Cowen & Co. analyst Matt Elkott upgraded Paccar (PCAR) to Hold today and set a price target of $83.00. The company’s shares closed last Tuesday at $85.45, close to its 52-week high of $87.24.
According to TipRanks.com, Elkott is a 3-star analyst with an average return of 4.7% and a 46.2% success rate. Elkott covers the Industrial Goods sector, focusing on stocks such as Westinghouse Air Brake Technologies, Freightcar America, and Trinity Industries.
Paccar has an analyst consensus of Moderate Buy, with a price target consensus of $87.58, which is a 1.9% upside from current levels. In a report issued on July 23, Credit Suisse also assigned a Hold rating to the stock with a $87.00 price target.
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Based on Paccar’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.06 billion and net profit of $148 million. In comparison, last year the company earned revenue of $6.63 billion and had a net profit of $620 million.
Based on the recent corporate insider activity of 139 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PCAR in relation to earlier this year. Earlier this month, Harrie Schippers, the PRESIDENT & CFO of PCAR sold 4,000 shares for a total of $344,160.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
PACCAR, Inc. is a global technology company, which engages in the design and manufacture of light, medium, and heavy-duty trucks. It operates through the following segments: Truck, Parts and Financial Services. The Truck segment designs and manufactures heavy, medium, and light duty diesel trucks which are marketed under the Kenworth, Peterbilt, and DAF brands. The Parts segment distributes aftermarket parts for trucks and related commercial vehicles. The Financial Services segment provides finance and leasing products; and services provided to truck customers and dealers. The company was founded by William Pigott Sr. in 1905 and is headquartered in Bellevue, WA.
