Zacks Investment Research upgraded shares of PACCAR (NASDAQ:PCAR) from a hold rating to a buy rating in a research note released on Monday. Zacks Investment Research currently has $70.00 price objective on the stock.
According to Zacks, “PACCAR’s class 8 truck retail sales are rising primarily due to a robust economy and strong freight demand, which is expected to drive its financials. Increasing profits and positive cash flow has enabled the company to pursue an active capital deployment policy. Also, it is well-positioned in its key markets on the back of its strong cash flow, enabling it to undertake capital investments and research and development expenses.”
A number of other research firms have also weighed in on PCAR. BidaskClub upgraded PACCAR from a sell rating to a hold rating in a research report on Tuesday, November 6th. ValuEngine upgraded PACCAR from a sell rating to a hold rating in a research report on Saturday, August 18th. Credit Suisse Group decreased their price objective on PACCAR from $69.00 to $60.00 and set a neutral rating for the company in a research report on Wednesday, October 24th. Argus lowered PACCAR from a buy rating to a hold rating in a research report on Wednesday, October 24th. They noted that the move was a valuation call. Finally, Wolfe Research lowered PACCAR from a peer perform rating to an underperform rating in a research report on Friday, October 5th. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $69.02.
PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 23rd. The company reported $1.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.04. PACCAR had a return on equity of 23.52% and a net margin of 9.73%. The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same quarter last year, the company posted $1.14 EPS. PACCAR’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts expect that PACCAR will post 6.16 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 4th. Stockholders of record on Tuesday, November 13th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 9th. This represents a $1.12 annualized dividend and a dividend yield of 1.83%. PACCAR’s dividend payout ratio is 26.29%.
In other news, VP David J. Danforth sold 651 shares of PACCAR stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $59.44, for a total transaction of $38,695.44. Following the completion of the sale, the vice president now directly owns 5,453 shares in the company, valued at approximately $324,126.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Douglas S. Grandstaff sold 607 shares of PACCAR stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $59.67, for a total value of $36,219.69. Following the sale, the vice president now owns 5,284 shares of the company’s stock, valued at $315,296.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 195,262 shares of company stock valued at $11,490,110. 2.64% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Garde Capital Inc. lifted its holdings in shares of PACCAR by 6.0% during the 2nd quarter. Garde Capital Inc. now owns 13,275 shares of the company’s stock valued at $823,000 after buying an additional 750 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of PACCAR by 1.6% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 49,492 shares of the company’s stock valued at $3,067,000 after acquiring an additional 783 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of PACCAR by 1.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 47,007 shares of the company’s stock valued at $3,204,000 after acquiring an additional 837 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in shares of PACCAR by 1.7% in the 3rd quarter. Nissay Asset Management Corp Japan ADV now owns 53,474 shares of the company’s stock valued at $3,646,000 after acquiring an additional 900 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of PACCAR by 39.5% in the 3rd quarter. Huntington National Bank now owns 3,205 shares of the company’s stock valued at $219,000 after acquiring an additional 907 shares in the last quarter. Institutional investors and hedge funds own 60.57% of the company’s stock.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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