PACCAR (PCAR) Downgraded to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of PACCAR (NASDAQ:PCAR) from a neutral rating to an underweight rating in a research report report published on Thursday morning, Marketbeat reports. They currently have $54.00 target price on the stock.

A number of other analysts have also commented on the stock. ValuEngine lowered shares of PACCAR from a hold rating to a sell rating in a report on Thursday. Vertical Research lowered shares of PACCAR from a hold rating to a sell rating in a report on Monday. Mizuho reaffirmed a hold rating on shares of PACCAR in a report on Monday, December 31st. Zacks Investment Research reaffirmed a buy rating and set a $61.00 target price on shares of PACCAR in a report on Monday, December 31st. Finally, BidaskClub raised shares of PACCAR from a buy rating to a strong-buy rating in a research report on Tuesday, December 25th. Seven research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $68.16.

PCAR traded up $0.28 during trading on Thursday, reaching $59.44. 1,652,774 shares of the company’s stock were exchanged, compared to its average volume of 2,571,670. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.44 and a current ratio of 2.63. PACCAR has a fifty-two week low of $53.43 and a fifty-two week high of $79.69. The firm has a market capitalization of $20.55 billion, a PE ratio of 13.95, a P/E/G ratio of 0.87 and a beta of 1.26.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 23rd. The company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.04. PACCAR had a net margin of 9.73% and a return on equity of 23.52%. The firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that PACCAR will post 6.16 EPS for the current year.

The business also recently disclosed a dividend, which was paid on Friday, January 4th. Investors of record on Friday, December 14th were given a $2.00 dividend. The ex-dividend date of this dividend was Thursday, December 13th. PACCAR’s dividend payout ratio is currently 26.29%.

PACCAR announced that its board has approved a stock repurchase plan on Tuesday, December 4th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

In related news, VP David J. Danforth sold 651 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $59.44, for a total value of $38,695.44. Following the sale, the vice president now directly owns 5,453 shares of the company’s stock, valued at approximately $324,126.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark C. Pigott sold 194,004 shares of PACCAR stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $58.84, for a total transaction of $11,415,195.36. Following the completion of the sale, the insider now owns 3,080,449 shares in the company, valued at $181,253,619.16. The disclosure for this sale can be found here. Insiders sold a total of 195,262 shares of company stock worth $11,490,110 over the last ninety days. 2.64% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Amussen Hunsaker Associates LLC acquired a new stake in PACCAR in the 2nd quarter valued at $132,000. Valeo Financial Advisors LLC increased its stake in PACCAR by 85.5% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,148 shares of the company’s stock valued at $123,000 after buying an additional 990 shares during the last quarter. HighPoint Advisor Group LLC acquired a new stake in PACCAR in the 3rd quarter valued at $178,000. Boltwood Capital Management acquired a new stake in PACCAR in the 3rd quarter valued at $204,000. Finally, Schneider Downs Wealth Management Advisors LP acquired a new stake in PACCAR in the 3rd quarter valued at $205,000. Hedge funds and other institutional investors own 60.55% 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, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Analyst Recommendations for PACCAR (NASDAQ:PCAR)

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