PACCAR (NASDAQ:PCAR) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• PACCAR reported Q earnings of $1.15 EPS, beating the $1.13 consensus by $0.02, but revenue missed at $6.23 billion vs. $6.37 billion expected and was down 9.8% year‑over‑year.
• Shares traded down to $123.07 after the print; the company has a market cap of $64.77 billion, a P/E of 27.3, and an average analyst rating of "Hold" with a consensus price target of $117.42.
• Insiders sold heavily this quarter: executives disposed of a total 133,105 shares worth about $16.87 million (including EVP C. Michael Dozier and CEO R. Preston Feight), reducing insider ownership to 1.99%.

PACCAR (NASDAQ:PCAR - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02, FiscalAI reports. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The business had revenue of $6.23 billion during the quarter, compared to analysts' expectations of $6.37 billion. During the same quarter in the previous year, the firm earned $1.46 EPS. The firm's revenue was down 9.8% compared to the same quarter last year.

PACCAR Stock Performance

NASDAQ:PCAR traded down $4.13 during mid-day trading on Tuesday, hitting $123.07. The stock 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 stock has a market cap of $64.77 billion, a price-to-earnings ratio of 27.30, a PEG ratio of 1.06 and a beta of 1.06. The company's 50 day simple moving average is $121.32 and its 200 day simple moving average is $113.97. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98.

Analyst Ratings Changes

Several research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on PACCAR from $133.00 to $142.00 and gave the stock an "overweight" rating in a report on Wednesday, January 14th. Citigroup increased their price target on PACCAR from $125.00 to $130.00 and gave the company a "neutral" rating in a research note on Monday, April 13th. Wells Fargo & Company set a $119.00 price target on PACCAR and gave the company an "equal weight" rating in a research note on Friday, January 23rd. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Truist Financial increased their price target on PACCAR from $108.00 to $120.00 and gave the company a "hold" rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $117.42.

Insiders Place Their Bets

In other PACCAR news, EVP C Michael Dozier sold 79,076 shares of PACCAR stock in a transaction dated Tuesday, February 3rd. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO R Preston Feight sold 9,258 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $129.70, for a total transaction of $1,200,762.60. Following the completion of the transaction, the chief executive officer directly owned 258,566 shares of the company's stock, valued at $33,536,010.20. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 133,105 shares of company stock valued at $16,869,046 in the last quarter. Company insiders own 1.99% of the company's stock.

Institutional Trading of PACCAR

Institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Watch Advisors INC acquired a new stake in PACCAR in the 3rd quarter worth about $32,000. Atlas Capital Advisors Inc. acquired a new position in PACCAR during the fourth quarter valued at $65,000. DV Equities LLC acquired a new position in PACCAR in the 4th quarter worth about $80,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in PACCAR in the 2nd quarter worth about $81,000. Finally, Zions Bancorporation National Association UT increased its position in 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 hedge funds and other institutional investors.

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.

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