Piper Jaffray Companies upgraded shares of PACCAR (NASDAQ:PCAR) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $67.00 price objective on the stock. Piper Jaffray Companies also issued estimates for PACCAR’s Q4 2018 earnings at $1.56 EPS, FY2018 earnings at $6.15 EPS, Q1 2019 earnings at $1.46 EPS, Q2 2019 earnings at $1.65 EPS, Q3 2019 earnings at $1.62 EPS, Q4 2019 earnings at $1.65 EPS, FY2019 earnings at $6.39 EPS, FY2020 earnings at $5.56 EPS, FY2021 earnings at $5.87 EPS and FY2022 earnings at $6.32 EPS.
A number of other research analysts have also recently commented on the stock. ValuEngine cut shares of PACCAR from a sell rating to a strong sell rating in a research report on Tuesday, October 23rd. Zacks Investment Research cut shares of PACCAR from a buy rating to a hold rating in a research report on Thursday, October 18th. Loop Capital started coverage on shares of PACCAR in a research report on Wednesday, October 17th. They set a hold rating and a $68.00 target price on the stock. BidaskClub lowered shares of PACCAR from a buy rating to a hold rating in a research note on Friday, October 12th. Finally, Wolfe Research lowered shares of PACCAR from a peer perform rating to an underperform rating in a research note on Friday, October 5th. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $68.73.
NASDAQ PCAR opened at $55.30 on Wednesday. PACCAR has a 52 week low of $53.95 and a 52 week high of $79.69. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 1.31. The firm has a market cap of $19.39 billion, a PE ratio of 9.58, a PEG ratio of 0.83 and a beta of 1.25.
PACCAR announced that its board has authorized a stock repurchase plan on Monday, July 9th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 9th. This represents a $1.12 annualized dividend and a yield of 2.03%. PACCAR’s payout ratio is 26.29%.
In other PACCAR news, insider Darrin C. Siver sold 5,750 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $64.46, for a total transaction of $370,645.00. Following the completion of the sale, the insider now owns 22,596 shares in the company, valued at $1,456,538.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Douglas S. Grandstaff sold 580 shares of the business’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $65.90, for a total transaction of $38,222.00. Following the sale, the vice president now owns 5,891 shares of the company’s stock, valued at approximately $388,216.90. The disclosure for this sale can be found here. 2.64% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. increased its stake in PACCAR by 283.5% during the third quarter. Oppenheimer & Co. Inc. now owns 29,878 shares of the company’s stock valued at $2,037,000 after purchasing an additional 22,087 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in PACCAR during the third quarter valued at $864,000. Sawtooth Solutions LLC bought a new stake in PACCAR during the third quarter valued at $257,000. Russell Investments Group Ltd. increased its stake in PACCAR by 10.8% during the third quarter. Russell Investments Group Ltd. now owns 114,257 shares of the company’s stock valued at $7,834,000 after purchasing an additional 11,106 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in PACCAR by 94.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 104,060 shares of the company’s stock valued at $7,096,000 after purchasing an additional 50,654 shares during the last quarter. Hedge funds and other institutional investors own 61.33% of the company’s stock.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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