JPMorgan Chase & Co. Downgrades PACCAR (NASDAQ:PCAR) to Neutral

PACCAR (NASDAQ:PCAR - Get Free Report) was downgraded by equities researchers at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $90.00 price objective on the stock, down from their prior price objective of $105.00. JPMorgan Chase & Co.'s target price indicates a potential upside of 0.11% from the stock's previous close.

PCAR has been the subject of a number of other research reports. Melius Research set a $120.00 price objective on shares of PACCAR in a research report on Tuesday, March 18th. Citigroup dropped their price target on PACCAR from $105.00 to $95.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Truist Financial reduced their price objective on PACCAR from $113.00 to $104.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Bank of America raised PACCAR from a "neutral" rating to a "buy" rating and increased their target price for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. Finally, UBS Group lowered shares of PACCAR from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $108.00 to $78.00 in a research report on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $107.23.

PACCAR Stock Up 0.1 %

PCAR traded up $0.12 during trading on Wednesday, hitting $89.90. The company had a trading volume of 3,729,160 shares, compared to its average volume of 2,758,745. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. The company has a market cap of $47.19 billion, a PE ratio of 11.37, a P/E/G ratio of 2.77 and a beta of 0.96. PACCAR has a 1-year low of $84.65 and a 1-year high of $118.81. The business has a 50-day moving average of $95.97 and a 200-day moving average of $104.82.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same quarter last year, the firm posted $2.27 earnings per share. PACCAR's revenue was down 16.0% compared to the same quarter last year. As a group, analysts forecast that PACCAR will post 7.57 earnings per share for the current year.

Insider Activity

In other news, CFO Harrie Schippers sold 28,676 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the completion of the sale, the chief financial officer now directly owns 114,659 shares of the company's stock, valued at $12,150,414.23. This trade represents a 20.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael K. Walton sold 6,000 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total value of $636,780.00. Following the sale, the vice president now directly owns 951 shares in the company, valued at $100,929.63. This trade represents a 86.32 % 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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in shares of PACCAR by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company's stock valued at $335,334,000 after acquiring an additional 178,813 shares in the last quarter. Morse Asset Management Inc acquired a new stake in PACCAR during the 3rd quarter valued at $370,000. McIlrath & Eck LLC lifted its holdings in shares of PACCAR by 16.0% in the third quarter. McIlrath & Eck LLC now owns 28,064 shares of the company's stock valued at $2,769,000 after purchasing an additional 3,878 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of PACCAR in the third quarter worth $419,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of PACCAR during the third quarter valued at $269,000. 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.