Paccar Inc. (PCAR) Downgraded by Zacks Investment Research to Sell
According to Zacks, “PACCAR holds a strong market share in the U.S. and Canada. Moreover, the company is well positioned in the key non-U.S. markets, backed by its strategic investments. Further, PACCAR follows an active capital deployment policy to boost earnings. The company raised its outlook for industry sales in Europe and modified the same for the U.S. and Canada. However, PACCAR is likely to be affected by the expected decline in Class 8 industry retail sales in the U.S. and Canada this year. It is also facing competition in the commercial trucks market.”
Several other analysts also recently issued reports on PCAR. BMO Capital Markets reaffirmed a hold rating and set a $57.00 price objective on shares of Paccar in a report on Friday, July 29th. Robert W. Baird reaffirmed a buy rating on shares of Paccar in a report on Tuesday, June 28th. Bank of America Corp. reaffirmed a buy rating on shares of Paccar in a report on Thursday, June 16th. Barclays PLC set a $47.00 price objective on shares of Paccar and gave the stock a sell rating in a report on Wednesday, July 27th. Finally, Credit Agricole SA began coverage on shares of Paccar in a report on Friday. They issued an outperform rating and a $65.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $56.13.
Paccar (NASDAQ:PCAR) opened at 59.13 on Monday. The firm’s 50-day moving average is $58.41 and its 200-day moving average is $56.03. The firm has a market capitalization of $20.73 billion, a price-to-earnings ratio of 31.39 and a beta of 1.51. Paccar has a 1-year low of $43.46 and a 1-year high of $60.86.
Paccar (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.04. The business earned $4.12 billion during the quarter, compared to the consensus estimate of $4.17 billion. Paccar had a net margin of 3.71% and a return on equity of 21.92%. Paccar’s quarterly revenue was down 14.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 EPS. On average, equities analysts anticipate that Paccar will post $3.98 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Wednesday, November 16th. Paccar’s dividend payout ratio (DPR) is presently 51.34%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Landscape Capital Management L.L.C. boosted its position in Paccar by 281.9% in the first quarter. Landscape Capital Management L.L.C. now owns 60,259 shares of the company’s stock valued at $3,296,000 after buying an additional 44,480 shares during the period. Advisor Partners LLC bought a new position in Paccar during the first quarter valued at $302,000. NN Investment Partners Holdings N.V. bought a new position in Paccar during the first quarter valued at $111,000. Bristlecone Advisors LLC boosted its position in Paccar by 6.0% in the first quarter. Bristlecone Advisors LLC now owns 63,469 shares of the company’s stock valued at $3,471,000 after buying an additional 3,616 shares during the period. Finally, BlackRock Japan Co. Ltd boosted its position in Paccar by 15.6% in the first quarter. BlackRock Japan Co. Ltd now owns 668,424 shares of the company’s stock valued at $36,556,000 after buying an additional 90,229 shares during the period. Institutional investors own 62.23% of the company’s stock.
Paccar Company Profile
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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