Zacks Investment Research Downgrades PACCAR (PCAR) to Hold
Zacks Investment Research downgraded shares of PACCAR (NASDAQ:PCAR) from a buy rating to a hold rating in a research note published on Monday.
According to Zacks, “PACCAR is well-positioned in its key markets on the back of its strategic investments and a strong balance sheet, enabling it to undertake capital investments and research and development expenses. It also has an expanded network presence, enabling it to provide high-quality aftermarket products and services to its customers. Development and production of new products and services plus an active capital deployment policy are a few of the other benefits that PACCAR has. However, tough competition in the commercial truck market and declining prices of used trucks are its few concerns. Also, year to date, its shares have underperformed in the industry it belongs to.”
Other analysts also recently issued reports about the stock. BidaskClub downgraded shares of PACCAR from a buy rating to a hold rating in a report on Monday, August 14th. Royal Bank of Canada reaffirmed a buy rating and set a $77.00 price objective on shares of PACCAR in a report on Tuesday, October 3rd. Buckingham Research began coverage on shares of PACCAR in a report on Tuesday, September 5th. They set a neutral rating and a $65.00 price objective for the company. J P Morgan Chase & Co downgraded shares of PACCAR from an overweight rating to a neutral rating and set a $73.00 price objective for the company. in a report on Monday. Finally, Wells Fargo & Company dropped their price objective on shares of PACCAR from $77.00 to $75.00 and set a market perform rating for the company in a report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nine have given a buy rating to the company. PACCAR has an average rating of Hold and an average price target of $75.15.
Shares of PACCAR (PCAR) opened at $69.22 on Monday. PACCAR has a fifty-two week low of $61.93 and a fifty-two week high of $75.68. The company has a current ratio of 2.56, a quick ratio of 2.40 and a debt-to-equity ratio of 0.75. The stock has a market cap of $24,650.00, a price-to-earnings ratio of 18.44, a PEG ratio of 1.72 and a beta of 1.22.
PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 24th. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.06. PACCAR had a net margin of 7.61% and a return on equity of 18.77%. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.57 billion. During the same period in the previous year, the firm posted $0.98 EPS. The firm’s revenue was up 19.7% compared to the same quarter last year. research analysts predict that PACCAR will post 4.18 earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Thursday, January 4th. Shareholders of record on Thursday, December 14th will be paid a $1.20 dividend. This represents a yield of 1.4%. The ex-dividend date is Wednesday, December 13th. PACCAR’s dividend payout ratio is presently 25.64%.
In other PACCAR news, insider Mark C. Pigott sold 98,956 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $71.37, for a total value of $7,062,489.72. Following the completion of the sale, the insider now directly owns 2,985,401 shares of the company’s stock, valued at $213,068,069.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP C Michael Dozier sold 3,618 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $69.02, for a total transaction of $249,714.36. The disclosure for this sale can be found here. Insiders sold 106,598 shares of company stock valued at $7,597,908 over the last three months. 2.64% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of PACCAR by 6.6% in the second quarter. BlackRock Inc. now owns 25,508,314 shares of the company’s stock valued at $1,684,572,000 after acquiring an additional 1,572,038 shares during the period. Vanguard Group Inc. increased its position in shares of PACCAR by 5.0% in the second quarter. Vanguard Group Inc. now owns 24,555,355 shares of the company’s stock valued at $1,621,636,000 after acquiring an additional 1,164,896 shares during the period. Bank of New York Mellon Corp increased its position in shares of PACCAR by 11.4% in the third quarter. Bank of New York Mellon Corp now owns 6,765,314 shares of the company’s stock valued at $489,402,000 after acquiring an additional 694,185 shares during the period. Victory Capital Management Inc. increased its position in shares of PACCAR by 5.5% in the third quarter. Victory Capital Management Inc. now owns 2,806,586 shares of the company’s stock valued at $203,028,000 after acquiring an additional 145,932 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of PACCAR by 381.5% in the second quarter. Principal Financial Group Inc. now owns 2,573,188 shares of the company’s stock valued at $169,932,000 after acquiring an additional 2,038,761 shares during the period. Hedge funds and other institutional investors own 62.36% of the company’s stock.
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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