Evercore ISI Upgrades PACCAR (NASDAQ:PCAR) to “Outperform”

PACCAR (NASDAQ:PCAR) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a $129.00 price objective on the stock, up from their prior price objective of $99.00. Evercore ISI’s price objective indicates a potential upside of 12.12% from the stock’s current price.

Several other analysts have also recently issued reports on PCAR. BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $119.00 price objective on shares of PACCAR in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Truist Financial raised their target price on shares of PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Finally, Citigroup boosted their price target on shares of PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $116.55.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $115.06 on Wednesday. The company has a market capitalization of $60.33 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.83 and a beta of 0.89. PACCAR has a 1-year low of $90.04 and a 1-year high of $125.50. The firm’s 50 day simple moving average is $103.20 and its two-hundred day simple moving average is $102.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same quarter in the previous year, the company earned $2.34 EPS. PACCAR’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts expect that PACCAR will post 7.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Harrie Schippers sold 20,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the sale, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. This represents a 15.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction on Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,315 shares of company stock worth $6,358,552. Corporate insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its holdings in PACCAR by 47.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after purchasing an additional 3,296,146 shares during the last quarter. Capital International Investors boosted its position in shares of PACCAR by 44.8% during the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock valued at $490,967,000 after buying an additional 1,225,468 shares during the period. Renaissance Technologies LLC bought a new position in shares of PACCAR during the second quarter valued at approximately $88,437,000. Erste Asset Management GmbH bought a new stake in shares of PACCAR during the 3rd quarter worth approximately $63,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of PACCAR by 115.7% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company’s stock worth $106,047,000 after acquiring an additional 576,532 shares during the last quarter. 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.