PACCAR (NASDAQ:PCAR) Upgraded at Freedom Broker

Freedom Broker upgraded shares of PACCAR (NASDAQ:PCAR) from a hold rating to a buy rating in a report issued on Friday,Benzinga reports. Freedom Broker currently has $120.00 price target on the stock, down from their prior price target of $132.00.

Several other analysts also recently weighed in on the company. Morgan Stanley set a $125.00 price target on PACCAR and gave the stock an “equal weight” rating in a research note on Friday, September 4th. Jefferies Financial Group raised their price objective on PACCAR from $120.00 to $140.00 and gave the company a “hold” rating in a research report on Wednesday, July 29th. Truist Financial lowered their price objective on PACCAR from $125.00 to $124.00 and set a “hold” rating for the company in a research note on Wednesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of PACCAR in a report on Tuesday, August 18th. Finally, BNP Paribas Exane cut their target price on PACCAR from $136.00 to $107.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 6th. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, PACCAR presently has an average rating of “Hold” and a consensus price target of $131.96.

PACCAR Stock Performance

NASDAQ:PCAR opened at $101.91 on Friday. PACCAR has a one year low of $93.86 and a one year high of $139.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.22 and a quick ratio of 2.98. The company’s 50-day simple moving average is $114.82 and its 200 day simple moving average is $120.15. The firm has a market capitalization of $53.66 billion, a P/E ratio of 19.41, a PEG ratio of 1.31 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 27th. The company reported $1.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.61. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The business had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same quarter last year, the firm earned $1.12 earnings per share. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, analysts forecast that PACCAR will post 5.84 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 11th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, November 10th. PACCAR’s dividend payout ratio is currently 26.67%.

Institutional Investors Weigh In On PACCAR

A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in PACCAR in the 2nd quarter valued at approximately $4,927,720,000. Bank of America Corp DE purchased a new stake in PACCAR during the 2nd quarter valued at $1,130,496,000. Bank of New York Mellon Corp purchased a new stake in PACCAR during the 2nd quarter valued at $453,107,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of PACCAR by 9.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,424,315 shares of the company’s stock worth $411,329,000 after purchasing an additional 305,215 shares in the last quarter. Finally, Amundi increased its holdings in shares of PACCAR by 108.7% in the 2nd quarter. Amundi now owns 3,197,359 shares of the company’s stock worth $384,066,000 after purchasing an additional 1,665,545 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Company Profile

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.