Today: Zacks Investment Research Upgrades Paccar Inc. (PCAR) to “Hold”

Today: Zacks Investment Research Upgrades Paccar Inc. (PCAR) to “Hold”

Paccar Inc. (NASDAQ:PCAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.

According to Zacks, “Earnings estimates for PACCAR have remained stable of late. PACCAR holds a strong market share in the U.S. and Canada. Moreover, the company is well positioned in the key non-U.S. markets, backed by its strategic investments. Further, PACCAR follows an active capital deployment policy to boost earnings. The company raised its outlook for industry sales in Europe and modified the same for the U.S. and Canada. However, PACCAR is likely to be affected by the expected decline in Class 8 industry retail sales in the U.S. and Canada this year. It is also facing competition in the commercial trucks market.”

Other analysts have also recently issued reports about the stock. Longbow Research cut shares of Paccar from a “neutral” rating to an “underperform” rating and set a $44.00 target price on the stock. in a research report on Tuesday, July 19th. BMO Capital Markets restated a “hold” rating and set a $57.00 target price on shares of Paccar in a research report on Friday, July 29th. Deutsche Bank AG initiated coverage on shares of Paccar in a research report on Tuesday, September 6th. They set a “hold” rating and a $63.00 target price on the stock. Robert W. Baird restated a “buy” rating on shares of Paccar in a research report on Tuesday, June 28th. Finally, Credit Agricole SA initiated coverage on shares of Paccar in a research report on Friday, September 30th. They set an “outperform” rating and a $65.00 target price on the stock. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. Paccar currently has a consensus rating of “Hold” and an average price target of $56.33.

Shares of Paccar (NASDAQ:PCAR) opened at 56.82 on Thursday. The stock has a market capitalization of $19.92 billion, a price-to-earnings ratio of 30.16 and a beta of 1.51. Paccar has a one year low of $43.46 and a one year high of $60.86. The firm has a 50-day moving average of $58.09 and a 200 day moving average of $56.25.

Paccar (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.02 by $0.04. The business had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.17 billion. Paccar had a net margin of 3.71% and a return on equity of 21.92%. The business’s quarterly revenue was down 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.26 EPS. On average, equities research analysts predict that Paccar will post $3.98 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.69%. Paccar’s dividend payout ratio is presently 51.34%.

Several institutional investors have recently added to or reduced their stakes in PCAR. Madrona Financial Services LLC increased its position in Paccar by 0.4% in the second quarter. Madrona Financial Services LLC now owns 5,444 shares of the company’s stock worth $282,000 after buying an additional 23 shares in the last quarter. Advisor Partners LLC increased its position in Paccar by 0.7% in the second quarter. Advisor Partners LLC now owns 5,557 shares of the company’s stock worth $288,000 after buying an additional 41 shares in the last quarter. Coldstream Capital Management Inc. increased its position in Paccar by 0.3% in the second quarter. Coldstream Capital Management Inc. now owns 16,382 shares of the company’s stock worth $850,000 after buying an additional 42 shares in the last quarter. Burney Co. increased its position in Paccar by 1.6% in the second quarter. Burney Co. now owns 6,234 shares of the company’s stock worth $323,000 after buying an additional 100 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its position in Paccar by 1.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 8,925 shares of the company’s stock worth $417,000 after buying an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 62.23% of the company’s stock.

Paccar Company Profile

PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.

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