JPMorgan Chase & Co. Lowers PACCAR (NASDAQ:PCAR) Price Target to $130.00

PACCAR (NASDAQ:PCAR) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $140.00 to $130.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 24.06% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Morgan Stanley began coverage on PACCAR in a research note on Monday, January 8th. They set an “overweight” rating and a $125.00 price target on the stock. Bank of America upgraded PACCAR from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $84.00 to $97.00 in a report on Friday, January 19th. Evercore ISI increased their price objective on shares of PACCAR from $94.00 to $101.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. UBS Group upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and boosted their target price for the company from $104.00 to $136.00 in a report on Friday, March 15th. Finally, Truist Financial assumed coverage on shares of PACCAR in a research note on Thursday, March 14th. They set a “hold” rating and a $117.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $112.62.

PACCAR Price Performance

Shares of NASDAQ PCAR traded down $1.67 during trading on Wednesday, reaching $104.79. The company had a trading volume of 3,899,036 shares, compared to its average volume of 2,455,959. The company has a current ratio of 1.69, a quick ratio of 2.21 and a debt-to-equity ratio of 0.54. PACCAR has a twelve month low of $68.40 and a twelve month high of $125.50. The stock has a 50-day moving average price of $116.54 and a two-hundred day moving average price of $102.39. The stock has a market capitalization of $54.91 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 1.60 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.07. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The firm had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter in the previous year, the company posted $2.25 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, sell-side analysts predict that PACCAR will post 8.23 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $106.15, for a total transaction of $212,300.00. Following the sale, the vice president now owns 5,726 shares in the company, valued at $607,814.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Harrie Schippers sold 32,797 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.08, for a total value of $3,479,105.76. Following the completion of the transaction, the chief financial officer now owns 103,547 shares of the company’s stock, valued at $10,984,265.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Todd R. Hubbard sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $106.15, for a total value of $212,300.00. Following the completion of the transaction, the vice president now directly owns 5,726 shares in the company, valued at $607,814.90. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.

Institutional Trading of PACCAR

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates raised its stake in shares of PACCAR by 29.1% in the 3rd quarter. Raymond James & Associates now owns 79,615 shares of the company’s stock valued at $6,769,000 after purchasing an additional 17,953 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of PACCAR by 15.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 90,658 shares of the company’s stock valued at $7,708,000 after buying an additional 12,451 shares during the period. Arlington Trust Co LLC bought a new position in shares of PACCAR during the third quarter valued at approximately $30,000. Independent Advisor Alliance lifted its holdings in shares of PACCAR by 673.2% in the 3rd quarter. Independent Advisor Alliance now owns 45,827 shares of the company’s stock worth $3,896,000 after purchasing an additional 39,900 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its holdings in shares of PACCAR by 1.1% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 251,619 shares of the company’s stock valued at $21,393,000 after acquiring an additional 2,700 shares during the period. 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.