Morgan Stanley Increases PACCAR (NASDAQ:PCAR) Price Target to $113.00

Key Points

• Morgan Stanley raised its price target on PACCAR from $109 to $113 while keeping an “equal weight” rating. The new target still implies about 10.78% downside from the stock’s current price.
• Analyst sentiment remains mixed overall, with the consensus rating at “Hold” and a consensus price target of $124.18. Recent notes from other firms ranged from neutral/hold to overweight, with JPMorgan notably lifting its target to $155.
• PACCAR’s latest results showed stable earnings but softer revenue growth, as quarterly EPS of $1.15 matched expectations while revenue came in at $6.78 billion, down 9.8% year over year. The company also reported a strong balance sheet, including a current ratio of 3.11 and quick ratio of 2.91.

PACCAR (NASDAQ:PCAR - Get Free Report) had its target price upped by equities research analysts at Morgan Stanley from $109.00 to $113.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's target price indicates a potential downside of 10.78% from the stock's current price.

Several other equities analysts also recently issued reports on the stock. Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the company an "equal weight" rating in a research note on Wednesday, April 29th. Weiss Ratings lowered PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. Truist Financial lifted their price objective on PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. increased their target price on PACCAR from $140.00 to $155.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, BNP Paribas Exane began coverage on PACCAR in a research note on Tuesday, March 31st. They issued a "neutral" rating and a $126.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $124.18.

PACCAR Price Performance

NASDAQ:PCAR traded down $0.02 during trading hours on Friday, reaching $126.65. 1,909,408 shares of the company traded hands, compared to its average volume of 3,088,331. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The firm's 50-day moving average is $117.09 and its 200-day moving average is $119.55. The stock has a market cap of $66.66 billion, a P/E ratio of 26.95, a P/E/G ratio of 1.14 and a beta of 0.97. PACCAR has a 1-year low of $92.25 and a 1-year high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting analysts' consensus estimates of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter last year, the company earned $1.46 earnings per share. The business's revenue for the quarter was down 9.8% compared to the same quarter last year. Equities research analysts expect that PACCAR will post 5.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PACCAR

Several institutional investors and hedge funds have recently modified their holdings of PCAR. Deseret Mutual Benefit Administrators grew its position in PACCAR by 9.9% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company's stock valued at $97,000 after acquiring an additional 80 shares in the last quarter. Gulf International Bank UK Ltd boosted its stake in shares of PACCAR by 0.3% in the fourth quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company's stock valued at $2,869,000 after purchasing an additional 81 shares during the period. CYBER HORNET ETFs LLC grew its holdings in PACCAR by 6.2% during the 4th quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company's stock valued at $163,000 after purchasing an additional 87 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in PACCAR by 3.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company's stock worth $317,000 after buying an additional 87 shares during the period. Finally, Jackson Square Capital LLC lifted its holdings in PACCAR by 3.5% in the 4th quarter. Jackson Square Capital LLC now owns 2,650 shares of the company's stock worth $290,000 after buying an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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