JPMorgan Chase & Co. Lowers PACCAR (NASDAQ:PCAR) Price Target to $121.00

PACCAR (NASDAQ:PCAR) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $132.00 to $121.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 21.50% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Citigroup dropped their price target on PACCAR from $125.00 to $115.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group downgraded shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research note on Friday, December 6th. Bank of America raised shares of PACCAR from a “neutral” rating to a “buy” rating and boosted their target price for the company from $116.00 to $121.50 in a research note on Tuesday, January 14th. UBS Group downgraded shares of PACCAR from a “buy” rating to a “neutral” rating and cut their target price for the company from $124.00 to $108.00 in a research note on Tuesday. Finally, Melius raised shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, PACCAR has a consensus rating of “Moderate Buy” and a consensus price target of $118.23.

PACCAR Price Performance

NASDAQ PCAR opened at $99.59 on Tuesday. The stock has a market capitalization of $52.27 billion, a P/E ratio of 12.59, a P/E/G ratio of 2.77 and a beta of 0.91. PACCAR has a 1 year low of $90.04 and a 1 year high of $125.50. The business’s fifty day moving average is $106.68 and its two-hundred day moving average is $106.45. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 2.54.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. On average, research analysts forecast that PACCAR will post 7.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Michael K. Walton sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the completion of the sale, the vice president now directly owns 951 shares in the company, valued at approximately $100,929.63. This represents a 86.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Todd R. Hubbard sold 2,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the sale, the vice president now owns 5,463 shares of the company’s stock, valued at $612,129.15. This represents a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 165,547 shares of company stock worth $18,261,908. Corporate insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its holdings in PACCAR by 221.8% during the fourth quarter. Meeder Asset Management Inc. now owns 280 shares of the company’s stock valued at $29,000 after acquiring an additional 193 shares during the period. Golden State Wealth Management LLC bought a new stake in PACCAR during the fourth quarter valued at about $37,000. Sunbelt Securities Inc. boosted its holdings in PACCAR by 8,750.0% during the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company’s stock valued at $37,000 after acquiring an additional 350 shares during the period. Kestra Investment Management LLC bought a new stake in PACCAR during the fourth quarter valued at about $37,000. Finally, Atala Financial Inc bought a new stake in PACCAR during the fourth quarter valued at about $43,000. 64.90% of the stock is currently owned by institutional investors.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.