PACCAR (NASDAQ:PCAR) Stock Rating Raised to Buy at Freedom Broker

Freedom Broker upgraded shares of PACCAR (NASDAQ:PCAR) from a hold rating to a buy rating in a report published on Friday morning,Benzinga reports. Freedom Broker currently has $120.00 price target on the stock, down from their prior price target of $132.00.

PCAR has been the subject of a number of other research reports. Weiss Ratings restated a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Evercore upped their price target on shares of PACCAR from $139.00 to $162.00 and gave the company an “outperform” rating in a research note on Thursday, October 8th. Wells Fargo & Company set a $122.00 price target on shares of PACCAR and gave the company an “equal weight” rating in a report on Thursday, October 8th. Citigroup cut their price objective on shares of PACCAR from $140.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Finally, JPMorgan Chase & Co. reduced their price objective on PACCAR from $142.00 to $132.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, PACCAR presently has a consensus rating of “Hold” and an average target price of $131.96.

PACCAR Stock Performance

NASDAQ PCAR opened at $101.91 on Friday. The company has a current ratio of 3.22, a quick ratio of 2.98 and a debt-to-equity ratio of 0.50. The firm’s fifty day moving average price is $114.82 and its two-hundred day moving average price is $120.15. The firm has a market capitalization of $53.66 billion, a P/E ratio of 19.41, a price-to-earnings-growth ratio of 1.31 and a beta of 0.96. PACCAR has a 1 year low of $93.86 and a 1 year high of $139.24.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $1.61 EPS for the quarter, hitting analysts’ consensus estimates of $1.61. The business had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $7.48 billion. PACCAR had a return on equity of 13.76% and a net margin of 9.50%. PACCAR’s quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the company posted $1.12 earnings per share. As a group, research analysts anticipate that PACCAR will post 5.84 EPS for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 11th will be given a $0.35 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.4%. PACCAR’s dividend payout ratio (DPR) is presently 26.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ancora Advisors LLC bought a new position in shares of PACCAR during the second quarter worth about $16,286,000. Danica Pension Livsforsikringsaktieselskab acquired a new position in shares of PACCAR in the first quarter worth approximately $9,273,000. Saudi Central Bank boosted its holdings in PACCAR by 90.0% in the second quarter. Saudi Central Bank now owns 36,838 shares of the company’s stock valued at $4,425,000 after acquiring an additional 17,452 shares during the last quarter. National Pension Service boosted its holdings in PACCAR by 4.1% in the second quarter. National Pension Service now owns 1,400,624 shares of the company’s stock valued at $168,243,000 after acquiring an additional 55,330 shares during the last quarter. Finally, Nykredit A S bought a new stake in PACCAR in the second quarter valued at approximately $17,672,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

PACCAR Company Profile

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.