PACCAR (NASDAQ:PCAR) Hits New 12-Month Low After Earnings Miss

Shares of PACCAR Inc (NASDAQ:PCAR - Get Free Report) reached a new 52-week low on Tuesday following a dissappointing earnings announcement. The company traded as low as $84.65 and last traded at $86.39, with a volume of 836362 shares changing hands. The stock had previously closed at $92.04.

The company reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The firm had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the previous year, the business earned $2.27 earnings per share. The firm's revenue for the quarter was down 16.0% on a year-over-year basis.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 14th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Wednesday, May 14th. PACCAR's dividend payout ratio is presently 16.69%.

Analyst Ratings Changes

Several research analysts have weighed in on PCAR shares. Melius raised PACCAR from a "hold" rating to a "buy" rating in a research report on Tuesday, March 18th. Citigroup reduced their price target on shares of PACCAR from $105.00 to $95.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Morgan Stanley lowered shares of PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 price objective on the stock. in a research report on Wednesday, April 16th. Melius Research set a $120.00 price target on shares of PACCAR in a research note on Tuesday, March 18th. Finally, Bank of America upgraded PACCAR from a "neutral" rating to a "buy" rating and upped their price objective for the company from $116.00 to $121.50 in a research note on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $107.23.

Insider Activity

In related news, CFO Harrie Schippers sold 28,676 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the sale, the chief financial officer now owns 114,659 shares of the company's stock, valued at approximately $12,150,414.23. This represents a 20.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael K. Walton sold 6,000 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the transaction, the vice president now directly owns 951 shares of the company's stock, valued at approximately $100,929.63. The trade was a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.02% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of PACCAR in the 4th quarter worth $526,922,000. Kovitz Investment Group Partners LLC raised its position in PACCAR by 370.5% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock valued at $557,453,000 after purchasing an additional 4,219,964 shares in the last quarter. Wellington Management Group LLP lifted its stake in PACCAR by 25.0% during the fourth quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company's stock worth $1,747,408,000 after purchasing an additional 3,364,650 shares during the last quarter. Madison Investment Advisors LLC purchased a new position in shares of PACCAR in the 4th quarter worth about $254,651,000. Finally, JPMorgan Chase & Co. increased its position in shares of PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company's stock valued at $346,878,000 after purchasing an additional 1,164,692 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

PACCAR Trading Up 0.1 %

The stock has a fifty day moving average of $95.97 and a two-hundred day moving average of $104.82. The company has a market capitalization of $47.19 billion, a PE ratio of 11.37, a PEG ratio of 2.77 and a beta of 0.96. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

About PACCAR

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.