PACCAR Inc (PCAR) is Downgraded by Longbow to Underperform, Price Target at $44

PACCAR Inc (PCAR) was Downgraded by Longbow to ” Underperform” and the brokerage firm has set the Price Target at $44. Earlier the firm had a rating of “Neutral ” on the company shares. Longbow advised their investors in a research report released on Jul 19, 2016.

Many Wall Street Analysts have commented on PACCAR Inc. PACCAR Inc was Downgraded by JP Morgan to ” Underweight” on Jun 27, 2016. 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.

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 opened for trading at $53.77 and hit $54.73 on the upside on Monday, eventually ending the session at $54.54, with a gain of 1.36% or 0.73 points. The heightened volatility saw the trading volume jump to 24,22,202 shares. Company has a market cap of $19,114 M.

Investors should note that on Jul 11, 2016, PACCAR Inc announced a cash dividend of $0.2400. The company’s management has announced Aug 10, 2016 as the ex-dividend date and fixed the record date on Aug 12, 2016. The payable date has been fixed on Sep 2, 2016.

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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