FY2024 Earnings Forecast for PACCAR Inc Issued By Zacks Research (NASDAQ:PCAR)

PACCAR Inc (NASDAQ:PCAR - Free Report) - Zacks Research lifted their FY2024 earnings per share (EPS) estimates for shares of PACCAR in a report released on Thursday, March 28th. Zacks Research analyst R. Singhi now anticipates that the company will post earnings of $8.40 per share for the year, up from their prior forecast of $8.27. The consensus estimate for PACCAR's current full-year earnings is $8.13 per share.

A number of other analysts have also issued reports on PCAR. UBS Group raised PACCAR from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $104.00 to $136.00 in a research note on Friday, March 15th. Bank of America raised shares of PACCAR from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $84.00 to $97.00 in a research note on Friday, January 19th. Morgan Stanley began coverage on PACCAR in a research report on Monday, January 8th. They set an "overweight" rating and a $125.00 price objective on the stock. TD Cowen boosted their price objective on PACCAR from $91.00 to $108.00 and gave the stock a "market perform" rating in a research note on Wednesday, January 24th. Finally, Truist Financial started coverage on shares of PACCAR in a report on Thursday, March 14th. They issued a "hold" rating and a $117.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, PACCAR has an average rating of "Moderate Buy" and an average price target of $109.39.

PACCAR Price Performance

Shares of PCAR stock traded down $0.57 during mid-day trading on Friday, hitting $123.89. 2,280,848 shares of the stock were exchanged, compared to its average volume of 2,475,114. The company has a market cap of $64.92 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.94 and a beta of 0.91. PACCAR has a 52-week low of $67.48 and a 52-week high of $125.50. The firm has a fifty day moving average of $110.51 and a 200 day moving average of $97.06. The company has a quick ratio of 2.21, a current ratio of 2.40 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, January 23rd. The company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.25 by $0.45. PACCAR had a return on equity of 33.17% and a net margin of 13.10%. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.48 billion. During the same period in the previous year, the business earned $1.76 EPS. The firm's revenue for the quarter was up 11.1% on a year-over-year basis.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Thursday, February 15th were paid a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.08 dividend on an annualized basis and a yield of 0.87%. PACCAR's dividend payout ratio is currently 12.31%.

Insiders Place Their Bets

In related news, CFO Harrie Schippers sold 32,797 shares of the business's stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.08, for a total value of $3,479,105.76. Following the completion of the sale, the chief financial officer now directly owns 103,547 shares of the company's stock, valued at $10,984,265.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Chairman Mark C. Pigott sold 74,347 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $101.93, for a total transaction of $7,578,189.71. Following the completion of the sale, the chairman now directly owns 4,843,277 shares of the company's stock, valued at $493,675,224.61. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Harrie Schippers sold 32,797 shares of the business's stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.08, for a total transaction of $3,479,105.76. Following the completion of the transaction, the chief financial officer now directly owns 103,547 shares in the company, valued at $10,984,265.76. The disclosure for this sale can be found here. Insiders sold 153,496 shares of company stock worth $15,834,812 in the last 90 days. Corporate insiders own 2.02% of the company's stock.

Institutional Investors Weigh In On PACCAR

A number of institutional investors have recently added to or reduced their stakes in the business. Prudential PLC purchased a new stake in PACCAR during the first quarter worth about $763,000. Vanguard Group Inc. boosted its stake in shares of PACCAR by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company's stock worth $3,213,241,000 after acquiring an additional 698,784 shares in the last quarter. Candriam Luxembourg S.C.A. grew its holdings in shares of PACCAR by 66.0% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 68,657 shares of the company's stock worth $6,046,000 after acquiring an additional 27,300 shares during the period. Covestor Ltd increased its stake in PACCAR by 73.6% in the 1st quarter. Covestor Ltd now owns 2,118 shares of the company's stock valued at $187,000 after purchasing an additional 898 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in PACCAR by 0.7% during the first quarter. Mackenzie Financial Corp now owns 106,723 shares of the company's stock worth $9,399,000 after purchasing an additional 792 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.