PACCAR (NASDAQ:PCAR) Price Target Cut to $103.00

PACCAR (NASDAQ:PCAR) had its target price dropped by Truist Financial from $107.00 to $103.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price target points to a potential downside of 0.39% from the company’s previous close.

Several other equities analysts also recently issued reports on PCAR. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Citigroup lowered their price objective on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Evercore ISI cut their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft decreased their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research 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 company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $112.36.

PACCAR Stock Performance

PCAR stock traded up $0.60 during midday trading on Wednesday, reaching $103.40. 466,575 shares of the company were exchanged, compared to its average volume of 2,606,716. The firm has a market capitalization of $54.20 billion, a price-to-earnings ratio of 10.73, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91. The business has a 50-day moving average price of $96.14 and a two-hundred day moving average price of $104.53. 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.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.30 billion. During the same quarter in the previous year, the firm posted $2.33 earnings per share. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. Equities research analysts forecast that PACCAR will post 8.08 EPS for the current year.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new position in PACCAR in the 2nd quarter worth about $26,000. New Covenant Trust Company N.A. purchased a new position in PACCAR during the first quarter worth about $27,000. Riverview Trust Co purchased a new stake in PACCAR in the first quarter valued at approximately $29,000. Meeder Asset Management Inc. boosted its stake in shares of PACCAR by 269.7% in the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after purchasing an additional 205 shares during the period. Finally, Rise Advisors LLC acquired a new position in shares of PACCAR in the first quarter worth $31,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Company Profile

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.