PACCAR (NASDAQ:PCAR) Coverage Initiated at BNP Paribas Exane

Key Points

• BNP Paribas Exane initiated coverage on PACCAR (NASDAQ:PCAR) with a neutral rating and a $126 price target, implying roughly a 12% upside from the prior close.
• The analyst consensus is a Hold with an average price target of $117, though targets vary widely (e.g., JPMorgan's $142 overweight call).
• PACCAR reported quarterly EPS of $1.06 (meeting estimates) and revenue of $6.82 billion (above expectations but down 15.1% YoY); insiders sold about 133,105 shares (~$16.9M) in the quarter while large institutions like Vanguard and Wellington increased positions.

Investment analysts at BNP Paribas Exane began coverage on shares of PACCAR (NASDAQ:PCAR - Get Free Report) in a note issued to investors on Tuesday. The firm set a "neutral" rating and a $126.00 price target on the stock. BNP Paribas Exane's target price suggests a potential upside of 12.03% from the company's previous close.

Several other research firms also recently issued reports on PCAR. Truist Financial increased their target price on PACCAR from $108.00 to $120.00 and gave the stock a "hold" rating in a research report on Wednesday, January 28th. Wells Fargo & Company set a $119.00 price objective on PACCAR and gave the company an "equal weight" rating in a research note on Friday, January 23rd. Morgan Stanley set a $109.00 price objective on PACCAR and gave the stock an "equal weight" rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. raised their target price on PACCAR from $133.00 to $142.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 14th. Finally, Citigroup lifted their target price on PACCAR from $120.00 to $125.00 and gave the company a "neutral" rating in a report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $117.00.

PACCAR Price Performance

PCAR opened at $112.47 on Tuesday. The company has a market capitalization of $59.19 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 0.95 and a beta of 1.03. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $121.85 and a 200-day moving average price of $110.48. PACCAR has a twelve month low of $84.65 and a twelve month high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, meeting analysts' consensus estimates of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The company had revenue of $6.82 billion for the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the prior year, the company posted $1.66 EPS. PACCAR's revenue was down 15.1% compared to the same quarter last year. Equities analysts expect that PACCAR will post 7.57 EPS for the current year.

Insider Activity

In other news, VP Paulo Henrique Bolgar sold 12,183 shares of the business's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $122.43, for a total transaction of $1,491,564.69. Following the completion of the transaction, the vice president owned 6,274 shares of the company's stock, valued at approximately $768,125.82. The trade was a 66.01% 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 the SEC website. Also, EVP C Michael Dozier sold 79,076 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $127.92, for a total transaction of $10,115,401.92. Following the completion of the transaction, the executive vice president owned 34,656 shares in the company, valued at approximately $4,433,195.52. This trade represents a 69.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 133,105 shares of company stock worth $16,869,046. Company insiders own 1.99% of the company's stock.

Institutional Trading of PACCAR

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after acquiring an additional 363,782 shares during the last quarter. Wellington Management Group LLP lifted its stake in PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the last quarter. State Street Corp boosted its holdings in shares of PACCAR by 1.0% in the 2nd quarter. State Street Corp now owns 22,534,596 shares of the company's stock worth $2,142,139,000 after purchasing an additional 218,188 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of PACCAR by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after purchasing an additional 50,622 shares in the last quarter. Finally, Norges Bank bought a new position in shares of PACCAR during the 4th quarter valued at about $727,745,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.