Melius Research Upgrades PACCAR (NASDAQ:PCAR) to Strong-Buy

PACCAR (NASDAQ:PCAR) was upgraded by research analysts at Melius Research to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other analysts also recently issued reports on PCAR. Jefferies Financial Group downgraded PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a research note on Friday, December 6th. JPMorgan Chase & Co. dropped their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating on the stock in a research note on Tuesday. Melius upgraded PACCAR from a “hold” rating to a “buy” rating in a report on Tuesday. Truist Financial raised their price objective on PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. Finally, Citigroup decreased their price objective on PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $118.23.

PACCAR Stock Performance

PCAR opened at $100.21 on Tuesday. The business’s 50-day moving average price is $106.86 and its two-hundred day moving average price is $106.50. PACCAR has a 1 year low of $90.04 and a 1 year high of $125.50. The company has a market capitalization of $52.59 billion, a price-to-earnings ratio of 12.67, a P/E/G ratio of 2.77 and a beta of 0.91. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. Equities analysts expect that PACCAR will post 7.57 EPS for the current fiscal year.

Insider Transactions at PACCAR

In other news, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the sale, the vice president now owns 5,463 shares in the company, valued at $612,129.15. The trade was a 26.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO R Preston Feight sold 25,200 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $110.98, for a total value of $2,796,696.00. Following the sale, the chief executive officer now owns 206,129 shares of the company’s stock, valued at approximately $22,876,196.42. This represents a 10.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 165,547 shares of company stock worth $18,261,908 over the last quarter. Company insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

A number of hedge funds and other institutional investors have recently made changes to their positions in PCAR. Norges Bank acquired a new stake in shares of PACCAR in the fourth quarter valued at approximately $526,922,000. Wellington Management Group LLP raised its position in shares of PACCAR by 53.3% in the third quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock valued at $1,325,678,000 after buying an additional 4,669,172 shares in the last quarter. Kovitz Investment Group Partners LLC raised its position in shares of PACCAR by 370.5% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company’s stock valued at $557,453,000 after buying an additional 4,219,964 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of PACCAR by 47.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after buying an additional 3,296,146 shares in the last quarter. Finally, Madison Investment Advisors LLC acquired a new stake in shares of PACCAR in the fourth quarter valued at approximately $254,651,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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.