JPMorgan Chase & Co. Cuts PACCAR (NASDAQ:PCAR) Price Target to $121.00

PACCAR (NASDAQ:PCAR - Get Free Report) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $132.00 to $121.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 24.60% from the company's current price.

Several other analysts have also recently issued reports on the company. Evercore ISI cut their target price on PACCAR from $129.00 to $127.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 19th. Jefferies Financial Group cut PACCAR from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research note on Friday, December 6th. Truist Financial lifted their price objective on PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. Bank of America upgraded PACCAR from a "neutral" rating to a "buy" rating and raised their target price for the company from $116.00 to $121.50 in a research note on Tuesday, January 14th. Finally, Melius upgraded shares of PACCAR from a "hold" rating to a "buy" rating in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, PACCAR presently has an average rating of "Moderate Buy" and a consensus target price of $118.23.

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PACCAR Trading Down 1.2 %

Shares of NASDAQ PCAR traded down $1.21 during midday trading on Tuesday, reaching $97.11. The company had a trading volume of 8,554,751 shares, compared to its average volume of 2,530,202. The stock has a market cap of $50.96 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91. PACCAR has a one year low of $90.04 and a one year high of $125.50. The firm's fifty day moving average price is $106.29 and its 200-day moving average price is $106.40. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 earnings per share 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%. On average, equities research analysts anticipate that PACCAR will post 7.57 earnings per share for the current year.

Insider Transactions at PACCAR

In related news, VP Michael K. Walton sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the transaction, the vice president now owns 951 shares of the company's stock, valued at approximately $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Todd R. Hubbard sold 2,000 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $112.05, for a total transaction of $224,100.00. Following the sale, the vice president now owns 5,463 shares of the company's stock, valued at $612,129.15. This trade represents a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 165,547 shares of company stock worth $18,261,908 in the last ninety days. Insiders own 2.02% of the company's stock.

Hedge Funds Weigh In On PACCAR

A number of institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. increased its position in PACCAR by 221.8% in the fourth quarter. Meeder Asset Management Inc. now owns 280 shares of the company's stock worth $29,000 after buying an additional 193 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of PACCAR during the 4th quarter valued at approximately $37,000. Sunbelt Securities Inc. increased its holdings in PACCAR by 8,750.0% in the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after acquiring an additional 350 shares in the last quarter. Kestra Investment Management LLC bought a new stake in PACCAR during the 4th quarter worth approximately $37,000. Finally, Atala Financial Inc purchased a new position in PACCAR during the fourth quarter valued at approximately $43,000. 64.90% of the stock is owned by institutional investors.

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.