PACCAR (NASDAQ:PCAR) Lifted to “Overweight” at Wells Fargo & Co

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.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 22nd. The company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.11. PACCAR had a return on equity of 26.11% and a net margin of 9.45%. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $5.97 billion. During the same period in the prior year, the firm posted $1.55 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts expect that PACCAR will post 6.85 earnings per share for the current fiscal year.

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.

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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