PACCAR (NASDAQ:PCAR) Price Target Cut to $122.00 by Analysts at JPMorgan Chase & Co.

PACCAR (NASDAQ:PCAR) had its price target lowered by analysts at JPMorgan Chase & Co. from $125.00 to $122.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 16.42% from the company’s current price.

A number of other equities research analysts have also issued reports on PCAR. Raymond James initiated coverage on shares of PACCAR in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Truist Financial cut their target price on shares of PACCAR from $107.00 to $103.00 and set a “hold” rating on the stock in a research note on Wednesday, October 9th. StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Citigroup upped their target price on shares of PACCAR from $100.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI cut their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $113.82.

PACCAR Stock Performance

NASDAQ:PCAR opened at $104.79 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The firm has a 50-day moving average of $98.78 and a two-hundred day moving average of $103.41. The stock has a market cap of $54.93 billion, a P/E ratio of 11.10, a PEG ratio of 1.70 and a beta of 0.91. PACCAR has a 1-year low of $80.94 and a 1-year high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The firm had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.33 earnings per share. On average, research analysts expect that PACCAR will post 8.08 earnings per share for the current fiscal year.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the sale, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On PACCAR

Several large investors have recently made changes to their positions in PCAR. Bogart Wealth LLC boosted its holdings in shares of PACCAR by 21.7% in the third quarter. Bogart Wealth LLC now owns 140,098 shares of the company’s stock valued at $13,825,000 after acquiring an additional 24,938 shares in the last quarter. Pinnacle West Asset Management Inc. boosted its holdings in shares of PACCAR by 11.6% in the third quarter. Pinnacle West Asset Management Inc. now owns 5,060 shares of the company’s stock valued at $499,000 after acquiring an additional 525 shares in the last quarter. Impact Partnership Wealth LLC boosted its holdings in shares of PACCAR by 27.7% in the third quarter. Impact Partnership Wealth LLC now owns 8,690 shares of the company’s stock valued at $858,000 after acquiring an additional 1,883 shares in the last quarter. Brighton Jones LLC boosted its holdings in shares of PACCAR by 0.7% in the third quarter. Brighton Jones LLC now owns 88,711 shares of the company’s stock valued at $8,754,000 after acquiring an additional 586 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of PACCAR by 7,540.3% in the third quarter. International Assets Investment Management LLC now owns 289,034 shares of the company’s stock valued at $28,522,000 after acquiring an additional 285,251 shares in the last quarter. Institutional investors and hedge funds 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.