PACCAR Inc. (PCAR) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of PACCAR Inc. (NASDAQ:PCAR) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $72.00 price target on the stock.
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 enables it to invest in the development of new technologies, enhanced manufacturing facilities and after-market support. These initiatives will help the company to strengthen its worldwide presence. Moreover, a stable market has enabled PACCAR to project an increase in volume sales for 2017 in comparison to the previous year.”
A number of other equities research analysts have also issued reports on PCAR. Bank of America Corporation lowered PACCAR from a buy rating to a neutral rating and cut their price target for the stock from $78.00 to $70.00 in a research note on Thursday, May 11th. Jefferies Group LLC set a $77.00 price target on PACCAR and gave the stock a buy rating in a research note on Sunday, May 28th. UBS AG upgraded PACCAR from a neutral rating to a buy rating and increased their price target for the stock from $66.00 to $75.00 in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) upgraded PACCAR from a neutral rating to a buy rating and set a $79.00 price target for the company in a research note on Thursday, June 15th. Finally, BidaskClub lowered PACCAR from a sell rating to a strong sell rating in a research note on Saturday, June 24th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $72.00.
Shares of PACCAR (PCAR) opened at 66.39 on Tuesday. The company’s 50-day moving average price is $66.59 and its 200 day moving average price is $66.20. PACCAR has a 1-year low of $53.38 and a 1-year high of $70.32. The company has a market cap of $23.33 billion, a price-to-earnings ratio of 17.77 and a beta of 1.14.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 25th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business posted $1.06 EPS. PACCAR’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts predict that PACCAR will post $3.99 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Wednesday, August 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Monday, August 14th. PACCAR’s payout ratio is 26.74%.
In related news, insider T. Kyle Quinn sold 2,786 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total value of $189,141.54. Following the completion of the transaction, the insider now owns 20,800 shares of the company’s stock, valued at approximately $1,412,112. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.64% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. increased its position in shares of PACCAR by 6.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,588 shares of the company’s stock worth $107,000 after buying an additional 95 shares during the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co increased its position in shares of PACCAR by 33.3% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,600 shares of the company’s stock worth $108,000 after buying an additional 400 shares during the last quarter. IFP Advisors Inc increased its position in shares of PACCAR by 91.1% in the second quarter. IFP Advisors Inc now owns 1,867 shares of the company’s stock worth $123,000 after buying an additional 890 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of PACCAR by 29.9% in the second quarter. State of Alaska Department of Revenue now owns 2,175 shares of the company’s stock worth $143,000 after buying an additional 500 shares during the last quarter. Finally, Perkins Coie Trust Co increased its position in shares of PACCAR by 102.8% in the second quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock worth $151,000 after buying an additional 1,157 shares during the last quarter. 62.69% of the stock is owned by hedge funds and other institutional investors.
PACCAR Company Profile
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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