return on equity of 16.85%. The business had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the prior year, the firm earned $1.78 EPS. The firm’s quarterly revenue was down 56.9% on a year-over-year basis. On average, equities analysts predict that PACCAR will post 3.25 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 11th will be paid a $0.32 dividend. The ex-dividend date is Monday, August 10th. This is a positive change from PACCAR’s previous quarterly dividend of $0.09. This represents a $1.28 dividend on an annualized basis and a yield of 1.50%. PACCAR’s dividend payout ratio (DPR) is presently 18.63%.

In related news, CFO Harrie Schippers sold 4,000 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $86.04, for a total value of $344,160.00. Following the transaction, the chief financial officer now directly owns 41,515 shares in the company, valued at approximately $3,571,950.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP C Michael Dozier sold 12,158 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $85.40, for a total transaction of $1,038,293.20. Following the completion of the transaction, the senior vice president now owns 9,923 shares in the company, valued at $847,424.20. The disclosure for this sale can be found here. Insiders sold a total of 23,574 shares of company stock worth $2,019,488 over the last quarter. 2.18% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Comerica Bank grew its position in PACCAR by 84.0% in the 2nd quarter. Comerica Bank now owns 137,868 shares of the company’s stock worth $11,753,000 after purchasing an additional 62,930 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in PACCAR in the 2nd quarter worth $229,000. UBS Group AG grew its position in PACCAR by 12.5% in the 2nd quarter. UBS Group AG now owns 318,741 shares of the company’s stock worth $23,858,000 after purchasing an additional 35,387 shares during the last quarter. Mackay Shields LLC grew its position in PACCAR by 64.4% in the 2nd quarter. Mackay Shields LLC now owns 91,347 shares of the company’s stock worth $6,838,000 after purchasing an additional 35,787 shares during the last quarter. Finally, Signaturefd LLC grew its position in PACCAR by 16.5% in the 2nd quarter. Signaturefd LLC now owns 2,184 shares of the company’s stock worth $163,000 after purchasing an additional 310 shares during the last quarter. Institutional investors own 61.39% 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. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Analyst Recommendations for PACCAR (NASDAQ:PCAR)

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