Morgan Stanley Lowers PACCAR (NASDAQ:PCAR) Price Target to $126.00

PACCAR (NASDAQ:PCAR) had its price objective cut by investment analysts at Morgan Stanley from $135.00 to $126.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 20.18% from the company’s current price.

Other analysts have also issued research reports about the company. BNP Paribas upgraded PACCAR to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI cut their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on shares of PACCAR from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Raymond James began coverage on PACCAR in a research report on Friday, June 28th. They set a “market perform” rating for the company. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $114.18.

PACCAR Stock Up 1.0 %

PCAR stock opened at $104.84 on Wednesday. The firm’s 50-day moving average is $98.98 and its two-hundred day moving average is $103.41. The company has a market capitalization of $54.96 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 1.62 and a beta of 0.91. PACCAR has a 52 week low of $80.94 and a 52 week high of $125.50. The company has a current ratio of 1.91, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.82 by $0.03. The firm had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.34 earnings per share. On average, analysts forecast that PACCAR will post 8.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO R Preston Feight sold 27,834 shares of the company’s 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 $16,066,583.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its stake in PACCAR by 1.4% in the third quarter. Nisa Investment Advisors LLC now owns 213,294 shares of the company’s stock valued at $21,048,000 after purchasing an additional 2,920 shares in the last quarter. Valley National Advisers Inc. increased its holdings in PACCAR by 37,814.0% in the third quarter. Valley National Advisers Inc. now owns 18,957 shares of the company’s stock worth $1,870,000 after buying an additional 18,907 shares during the last quarter. Frank Rimerman Advisors LLC raised its position in PACCAR by 50.4% during the third quarter. Frank Rimerman Advisors LLC now owns 36,529 shares of the company’s stock valued at $3,605,000 after acquiring an additional 12,239 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in PACCAR by 1.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 547,111 shares of the company’s stock valued at $53,534,000 after acquiring an additional 6,115 shares during the last quarter. Finally, GHP Investment Advisors Inc. grew its position in PACCAR by 6.6% in the third quarter. GHP Investment Advisors Inc. now owns 57,351 shares of the company’s stock worth $5,659,000 after acquiring an additional 3,563 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

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.