PACCAR (NASDAQ:PCAR) Upgraded at Bank of America

PACCAR (NASDAQ:PCAR - Get Free Report) was upgraded by Bank of America from a "neutral" rating to a "buy" rating in a research note issued on Tuesday, Marketbeat.com reports. The firm presently has a $121.50 target price on the stock, up from their previous target price of $116.00. Bank of America's target price would indicate a potential upside of 10.25% from the company's previous close.

Several other equities analysts have also commented on PCAR. Jefferies Financial Group lowered PACCAR from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a research note on Friday, December 6th. Citigroup upped their price objective on shares of PACCAR from $120.00 to $125.00 and gave the company a "neutral" rating in a research note on Monday, December 9th. BNP Paribas raised shares of PACCAR to a "hold" rating in a research report on Wednesday, October 16th. Truist Financial boosted their price objective on shares of PACCAR from $107.00 to $110.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their price objective on PACCAR from $122.00 to $125.00 and gave the stock an "overweight" rating in a report on Monday. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $119.96.

PACCAR Price Performance

Shares of NASDAQ:PCAR traded up $2.04 on Tuesday, hitting $110.20. The company had a trading volume of 1,834,642 shares, compared to its average volume of 2,229,157. The company has a market cap of $57.78 billion, a PE ratio of 12.31, a PEG ratio of 1.77 and a beta of 0.93. The business has a 50 day moving average of $111.37 and a 200 day moving average of $103.89. PACCAR has a 52-week low of $90.04 and a 52-week high of $125.50. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. During the same quarter in the previous year, the business posted $2.34 earnings per share. The company's revenue was down 5.2% on a year-over-year basis. As a group, equities analysts anticipate that PACCAR will post 7.98 earnings per share for the current fiscal year.

Insider Transactions at PACCAR

In other PACCAR news, SVP Kevin D. Baney sold 9,894 shares of the firm's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $107.00, for a total value of $1,058,658.00. Following the transaction, the senior vice president now owns 7,121 shares of the company's stock, valued at $761,947. This trade represents a 58.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Todd R. Hubbard sold 3,230 shares of the company's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $107.27, for a total value of $346,482.10. Following the transaction, the vice president now directly owns 3,061 shares of the company's stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,315 shares of company stock valued at $6,358,552. Insiders own 2.02% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of PACCAR during the second quarter worth about $26,000. Ashton Thomas Private Wealth LLC bought a new position in PACCAR in the 2nd quarter worth approximately $36,000. Grove Bank & Trust increased its position in PACCAR by 28.4% in the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company's stock valued at $46,000 after acquiring an additional 103 shares during the period. Sander Capital Advisors Inc. bought a new position in shares of PACCAR in the third quarter worth $50,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of PACCAR during the third quarter valued at about $52,000. Institutional investors and hedge funds 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.