Bank of America Upgrades PACCAR (NASDAQ:PCAR) to “Buy”

Bank of America upgraded shares of PACCAR (NASDAQ:PCARFree Report) from a neutral rating to a buy rating in a research note published on Tuesday morning, Marketbeat.com reports. Bank of America currently has $121.50 price objective on the stock, up from their prior price objective of $116.00.

A number of other equities analysts have also weighed in on PCAR. Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Citigroup boosted their price target on PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Truist Financial upped their target price on PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, BNP Paribas raised PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $119.96.

Read Our Latest Stock Report on PCAR

PACCAR Price Performance

PCAR stock opened at $110.20 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25. The stock’s 50 day moving average price is $111.37 and its 200 day moving average price is $103.89. The firm has a market cap of $57.78 billion, a P/E ratio of 12.31, a PEG ratio of 1.77 and a beta of 0.93. PACCAR has a 1 year low of $90.04 and a 1 year high of $125.50.

PACCAR (NASDAQ:PCARGet Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. During the same quarter last year, the company earned $2.34 earnings per share. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, sell-side analysts expect that PACCAR will post 7.98 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently declared a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were issued a $3.00 dividend. This is a positive change from PACCAR’s previous dividend of $0.89. The ex-dividend date was Friday, December 20th. PACCAR’s dividend payout ratio (DPR) is presently 14.75%.

Insider Buying and Selling at PACCAR

In related news, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction on Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the transaction, the vice president now owns 3,061 shares in the company, valued at approximately $328,353.47. The trade was a 51.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kevin D. Baney sold 9,894 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the completion of the sale, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at $761,947. The trade was a 58.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 over the last ninety days. Corporate insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

A number of hedge funds have recently made changes to their positions in PCAR. Wellington Management Group LLP grew its holdings in PACCAR by 53.3% during the 3rd quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock valued at $1,325,678,000 after purchasing an additional 4,669,172 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in PACCAR by 47.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after acquiring an additional 3,296,146 shares during the last quarter. Fisher Asset Management LLC grew its holdings in PACCAR by 1.8% during the 3rd quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company’s stock worth $511,254,000 after acquiring an additional 89,245 shares in the last quarter. Legal & General Group Plc increased its position in shares of 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 during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of PACCAR by 49.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock valued at $346,878,000 after purchasing an additional 1,164,692 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Company Profile

(Get Free Report)

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.

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Analyst Recommendations for PACCAR (NASDAQ:PCAR)

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