PACCAR Inc (PCAR) is Downgraded by JP Morgan to Underweight

PACCAR Inc (PCAR) was Downgraded by JP Morgan to ” Underweight”. Earlier the firm had a rating of “Neutral ” on the company shares. JP Morgan advised their investors in a research report released on Jun 27, 2016.

Many Wall Street Analysts have commented on PACCAR Inc. PACCAR Inc was Downgraded by Goldman to ” Neutral” on Jun 3, 2016. PACCAR Inc was Upgraded by BofA/Merrill to ” Buy” on May 9, 2016. Company shares were Upgraded by Robert W. Baird on Apr 27, 2016 to ” Outperform”, Firm has raised the Price Target to $ 66 from a previous price target of $62 .

On the company’s financial health, PACCAR Inc reported $0.99 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.96. The company had revenue of $4010.60 million for the quarter, compared to analysts expectations of $4051.19 million. The company’s revenue was down -11.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.06 EPS.

PACCAR Inc closed down -4.38 points or -7.77% at $51.97 with 96,57,924 shares getting traded on Friday. Post opening the session at $52.94, the shares hit an intraday low of $51.805 and an intraday high of $53.855 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on May 20, 2016, Robert J. Christensen (CFO) purchased 849 shares at $55.51 per share price. According to the SEC, on May 3, 2016, Ronald E Armstrong (Chief Executive Officer) sold 11,783 shares at $58.72 per share price. On May 3, 2016, Harrie Schippers (Vice President) sold 14,405 shares at $58.95 per share price, according to the Form-4 filing with the securities and exchange commission.

PACCAR Inc is a company operating in three principal industry segments: the Truck segment includes the design manufacture and distribution of light- medium- and heavy-duty commercial trucks; the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles and the Financial Services segment includes finance and leasing products and services provided to customers and dealers in the United States Canada Mexico Europe and Australia. The Company also operates in Australia and Brazil and sells trucks and parts to customers in Asia Africa Middle East and South America. The Company’s trucks are marketed under the Kenworth Peterbilt and DAF nameplates. It also manufactures industrial winches in two plants in the United States.


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