Evercore ISI Cuts PACCAR (NASDAQ:PCAR) Price Target to $115.00

PACCAR (NASDAQ:PCAR) had its price target lowered by equities researchers at Evercore ISI from $127.00 to $115.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price objective points to a potential upside of 19.17% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. UBS Group cut shares of PACCAR from a “neutral” rating to a “sell” rating and cut their price target for the stock from $108.00 to $78.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. lowered shares of PACCAR from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $105.00 to $90.00 in a research report on Wednesday, April 30th. Royal Bank of Canada reduced their target price on PACCAR from $106.00 to $97.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 8th. Morgan Stanley lowered PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price target for the company. in a research note on Wednesday, April 16th. Finally, Truist Financial reduced their price objective on PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $104.14.

PACCAR Stock Down 0.5%

PCAR stock opened at $96.50 on Monday. The stock has a 50-day simple moving average of $93.19 and a two-hundred day simple moving average of $103.76. PACCAR has a twelve month low of $84.65 and a twelve month high of $118.81. The firm has a market capitalization of $50.66 billion, a PE ratio of 12.20, a PEG ratio of 2.77 and a beta of 0.96. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.12). The business had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.13 billion. PACCAR had a net margin of 12.36% and a return on equity of 23.53%. PACCAR’s quarterly revenue was down 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.27 EPS. On average, equities analysts predict that PACCAR will post 7.57 EPS for the current fiscal year.

Insider Transactions at PACCAR

In other news, Director Pierre R. Breber bought 5,000 shares of the company’s stock in a transaction dated Tuesday, May 6th. The stock was bought at an average cost of $89.78 per share, for a total transaction of $448,900.00. Following the completion of the acquisition, the director now owns 13,015 shares in the company, valued at approximately $1,168,486.70. This trade represents a 62.38% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its stake in PACCAR by 49.6% in the third quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after buying an additional 1,164,692 shares in the last quarter. Merit Financial Group LLC lifted its holdings in shares of PACCAR by 99.0% during the fourth quarter. Merit Financial Group LLC now owns 8,089 shares of the company’s stock valued at $841,000 after purchasing an additional 4,025 shares in the last quarter. HB Wealth Management LLC boosted its holdings in shares of PACCAR by 9.3% during the 4th quarter. HB Wealth Management LLC now owns 35,661 shares of the company’s stock valued at $3,710,000 after acquiring an additional 3,046 shares during the last quarter. Aaron Wealth Advisors LLC boosted its holdings in PACCAR by 13.2% in the fourth quarter. Aaron Wealth Advisors LLC now owns 5,804 shares of the company’s stock worth $604,000 after purchasing an additional 676 shares during the last quarter. Finally, Smart Money Group LLC lifted its holdings in PACCAR by 7.6% in the fourth quarter. Smart Money Group LLC now owns 6,174 shares of the company’s stock valued at $642,000 after acquiring an additional 438 shares during the period. Institutional investors 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.