Zacks Investment Research upgraded shares of PACCAR (NASDAQ:PCAR) from a hold rating to a buy rating in a report released on Friday, Zacks.com reports. They currently have $77.00 target price on the stock.
According to Zacks, “In first-quarter 2019, PACCAR’s earnings and revenues surpassed Zacks Consensus Estimate. Moreover, both earnings and revenues improved year over year. The company’s quarterly results are backed by strong global truck markets and solid aftermarket parts’ results. In fact, the company’s class 8 truck retail sales are rising primarily due to a robust economy and strong freight demand. Also, it is well positioned in the key markets, owing to strong cash flow, enabling it to undertake capital investments, and research and development expenses. However, rising commodity prices and drop in used-vehicle prices are concerns. Further, PACCAR faces tough competition from industry peers.”
Other equities analysts also recently issued research reports about the company. Longbow Research downgraded PACCAR from a buy rating to a neutral rating and set a $71.38 price target for the company. in a research report on Monday, May 6th. BidaskClub downgraded PACCAR from a buy rating to a hold rating in a research report on Wednesday, April 10th. Piper Jaffray Companies raised their price target on PACCAR to $75.00 and gave the stock an overweight rating in a research report on Tuesday, February 5th. They noted that the move was a valuation call. Robert W. Baird raised PACCAR from a neutral rating to an outperform rating and set a $66.32 price target for the company in a research report on Thursday, February 7th. Finally, ValuEngine downgraded PACCAR from a hold rating to a sell rating in a research report on Thursday, January 10th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $66.93.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.16. The firm had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $6 billion. PACCAR had a return on equity of 25.94% and a net margin of 9.50%. PACCAR’s revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.45 earnings per share. As a group, research analysts predict that PACCAR will post 6.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 14th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Monday, May 13th. PACCAR’s dividend payout ratio is currently 20.51%.
In other news, VP Todd R. Hubbard sold 418 shares of PACCAR stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $68.50, for a total value of $28,633.00. Following the completion of the sale, the vice president now owns 4,586 shares of the company’s stock, valued at $314,141. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP David J. Danforth sold 4,315 shares of PACCAR stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $70.69, for a total value of $305,027.35. Following the completion of the sale, the vice president now directly owns 7,286 shares of the company’s stock, valued at approximately $515,047.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,989 shares of company stock valued at $2,260,531. Company insiders own 2.32% of the company’s stock.
Several large investors have recently made changes to their positions in PCAR. Wealthfront Advisers LLC grew its position in PACCAR by 93.9% during the first quarter. Wealthfront Advisers LLC now owns 13,559 shares of the company’s stock valued at $924,000 after acquiring an additional 6,567 shares during the period. O Shares Investment Advisers LLC grew its position in PACCAR by 1.5% during the first quarter. O Shares Investment Advisers LLC now owns 12,960 shares of the company’s stock valued at $883,000 after acquiring an additional 192 shares during the period. Hancock Whitney Corp lifted its stake in shares of PACCAR by 44.7% during the first quarter. Hancock Whitney Corp now owns 182,082 shares of the company’s stock worth $12,407,000 after purchasing an additional 56,264 shares in the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in shares of PACCAR by 13.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,072,489 shares of the company’s stock worth $73,079,000 after purchasing an additional 129,340 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in shares of PACCAR by 28.2% during the first quarter. Neuberger Berman Group LLC now owns 10,788 shares of the company’s stock worth $735,000 after purchasing an additional 2,373 shares in the last quarter. 62.78% of the stock is owned by institutional investors and hedge funds.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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