Paccar Inc. (PCAR) Upgraded by Zacks Investment Research to “Hold”
Paccar Inc. (NASDAQ:PCAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Earnings estimates for PACCAR have remained stable of late. PACCAR holds a strong market share in the U.S. and Canada. Moreover, the company is well positioned in the key non-U.S. markets, backed by its strategic investments. Further, PACCAR follows an active capital deployment policy to boost earnings. The company raised its outlook for industry sales in Europe and modified the same for the U.S. and Canada. However, PACCAR is likely to be affected by the expected decline in Class 8 industry retail sales in the U.S. and Canada this year. It is also facing competition in the commercial trucks market.”
A number of other research analysts have also recently commented on PCAR. Bank of America Corp. reissued a “buy” rating on shares of Paccar in a research note on Thursday, June 16th. Barclays PLC increased their target price on Paccar from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Wednesday. Jefferies Group increased their target price on Paccar from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, September 1st. JPMorgan Chase & Co. cut Paccar from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $58.00 to $47.00 in a research note on Monday, June 27th. Finally, Credit Agricole SA initiated coverage on Paccar in a research note on Friday, September 30th. They issued an “outperform” rating and a $65.00 target price on the stock. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $56.33.
Shares of Paccar (NASDAQ:PCAR) traded down 1.22% on Thursday, hitting $56.75. The stock had a trading volume of 640,093 shares. The firm has a 50 day moving average of $58.27 and a 200-day moving average of $56.22. The firm has a market capitalization of $19.89 billion, a price-to-earnings ratio of 30.12 and a beta of 1.51. Paccar has a 1-year low of $43.46 and a 1-year high of $60.86.
Paccar (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.04. The firm had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.17 billion. Paccar had a net margin of 3.71% and a return on equity of 21.92%. The business’s quarterly revenue was down 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.26 earnings per share. Equities analysts predict that Paccar will post $3.98 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $0.96 annualized dividend and a yield of 1.67%. Paccar’s dividend payout ratio (DPR) is presently 51.34%.
Hedge funds have recently modified their holdings of the company. Madrona Financial Services LLC increased its position in shares of Paccar by 0.4% in the second quarter. Madrona Financial Services LLC now owns 5,444 shares of the company’s stock worth $282,000 after buying an additional 23 shares in the last quarter. Advisor Partners LLC increased its position in shares of Paccar by 0.7% in the second quarter. Advisor Partners LLC now owns 5,557 shares of the company’s stock worth $288,000 after buying an additional 41 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of Paccar by 0.3% in the second quarter. Coldstream Capital Management Inc. now owns 16,382 shares of the company’s stock worth $850,000 after buying an additional 42 shares in the last quarter. Burney Co. increased its position in shares of Paccar by 1.6% in the second quarter. Burney Co. now owns 6,234 shares of the company’s stock worth $323,000 after buying an additional 100 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its position in shares of Paccar by 1.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 8,925 shares of the company’s stock worth $417,000 after buying an additional 129 shares in the last quarter. Institutional investors and hedge funds own 62.23% of the company’s stock.
Paccar Company Profile
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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