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

PACCAR (NASDAQ:PCAR) was upgraded by investment analysts at Freedom Broker from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Benzinga reports. The firm presently has a $120.00 price objective on the stock, down from their prior price objective of $132.00. Freedom Broker‘s target price points to a potential upside of 17.75% from the stock’s current price.

A number of other equities research analysts have also weighed in on PCAR. Wells Fargo & Company set a $122.00 price objective on PACCAR and gave the company an “equal weight” rating in a report on Thursday, October 8th. Morgan Stanley set a $125.00 target price on PACCAR and gave the stock an “equal weight” rating in a research report on Friday, September 4th. BNP Paribas Exane cut their target price on PACCAR from $136.00 to $107.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 6th. Sanford C. Bernstein reissued an “outperform” rating and issued a $148.00 target price (up from $142.00) on shares of PACCAR in a research note on Wednesday, July 29th. Finally, Truist Financial lowered their price objective on shares of PACCAR from $125.00 to $124.00 and set a “hold” rating for the company in a research report on Wednesday, October 28th. Seven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $131.96.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $101.91 on Friday. The stock has a 50 day moving average of $114.82 and a two-hundred day moving average of $120.15. The stock has a market cap of $53.66 billion, a P/E ratio of 19.41, a P/E/G ratio of 1.31 and a beta of 0.96. PACCAR has a twelve month low of $93.86 and a twelve month high of $139.24. The company has a current ratio of 3.22, a quick ratio of 2.98 and a debt-to-equity ratio of 0.50.

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

Institutional Investors Weigh In On PACCAR

Large investors have recently added to or reduced their stakes in the stock. Ascent Group LLC lifted its position in PACCAR by 16.1% in the 3rd quarter. Ascent Group LLC now owns 3,768 shares of the company’s stock valued at $414,000 after purchasing an additional 523 shares during the last quarter. Rakuten Investment Management Inc. raised its position in PACCAR by 10.5% in the third quarter. Rakuten Investment Management Inc. now owns 140,132 shares of the company’s stock worth $15,667,000 after acquiring an additional 13,334 shares in the last quarter. Provenance Wealth Advisors LLC lifted its stake in PACCAR by 141.9% during the third quarter. Provenance Wealth Advisors LLC now owns 537 shares of the company’s stock valued at $59,000 after purchasing an additional 315 shares during the last quarter. Summa Corp. acquired a new position in shares of PACCAR in the 3rd quarter worth $240,000. Finally, One Way Holdings LLC increased its position in shares of PACCAR by 10.7% in the third quarter. One Way Holdings LLC now owns 4,523 shares of the company’s stock worth $497,000 after acquiring an additional 438 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

About PACCAR

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.