PACCAR Inc. (PCAR) Announces Earnings Results
PACCAR Inc. (NASDAQ:PCAR) issued its quarterly earnings results on Tuesday. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07, RTT News reports. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the firm earned $1.06 EPS. The business’s revenue was up 6.9% on a year-over-year basis.
PACCAR (PCAR) remained flat at $68.56 during midday trading on Thursday. 202,575 shares of the stock were exchanged. The firm has a market cap of $24.08 billion, a P/E ratio of 16.95 and a beta of 1.14. PACCAR has a 52 week low of $53.38 and a 52 week high of $70.12. The stock’s 50-day moving average is $66.12 and its 200-day moving average is $66.45.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Wednesday, August 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.46%. The ex-dividend date is Monday, August 14th. PACCAR’s dividend payout ratio is currently 26.74%.
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A number of analysts have weighed in on PCAR shares. BMO Capital Markets reissued a “buy” rating and issued a $85.00 price target on shares of PACCAR in a report on Thursday, April 20th. Piper Jaffray Companies downgraded shares of PACCAR from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $72.00 to $66.00 in a report on Tuesday, April 18th. Credit Suisse Group set a $68.00 price objective on shares of PACCAR and gave the stock a “hold” rating in a report on Wednesday, April 12th. Seaport Global Securities reaffirmed a “buy” rating and set a $80.00 price objective on shares of PACCAR in a report on Thursday, April 6th. Finally, Deutsche Bank AG raised their price objective on shares of PACCAR from $71.00 to $73.00 and gave the stock a “hold” rating in a report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $72.00.
In other news, VP Alma Lily Ley sold 904 shares of the stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $67.39, for a total value of $60,920.56. Following the completion of the transaction, the vice president now owns 1,679 shares of the company’s stock, valued at $113,147.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.64% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Sumitomo Life Insurance Co. boosted its position in PACCAR by 98.5% in the second quarter. Sumitomo Life Insurance Co. now owns 39,990 shares of the company’s stock worth $2,641,000 after buying an additional 19,844 shares during the period. Strs Ohio boosted its position in PACCAR by 6.3% in the second quarter. Strs Ohio now owns 8,955 shares of the company’s stock worth $591,000 after buying an additional 534 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in PACCAR by 76.9% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 50,819 shares of the company’s stock worth $3,356,000 after buying an additional 22,089 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in PACCAR during the second quarter worth approximately $409,000. Finally, Parkwood LLC boosted its position in PACCAR by 480.9% in the second quarter. Parkwood LLC now owns 27,871 shares of the company’s stock worth $1,841,000 after buying an additional 23,073 shares during the period. 61.45% of the stock is owned by hedge funds and other institutional investors.
PACCAR Company Profile
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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