JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PACCAR (NASDAQ:PCAR) Stock

PACCAR (NASDAQ:PCAR) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $133.00 to $142.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 19.04% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Morgan Stanley boosted their price objective on shares of PACCAR from $93.00 to $102.00 and gave the company an “equal weight” rating in a research report on Tuesday. UBS Group set a $103.00 price target on shares of PACCAR and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Wolfe Research raised PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 22nd. Citigroup reissued a “neutral” rating and issued a $120.00 price target (up previously from $113.56) on shares of PACCAR in a research note on Tuesday. Finally, Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, PACCAR currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.33.

PACCAR Stock Down 0.1%

Shares of PACCAR stock traded down $0.14 during midday trading on Wednesday, hitting $119.29. The company’s stock had a trading volume of 1,618,595 shares, compared to its average volume of 3,115,555. PACCAR has a 1-year low of $84.65 and a 1-year high of $120.53. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $62.65 billion, a P/E ratio of 23.36, a PEG ratio of 14.73 and a beta of 1.01. The stock has a 50-day simple moving average of $107.65 and a 200-day simple moving average of $101.55.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The business had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same period in the prior year, the company posted $1.85 earnings per share. The firm’s revenue was down 20.7% on a year-over-year basis. As a group, sell-side analysts expect that PACCAR will post 7.57 earnings per share for the current year.

Insider Activity

In other news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer directly owned 468 shares in the company, valued at approximately $47,338.20. The trade was a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PCAR. Norges Bank acquired a new position in shares of PACCAR in the 2nd quarter valued at $472,520,000. Pacer Advisors Inc. lifted its stake in PACCAR by 2,389.2% during the third quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock worth $197,705,000 after purchasing an additional 1,930,056 shares during the period. American Century Companies Inc. boosted its holdings in PACCAR by 235.9% during the third quarter. American Century Companies Inc. now owns 2,540,688 shares of the company’s stock valued at $249,801,000 after purchasing an additional 1,784,236 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of PACCAR by 25.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after purchasing an additional 1,165,443 shares during the period. Finally, Capital Research Global Investors raised its holdings in shares of PACCAR by 20.3% in the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock worth $587,084,000 after buying an additional 1,009,134 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.