PACCAR (NASDAQ:PCAR) Price Target Raised to $103.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised PACCAR's price target from $97.00 to $103.00, indicating a potential upside of 9.69% from the stock's previous close.
• Analysts have mixed reviews on PACCAR, with two giving a Strong Buy rating, while Zacks Research recently downgraded the stock to a strong sell rating.
• PACCAR reported a 15.7% year-over-year decline in revenue, despite exceeding earnings expectations with $1.37 EPS compared to the consensus estimate of $1.28.

PACCAR (NASDAQ:PCAR - Get Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $97.00 to $103.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 9.69% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. Zacks Research cut shares of PACCAR from a "hold" rating to a "strong sell" rating in a report on Friday. UBS Group upgraded shares of PACCAR from a "sell" rating to a "neutral" rating and lifted their price target for the company from $81.00 to $100.00 in a report on Wednesday, July 23rd. Truist Financial set a $97.00 price target on shares of PACCAR and gave the company a "hold" rating in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of PACCAR in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PACCAR presently has an average rating of "Moderate Buy" and an average price target of $108.14.

PACCAR Trading Up 0.7%

Shares of NASDAQ PCAR traded up $0.67 during mid-day trading on Tuesday, hitting $93.90. The stock had a trading volume of 168,362 shares, compared to its average volume of 2,834,346. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. 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 price of $98.67 and a two-hundred day moving average price of $95.48. The firm has a market cap of $49.31 billion, a P/E ratio of 16.10, a price-to-earnings-growth ratio of 3.79 and a beta of 0.94.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.28 by $0.09. The company had revenue of $6.96 billion for the quarter, compared to the consensus estimate of $7.02 billion. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The firm's revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.13 earnings per share. On average, equities analysts anticipate that PACCAR will post 7.57 EPS for the current fiscal year.

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total value of $504,700.00. Following the completion of the transaction, the chief financial officer owned 468 shares of the company's stock, valued at approximately $47,239.92. The trade was a 91.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. This trade represents a 15.19% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

Institutional Investors Weigh In On PACCAR

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Hazlett Burt & Watson Inc. increased its position in shares of PACCAR by 53.8% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company's stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Fidelis Capital Partners LLC increased its position in shares of PACCAR by 2.9% during the 2nd quarter. Fidelis Capital Partners LLC now owns 3,759 shares of the company's stock valued at $366,000 after purchasing an additional 105 shares during the last quarter. Intellectus Partners LLC increased its position in shares of PACCAR by 1.0% during the 2nd quarter. Intellectus Partners LLC now owns 10,673 shares of the company's stock valued at $1,015,000 after purchasing an additional 109 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its position in shares of PACCAR by 1.2% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 9,645 shares of the company's stock valued at $917,000 after purchasing an additional 116 shares during the last quarter. Finally, Applied Capital LLC FL increased its position in shares of PACCAR by 0.5% during the 1st quarter. Applied Capital LLC FL now owns 25,210 shares of the company's stock valued at $2,455,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other 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.

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