PACCAR (NASDAQ:PCAR) was upgraded by equities researchers at Wells Fargo & Co from an “equal weight” rating to an “overweight” rating in a report released on Tuesday, Marketbeat.com reports. The firm presently has a $90.00 price target on the stock, up from their prior price target of $75.00. Wells Fargo & Co‘s target price would indicate a potential upside of 15.82% from the company’s current price.
PCAR has been the topic of a number of other research reports. Bank of America raised PACCAR from a “neutral” rating to a “buy” rating in a report on Thursday, November 14th. Raymond James assumed coverage on PACCAR in a report on Wednesday, November 27th. They set a “strong-buy” rating and a $90.00 price objective on the stock. Morgan Stanley increased their price objective on PACCAR from $64.00 to $67.00 and gave the company an “underweight” rating in a report on Monday, December 16th. Cowen assumed coverage on PACCAR in a report on Thursday, January 9th. They set an “underperform” rating and a $66.00 price objective on the stock. Finally, OTR Global lowered PACCAR from a “mixed” rating to a “negative” rating in a report on Wednesday, October 9th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. PACCAR currently has an average rating of “Hold” and a consensus price target of $73.84.
PCAR stock traded down $0.19 during mid-day trading on Tuesday, hitting $77.71. The stock had a trading volume of 18,214 shares, compared to its average volume of 1,363,246. The company has a current ratio of 2.39, a quick ratio of 2.23 and a debt-to-equity ratio of 0.67. PACCAR has a 1-year low of $59.46 and a 1-year high of $83.41. The company has a fifty day moving average of $80.07 and a 200 day moving average of $73.23. The stock has a market capitalization of $27.05 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 2.01 and a beta of 1.26.
In other PACCAR news, VP Henricus M. B. Wolters sold 7,766 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $76.13, for a total value of $591,225.58. Following the sale, the vice president now owns 3,306 shares of the company’s stock, valued at approximately $251,685.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Harrie Schippers sold 7,927 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $77.68, for a total value of $615,769.36. Following the completion of the sale, the chief financial officer now directly owns 40,051 shares in the company, valued at approximately $3,111,161.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,949 shares of company stock worth $8,207,798. 2.32% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in PCAR. BlackRock Inc. lifted its position in shares of PACCAR by 5.7% in the 2nd quarter. BlackRock Inc. now owns 27,314,209 shares of the company’s stock worth $1,957,337,000 after acquiring an additional 1,462,333 shares during the period. Nuveen Asset Management LLC lifted its position in shares of PACCAR by 228.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,395,941 shares of the company’s stock worth $100,033,000 after buying an additional 970,913 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of PACCAR by 2.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 12,750,068 shares of the company’s stock worth $913,670,000 after buying an additional 324,895 shares during the period. Vanguard Group Inc. increased its holdings in PACCAR by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 28,272,678 shares of the company’s stock valued at $2,026,020,000 after purchasing an additional 280,559 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in PACCAR by 22.3% during the 3rd quarter. California Public Employees Retirement System now owns 840,666 shares of the company’s stock valued at $58,855,000 after purchasing an additional 153,217 shares in the last quarter. Institutional investors own 63.60% of the company’s stock.
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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