PACCAR (NASDAQ:PCAR) Price Target Cut to $99.00

PACCAR (NASDAQ:PCAR) had its price target lowered by analysts at Evercore ISI from $109.00 to $99.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 3.46% from the stock’s current price.

Several other analysts have also commented on PCAR. StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Citigroup reduced their target price on shares of PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Truist Financial dropped their target price on shares of PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research report on Wednesday, July 24th. JPMorgan Chase & Co. reduced their price target 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. Finally, Raymond James began coverage on shares of PACCAR in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, PACCAR currently has an average rating of “Hold” and a consensus target price of $112.73.

PACCAR Price Performance

NASDAQ:PCAR opened at $95.69 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. The company has a 50-day moving average of $100.97 and a 200-day moving average of $108.24. PACCAR has a 52 week low of $80.94 and a 52 week high of $125.50. The company has a market capitalization of $50.16 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 1.45 and a beta of 0.92.

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

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was 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. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. PSI Advisors LLC acquired a new position in PACCAR in the first quarter valued at approximately $25,000. Quarry LP acquired a new position in PACCAR during the second quarter valued at approximately $26,000. YHB Investment Advisors Inc. acquired a new position in PACCAR during the first quarter valued at approximately $27,000. New Covenant Trust Company N.A. bought a new position in PACCAR in the first quarter valued at approximately $27,000. Finally, Riverview Trust Co bought a new stake in shares of PACCAR during the 1st quarter worth approximately $29,000. Institutional investors own 64.90% of the company’s stock.

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.