PACCAR (NASDAQ:PCAR) Price Target Raised to $108.00

Key Points

• Truist Financial raised PACCAR's target price from $97.00 to $108.00, indicating a potential upside of 6.60%. The brokerage currently rates the stock as a "hold."
• Despite revenue of $6.67 billion for the quarter, PACCAR reported quarterly earnings of $1.12 per share, which missed the consensus estimate and represented a year-over-year revenue decline of 20.7%.
• Insider selling was notable, with CEO R. Preston Feight selling nearly 40,000 shares, indicating a 15.19% reduction in his position at an average price of $99.52.

PACCAR (NASDAQ:PCAR - Get Free Report) had its target price lifted by Truist Financial from $97.00 to $108.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's price target suggests a potential upside of 6.60% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. Citigroup boosted their price objective on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the company an "outperform" rating in a report on Tuesday, August 19th. Vertical Research upgraded shares of PACCAR to a "strong-buy" rating in a report on Wednesday, July 23rd. Weiss Ratings reissued a "buy (b-)" rating on shares of PACCAR in a research note on Wednesday, October 8th. Finally, Wolfe Research raised shares of PACCAR from an "underperform" rating to a "peer perform" rating in a research note on Wednesday. Two research 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 given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $106.14.

PACCAR Stock Up 1.5%

PCAR stock traded up $1.47 during trading on Wednesday, reaching $101.32. The stock had a trading volume of 621,410 shares, compared to its average volume of 2,858,417. The firm has a fifty day moving average price of $98.50 and a 200 day moving average price of $95.51. The company has a market capitalization of $53.20 billion, a P/E ratio of 17.35, a PEG ratio of 4.00 and a beta of 0.94. PACCAR has a 1-year low of $84.65 and a 1-year high of $118.81. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57.

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

Insider Buying and Selling at PACCAR

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of PACCAR by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after purchasing an additional 1,113,520 shares during the last quarter. State Street Corp increased its stake in shares of PACCAR by 1.0% during 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 during the last quarter. Wellington Management Group LLP increased its stake in shares of PACCAR by 20.1% during the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company's stock worth $1,964,725,000 after purchasing an additional 3,379,165 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of PACCAR by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company's stock worth $1,184,112,000 after purchasing an additional 159,632 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in PACCAR by 9.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock valued at $1,144,578,000 after buying an additional 987,805 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Company Profile

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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