PACCAR (NASDAQ:PCAR) Issues Quarterly Earnings Results

PACCAR (NASDAQ:PCAR) posted its quarterly earnings results on Tuesday. The company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.13 by $0.02, FiscalAI reports. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $6.37 billion. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 EPS.

PACCAR Price Performance

Shares of PCAR traded down $4.13 during mid-day trading on Tuesday, reaching $123.07. The company had a trading volume of 1,160,151 shares, compared to its average volume of 3,083,604. PACCAR has a twelve month low of $84.65 and a twelve month high of $131.88. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.98 and a quick ratio of 2.79. The company’s 50-day moving average is $121.32 and its 200-day moving average is $113.97. The company has a market capitalization of $64.77 billion, a P/E ratio of 27.30, a P/E/G ratio of 1.06 and a beta of 1.06.

Insiders Place Their Bets

In other news, VP Paulo Henrique Bolgar sold 12,183 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $122.43, for a total value of $1,491,564.69. Following the completion of the transaction, the vice president directly owned 6,274 shares of the company’s stock, valued at approximately $768,125.82. This represents a 66.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP C Michael Dozier sold 79,076 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $127.92, for a total value of $10,115,401.92. Following the completion of the transaction, the executive vice president directly owned 34,656 shares of the company’s stock, valued at approximately $4,433,195.52. The trade was a 69.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 133,105 shares of company stock worth $16,869,046 in the last 90 days. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PCAR. Wealth Watch Advisors INC bought a new position in PACCAR in the 3rd quarter valued at $32,000. Atlas Capital Advisors Inc. bought a new position in PACCAR in the 4th quarter valued at $65,000. DV Equities LLC bought a new position in PACCAR in the 4th quarter valued at $80,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of PACCAR in the 2nd quarter worth $81,000. Finally, Zions Bancorporation National Association UT boosted its position in shares of PACCAR by 25.5% in the 4th quarter. Zions Bancorporation National Association UT now owns 1,083 shares of the company’s stock worth $119,000 after purchasing an additional 220 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PCAR has been the subject of several recent research reports. BNP Paribas Exane initiated coverage on PACCAR in a report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price target for the company. Citigroup upped their price target on PACCAR from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, April 13th. JPMorgan Chase & Co. upped their price target on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. Finally, Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $117.42.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.