Truist Financial Forecasts Strong Price Appreciation for PACCAR (NASDAQ:PCAR) Stock

PACCAR (NASDAQ:PCAR - Get Free Report) had its price target hoisted by research analysts at Truist Financial from $107.00 to $110.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's price target indicates a potential upside of 2.32% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Citigroup boosted their price target on shares of PACCAR from $120.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, December 9th. Evercore ISI upgraded shares of PACCAR from an "in-line" rating to an "outperform" rating and boosted their target price for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Jefferies Financial Group cut shares of PACCAR from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a report on Friday, December 6th. Morgan Stanley dropped their price target on PACCAR from $135.00 to $126.00 and set an "overweight" rating on the stock in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. cut their price objective on PACCAR from $125.00 to $122.00 and set an "overweight" rating for the company in a research report on Wednesday, October 23rd. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $118.50.

PACCAR Price Performance

Shares of PACCAR stock traded down $0.27 on Thursday, hitting $107.51. The company had a trading volume of 3,183,011 shares, compared to its average volume of 2,579,298. PACCAR has a 52 week low of $90.04 and a 52 week high of $125.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The company has a market cap of $56.37 billion, a PE ratio of 12.01, a PEG ratio of 1.77 and a beta of 0.91. The business has a 50-day simple moving average of $111.47 and a 200-day simple moving average of $104.00.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. During the same period last year, the company posted $2.34 EPS. The firm's quarterly revenue 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 other news, VP Todd R. Hubbard sold 3,230 shares of the firm's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the transaction, the vice president now directly owns 3,061 shares of the company's stock, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 over the last three months. 2.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

A number of institutional investors have recently added to or reduced their stakes in PCAR. Sanctuary Advisors LLC lifted its position in shares of PACCAR by 24.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,016 shares of the company's stock worth $2,962,000 after buying an additional 5,871 shares during the period. Mengis Capital Management Inc. raised its stake in PACCAR by 2.9% during the third quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company's stock worth $18,863,000 after acquiring an additional 5,433 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of PACCAR by 1.8% during the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company's stock valued at $511,254,000 after acquiring an additional 89,245 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of PACCAR by 2.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 278,304 shares of the company's stock valued at $27,463,000 after purchasing an additional 7,189 shares in the last quarter. Finally, Fortem Financial Group LLC bought a new stake in shares of PACCAR in the 3rd quarter worth about $797,000. 64.90% of the stock is owned by institutional investors and hedge funds.

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.