PACCAR Inc. (PCAR) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of PACCAR Inc. (NASDAQ:PCAR) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $74.00 price target on the stock.
According to Zacks, “PACCAR expects to achieve total sales of 200,000-220,000 units in Class 8 retail in the United States and Canada and 290,000-310,000 unit sales in Europe for fiscal 2017. The company is expanding its global networkof strategically located parts distribution centers (“PDC") in South America and Russia, among others countries. Moreover, on the back of strategic investments, PACCAR is well-positioned in its key markets. Also, a strong balance sheet enables it to invest in the development of new technologies, enhanced manufacturing facilities and after-market support.”
Several other research analysts have also weighed in on the stock. BidaskClub lowered shares of PACCAR from a sell rating to a strong sell rating in a research note on Saturday, June 24th. Goldman Sachs Group, Inc. (The) raised shares of PACCAR from a neutral rating to a buy rating and set a $79.00 target price for the company in a research note on Thursday, June 15th. Bank of America Corporation lowered shares of PACCAR from a buy rating to a neutral rating and lowered their target price for the stock from $78.00 to $70.00 in a research note on Thursday, May 11th. Citigroup Inc. increased their target price on shares of PACCAR from $74.00 to $78.00 and gave the stock a buy rating in a research note on Wednesday, July 26th. Finally, UBS AG set a $75.00 target price on shares of PACCAR and gave the stock a buy rating in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. PACCAR presently has an average rating of Hold and a consensus target price of $71.74.
Shares of PACCAR (NASDAQ:PCAR) opened at 65.29 on Tuesday. The company’s 50-day moving average is $66.38 and its 200-day moving average is $66.08. PACCAR has a one year low of $53.38 and a one year high of $70.32. The company has a market cap of $22.94 billion, a price-to-earnings ratio of 17.48 and a beta of 1.15.
PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 25th. The company reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.29 billion. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. PACCAR’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.06 earnings per share. On average, equities analysts predict that PACCAR will post $3.99 EPS for the current year.
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The company also recently announced 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. The ex-dividend date of this dividend is Monday, August 14th. This represents a $1.00 annualized dividend and a yield of 1.53%. PACCAR’s dividend payout ratio (DPR) is 26.74%.
In related news, insider T. Kyle Quinn sold 2,786 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total value of $189,141.54. Following the sale, the insider now owns 20,800 shares of the company’s stock, valued at $1,412,112. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.64% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. raised its holdings in PACCAR by 6.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,588 shares of the company’s stock valued at $107,000 after acquiring an additional 95 shares in the last quarter. IFP Advisors Inc raised its holdings in PACCAR by 91.1% in the second quarter. IFP Advisors Inc now owns 1,867 shares of the company’s stock valued at $123,000 after acquiring an additional 890 shares in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co raised its holdings in PACCAR by 18.8% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,900 shares of the company’s stock valued at $125,000 after acquiring an additional 300 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in PACCAR by 29.9% in the second quarter. State of Alaska Department of Revenue now owns 2,175 shares of the company’s stock valued at $143,000 after acquiring an additional 500 shares in the last quarter. Finally, Perkins Coie Trust Co raised its holdings in PACCAR by 102.8% in the second quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock valued at $151,000 after acquiring an additional 1,157 shares in the last quarter. 62.69% of the stock is currently 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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