JPMorgan Chase & Co. Boosts PACCAR (NASDAQ:PCAR) Price Target to $108.00

Key Points

• JPMorgan Chase & Co. increased PACCAR's price target from $103.00 to $108.00, indicating a potential upside of 6.77% based on the stock's current price.
• Other analysts, including Argus and Evercore ISI, have given PACCAR buy ratings with target prices of $121.00 and $114.00, respectively, showing positive sentiment towards the stock.
• PACCAR reported a revenue of $6.67 billion for the recent quarter, exceeding analysts' expectations, despite a 20.7% year-over-year decline and a miss on earnings per share estimates.

PACCAR (NASDAQ:PCAR - Get Free Report) had its price target boosted by stock analysts at JPMorgan Chase & Co. from $103.00 to $108.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 6.77% from the stock's current price.

A number of other research analysts have also weighed in on the company. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a report on Monday, July 28th. Evercore ISI set a $114.00 target price on PACCAR and gave the company an "outperform" rating in a report on Tuesday, August 19th. Raymond James Financial restated a "market perform" rating on shares of PACCAR in a report on Tuesday. Weiss Ratings reiterated a "buy (b-)" rating on shares of PACCAR in a report on Wednesday, October 8th. Finally, Wolfe Research upgraded PACCAR from an "underperform" rating to a "peer perform" rating in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $106.59.

PACCAR Stock Up 1.3%

Shares of PCAR stock traded up $1.30 during trading hours on Wednesday, reaching $101.15. The company had a trading volume of 1,767,365 shares, compared to its average volume of 2,864,352. PACCAR has a 12 month low of $84.65 and a 12 month high of $118.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. The business has a fifty day simple moving average of $98.50 and a 200-day simple moving average of $95.51. The company has a market cap of $53.11 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 4.00 and a beta of 0.94.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts' consensus estimates of $1.14 by ($0.02). PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The company had revenue of $6.67 billion during the quarter, compared to the consensus estimate of $6.23 billion. During the same quarter in the prior year, the business earned $1.85 EPS. The firm's revenue for the quarter was down 20.7% compared to the same quarter last year. On average, research analysts expect that PACCAR will post 7.57 earnings per share for the current fiscal year.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the completion of the sale, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

Institutional Trading of PACCAR

Hedge funds have recently made changes to their positions in the company. Hazlett Burt & Watson Inc. grew its position in shares of PACCAR by 53.8% in the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company's stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Private Wealth Management Group LLC grew its position in shares of PACCAR by 293.1% in the third quarter. Private Wealth Management Group LLC now owns 283 shares of the company's stock valued at $28,000 after purchasing an additional 211 shares in the last quarter. Alpine Bank Wealth Management purchased a new position in shares of PACCAR in the first quarter valued at $29,000. Bayforest Capital Ltd grew its position in shares of PACCAR by 234.2% in the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after purchasing an additional 274 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new position in shares of PACCAR in the first quarter valued at $40,000. 64.90% of the stock is currently owned by institutional investors.

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.

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