PACCAR (NASDAQ:PCAR) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• PACCAR beat quarterly earnings expectations, reporting $1.43 in earnings per share versus the $1.36 analyst consensus. Revenue increased 0.5% year over year, while net margin was 8.91%.
• The company declared a quarterly dividend of $0.35 per share, payable September 2 to shareholders of record August 12, representing a 1.0% yield and a 29.79% payout ratio.
• Analyst sentiment remains cautious: PACCAR has a consensus “Hold” rating and an average price target of $124.50, despite JPMorgan raising its target to $155 and assigning an “overweight” rating.

PACCAR (NASDAQ:PCAR - Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.07, Briefing.com reports. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.PACCAR's revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 EPS.

PACCAR Price Performance

NASDAQ PCAR opened at $133.44 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. The stock has a market cap of $70.23 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 1.21 and a beta of 0.97. The business has a 50 day simple moving average of $119.44 and a 200 day simple moving average of $120.41. PACCAR has a 52-week low of $92.25 and a 52-week high of $134.27.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be given a $0.35 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. PACCAR's payout ratio is currently 29.79%.

Institutional Investors Weigh In On PACCAR

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Watch Advisors INC acquired a new stake in PACCAR in the 3rd quarter valued at $32,000. Atlas Capital Advisors Inc. acquired a new stake in PACCAR during the 4th quarter worth approximately $65,000. DV Equities LLC bought a new stake in shares of PACCAR in the fourth quarter valued at about $80,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $81,000. Finally, Zions Bancorporation National Association UT grew its holdings in shares of PACCAR by 25.5% during 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 in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Truist Financial raised their target price on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Morgan Stanley boosted their target price on shares of PACCAR from $109.00 to $113.00 and gave the stock an "equal weight" rating in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price objective on PACCAR from $140.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Evercore set a $139.00 price target on shares of PACCAR in a research note on Monday, May 11th. Finally, Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the stock an "equal weight" rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, PACCAR currently has a consensus rating of "Hold" and an average target price of $124.50.

PACCAR Company Profile

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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