PACCAR (NASDAQ:PCAR) Price Target Raised to $108.00

PACCAR (NASDAQ:PCAR) had its price objective raised by analysts at Citigroup from $100.00 to $108.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 4.08% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Evercore ISI reduced their price objective on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. dropped their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 24th. Raymond James began coverage on PACCAR in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, PACCAR presently has a consensus rating of “Hold” and a consensus price target of $113.09.

PACCAR Stock Performance

Shares of PACCAR stock traded up $0.97 during trading hours on Wednesday, reaching $103.77. The company had a trading volume of 1,781,171 shares, compared to its average volume of 2,613,458. The firm has a market cap of $54.39 billion, a PE ratio of 10.76, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. PACCAR has a one year low of $80.94 and a one year high of $125.50. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The business has a fifty day simple moving average of $96.14 and a 200 day simple moving average of $104.53.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.14 by ($0.01). PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The company had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. During the same quarter in the prior year, the business earned $2.33 EPS. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. On average, analysts anticipate that PACCAR will post 8.08 earnings per share for the current fiscal year.

Insider Activity at PACCAR

In other news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the transaction, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PCAR. Dimensional Fund Advisors LP lifted its holdings in PACCAR by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock worth $557,572,000 after buying an additional 171,317 shares during the period. Fisher Asset Management LLC increased its position in PACCAR by 1.7% during the 4th quarter. Fisher Asset Management LLC now owns 4,910,042 shares of the company’s stock valued at $479,466,000 after purchasing an additional 83,444 shares during the period. Legal & General Group Plc raised its holdings in PACCAR by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after purchasing an additional 242,435 shares in the last quarter. Capital International Investors lifted its position in shares of PACCAR by 44.8% in the 1st quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after purchasing an additional 1,225,468 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of PACCAR by 1.5% during the 2nd quarter. Principal Financial Group Inc. now owns 3,219,380 shares of the company’s stock valued at $331,403,000 after purchasing an additional 48,784 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other 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.