PACCAR Inc. (PCAR) Upgraded to Buy at Zacks Investment Research
PACCAR Inc. (NASDAQ:PCAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $71.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.25% from the company’s current price.
According to Zacks, “PACCAR’s earnings and revenues beat the Zacks Consensus Estimate in the second quarter. Compared with the year-ago figures, the company’s earnings per share were lower, whereas the revenue was higher. A strong balance sheet has been enabling it to invest in the development of new technologies, enhanced manufacturing facilities and after-market support. A stable market has also enabled PACCAR to project an increase in volume sales for 2017 in comparison to the previous year. However, a decline in used truck prices and a tough competition among peers in the commercial truck market remain a concern. The company’s shares have also significantly underperformed the industry it belongs to.”
Several other brokerages have also recently commented on PCAR. BidaskClub raised shares of PACCAR from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and issued a $72.00 price objective (up from $64.00) on shares of PACCAR in a research note on Wednesday, July 26th. UBS AG reissued a “buy” rating and issued a $76.00 price objective (up from $75.00) on shares of PACCAR in a research note on Wednesday, July 26th. Citigroup Inc. lifted their price objective on shares of PACCAR from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Finally, Bank of America Corporation cut shares of PACCAR from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $78.00 to $70.00 in a research note on Thursday, May 11th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $71.67.
PACCAR (NASDAQ:PCAR) traded up 1.44% during midday trading on Tuesday, hitting $64.16. The stock had a trading volume of 570,411 shares. PACCAR has a 1-year low of $53.38 and a 1-year high of $70.32. The company has a market cap of $22.54 billion, a price-to-earnings ratio of 17.17 and a beta of 1.14. The company’s 50 day moving average is $67.22 and its 200 day moving average is $66.36.
PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period last year, the firm earned $1.06 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that PACCAR will post $4.00 earnings per share for the current fiscal year.
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In other news, insider T. Kyle Quinn sold 2,786 shares of PACCAR stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total transaction of $189,141.54. Following the transaction, the insider now owns 20,800 shares in the company, valued at $1,412,112. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.64% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of PACCAR by 2,119.4% in the first quarter. BlackRock Inc. now owns 23,936,276 shares of the company’s stock worth $1,608,519,000 after buying an additional 22,857,778 shares during the period. Principal Financial Group Inc. raised its position in shares of PACCAR by 381.5% in the second quarter. Principal Financial Group Inc. now owns 2,573,188 shares of the company’s stock worth $169,932,000 after buying an additional 2,038,761 shares during the period. Victory Capital Management Inc. raised its position in shares of PACCAR by 25,225.9% in the first quarter. Victory Capital Management Inc. now owns 1,669,483 shares of the company’s stock worth $112,190,000 after buying an additional 1,662,891 shares during the period. Renaissance Technologies LLC acquired a new position in shares of PACCAR during the second quarter worth approximately $82,298,000. Finally, Vanguard Group Inc. raised its position in shares of PACCAR by 5.0% in the second quarter. Vanguard Group Inc. now owns 24,555,355 shares of the company’s stock worth $1,621,636,000 after buying an additional 1,164,896 shares during the period. Institutional investors own 62.33% of the company’s stock.
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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