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 note issued to investors on Thursday.
According to Zacks, “PACCAR’s second-quarter 2016 earnings and revenues declined year over year but surpassed the respective Zacks Consensus Estimate. The company also raised its outlook for industry sales in Europe and modified the same for the U.S. and Canada. 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. Also, the company follows an active capital deployment policy to boost earnings. 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.”
PCAR has been the subject of several other research reports. Goldman Sachs Group Inc. lowered shares of Paccar from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $63.00 in a report on Thursday, June 2nd. Bank of America Corp. upgraded shares of Paccar from a “neutral” rating to a “buy” rating and boosted their price target for the company from $55.00 to $70.00 in a report on Monday, May 9th. Credit Suisse Group AG restated a “hold” rating on shares of Paccar in a report on Wednesday, May 4th. JPMorgan Chase & Co. lowered shares of Paccar from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $58.00 to $47.00 in a report on Monday, June 27th. Finally, Barclays PLC set a $47.00 price objective on shares of Paccar and gave the stock a “sell” rating in a research report on Wednesday, July 27th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the stock. Paccar has an average rating of “Hold” and a consensus target price of $55.93.
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Shares of Paccar (NASDAQ:PCAR) traded down 0.63% on Thursday, reaching $56.57. 3,212,529 shares of the company were exchanged. The stock has a market capitalization of $19.83 billion, a price-to-earnings ratio of 30.03 and a beta of 1.49. The firm’s 50 day moving average price is $58.61 and its 200 day moving average price is $55.56. Paccar has a 52 week low of $43.46 and a 52 week high of $60.86.
Paccar (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.02 by $0.04. Paccar had a net margin of 3.71% and a return on equity of 21.92%. The business earned $4.12 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the business posted $1.26 EPS. The company’s quarterly revenue was down 14.0% compared to the same quarter last year. Equities research analysts anticipate that Paccar will post $3.97 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Wednesday, November 16th. Paccar’s dividend payout ratio is currently 51.34%.
Several institutional investors have recently bought and sold shares of PCAR. State Street Corp boosted its position in Paccar by 2.3% in the first quarter. State Street Corp now owns 14,693,701 shares of the company’s stock valued at $803,596,000 after buying an additional 335,531 shares in the last quarter. Capital World Investors boosted its position in Paccar by 3.9% in the second quarter. Capital World Investors now owns 12,005,500 shares of the company’s stock valued at $622,725,000 after buying an additional 453,000 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Paccar by 3.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,520,368 shares of the company’s stock valued at $597,561,000 after buying an additional 377,073 shares in the last quarter. BlackRock Fund Advisors boosted its position in Paccar by 4.4% in the second quarter. BlackRock Fund Advisors now owns 9,130,432 shares of the company’s stock valued at $473,596,000 after buying an additional 381,482 shares in the last quarter. Finally, BlackRock Group LTD boosted its position in Paccar by 6.9% in the second quarter. BlackRock Group LTD now owns 4,030,270 shares of the company’s stock valued at $209,049,000 after buying an additional 260,247 shares in the last quarter. Hedge funds and other institutional investors own 62.12% of the company’s stock.
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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