Paccar Stock Falls After Goldman Sachs Downgrade
Paccar has been downgraded by Goldman Sachs.

That's gotta hurt.

Jerry Revich, an analyst at Goldman Sachs, slashed his rating on Paccar Inc. (PCAR) to neutral on Thursday, May 31. Previously, the trucking company had been rated as a buy. Paccar had fallen 3% when the market  closed on Thursday.

Paccar was trading at $62.49, which is close to its 52-week low of $60.36. 

This is not the first time that Paccar has been downgraded due to the spot load-to-trck ration falling 30% over the past four months. 

Revich was not the only analyst to downgrade Paccar's. On April 25, Bank of America Merrill Lynch cut Paccar to neutral and UBS followed suit on May 2.

Goldman Sachs also downgraded the American machinery sector to neutral. 

More from Markets

Dow Falls on Trade Worries but IBM Rises as Earnings Beat Forecasts

Dow Falls on Trade Worries but IBM Rises as Earnings Beat Forecasts

Jim Cramer on Google Cloud vs. IBM Cloud

Jim Cramer on Google Cloud vs. IBM Cloud

Jim Cramer on What's Next for U.S.-China Trade Relations

Jim Cramer on What's Next for U.S.-China Trade Relations

Jim Cramer: China Trade Tensions Make it Tougher to Pick Stocks

Jim Cramer: China Trade Tensions Make it Tougher to Pick Stocks

Jim Cramer on Larry Kudlow, Tariffs, Nucor, IBM and Domino's Pizza

Jim Cramer on Larry Kudlow, Tariffs, Nucor, IBM and Domino's Pizza