PACCAR (NASDAQ:PCAR – Get Free Report) had its price target hoisted by equities researchers at Citigroup from $90.00 to $92.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential upside of 9.64% from the stock’s previous close.
A number of other brokerages also recently weighed in on PCAR. Deutsche Bank Aktiengesellschaft raised shares of PACCAR from a “hold” rating to a “buy” rating and increased their price target for the company from $94.00 to $115.00 in a report on Wednesday. Credit Suisse Group increased their price target on shares of PACCAR from $84.00 to $90.00 in a report on Wednesday, July 26th. StockNews.com initiated coverage on shares of PACCAR in a report on Thursday, October 5th. They issued a “buy” rating for the company. JPMorgan Chase & Co. raised their price objective on shares of PACCAR from $97.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, October 16th. Finally, Raymond James raised their price objective on shares of PACCAR from $90.00 to $105.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $82.32.
View Our Latest Stock Analysis on PCAR
PACCAR Stock Performance
PACCAR (NASDAQ:PCAR – Get Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The company reported $2.34 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.27. PACCAR had a net margin of 12.01% and a return on equity of 31.31%. The firm had revenue of $8.70 billion during the quarter, compared to the consensus estimate of $8.19 billion. During the same period in the prior year, the firm earned $1.47 EPS. The business’s revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts anticipate that PACCAR will post 8.59 EPS for the current year.
Insider Buying and Selling
In related news, CEO R Preston Feight sold 56,059 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $86.07, for a total transaction of $4,824,998.13. Following the completion of the sale, the chief executive officer now owns 128,105 shares in the company, valued at approximately $11,025,997.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other PACCAR news, CEO R Preston Feight sold 56,059 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $86.07, for a total value of $4,824,998.13. Following the completion of the sale, the chief executive officer now owns 128,105 shares in the company, valued at approximately $11,025,997.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harrie Schippers sold 24,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $86.07, for a total transaction of $2,065,680.00. Following the completion of the sale, the chief financial officer now owns 93,522 shares of the company’s stock, valued at approximately $8,049,438.54. The disclosure for this sale can be found here. 2.06% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On PACCAR
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its position in PACCAR by 86.2% in the 2nd quarter. Larson Financial Group LLC now owns 296 shares of the company’s stock valued at $25,000 after acquiring an additional 137 shares in the last quarter. ST Germain D J Co. Inc. grew its position in shares of PACCAR by 61.9% during the 3rd quarter. ST Germain D J Co. Inc. now owns 340 shares of the company’s stock worth $29,000 after buying an additional 130 shares during the period. Marquette Asset Management LLC acquired a new stake in shares of PACCAR during the 2nd quarter worth approximately $29,000. Arlington Trust Co LLC acquired a new stake in shares of PACCAR during the 3rd quarter worth approximately $30,000. Finally, MV Capital Management Inc. grew its position in shares of PACCAR by 66.4% during the 1st quarter. MV Capital Management Inc. now owns 351 shares of the company’s stock worth $26,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds own 65.68% of the company’s stock.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, 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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