Piper Jaffray Companies Comments on PACCAR Inc’s Q1 2019 Earnings (PCAR)

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PACCAR Inc (NASDAQ:PCAR) – Analysts at Piper Jaffray Companies upped their Q1 2019 earnings estimates for shares of PACCAR in a research note issued on Monday, February 4th. Piper Jaffray Companies analyst A. Potter now forecasts that the company will post earnings of $1.65 per share for the quarter, up from their previous forecast of $1.46. Piper Jaffray Companies currently has a “Buy” rating and a $75.00 price target on the stock. Piper Jaffray Companies also issued estimates for PACCAR’s Q2 2019 earnings at $1.66 EPS, Q3 2019 earnings at $1.64 EPS, Q4 2019 earnings at $1.68 EPS, Q1 2020 earnings at $1.33 EPS, Q2 2020 earnings at $1.47 EPS, Q3 2020 earnings at $1.42 EPS, Q4 2020 earnings at $1.42 EPS, FY2022 earnings at $6.28 EPS and FY2023 earnings at $6.48 EPS.

PCAR has been the topic of several other research reports. Zacks Investment Research lowered shares of PACCAR from a “buy” rating to a “hold” rating in a report on Friday, February 1st. Credit Suisse Group reiterated a “hold” rating and set a $63.00 price target on shares of PACCAR in a report on Tuesday, January 22nd. ValuEngine upgraded PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. JPMorgan Chase & Co. lowered PACCAR from a “neutral” rating to an “underweight” rating and set a $54.00 target price on the stock. in a research report on Thursday, January 10th. Finally, Vertical Research cut PACCAR from a “hold” rating to a “sell” rating in a report on Monday, January 7th. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $68.37.

Shares of PACCAR stock opened at $65.57 on Wednesday. The firm has a market capitalization of $22.98 billion, a PE ratio of 10.51, a P/E/G ratio of 0.94 and a beta of 1.32. The company has a quick ratio of 0.98, a current ratio of 1.19 and a debt-to-equity ratio of 0.72. PACCAR has a 12-month low of $53.43 and a 12-month high of $72.89.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, January 29th. The company reported $1.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.08. The firm had revenue of $5.93 billion during the quarter, compared to analysts’ expectations of $5.71 billion. PACCAR had a net margin of 9.34% and a return on equity of 25.01%. The firm’s revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.18 earnings per share.

Hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its position in PACCAR by 7,876.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,701,443 shares of the company’s stock valued at $135,000 after buying an additional 7,604,885 shares during the last quarter. LSV Asset Management boosted its position in shares of PACCAR by 12.3% during the 4th quarter. LSV Asset Management now owns 691,214 shares of the company’s stock valued at $39,495,000 after purchasing an additional 75,681 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in PACCAR by 31.0% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 8,712 shares of the company’s stock worth $498,000 after buying an additional 2,061 shares during the period. Chicago Equity Partners LLC grew its holdings in shares of PACCAR by 3.2% in the fourth quarter. Chicago Equity Partners LLC now owns 23,870 shares of the company’s stock valued at $1,364,000 after acquiring an additional 730 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its holdings in shares of PACCAR by 11.3% in the fourth quarter. Pinnacle Associates Ltd. now owns 8,124 shares of the company’s stock worth $464,000 after acquiring an additional 824 shares during the period. Institutional investors own 60.65% of the company’s stock.

In related news, VP David J. Danforth sold 1,500 shares of PACCAR stock in a transaction on Friday, February 1st. The shares were sold at an average price of $64.99, for a total value of $97,485.00. Following the completion of the sale, the vice president now owns 6,571 shares in the company, valued at $427,049.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David J. Danforth sold 1,549 shares of the business’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $64.49, for a total transaction of $99,895.01. Following the transaction, the vice president now directly owns 6,571 shares of the company’s stock, valued at approximately $423,763.79. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,656 shares of company stock valued at $233,600. 2.64% of the stock is owned by company insiders.

PACCAR declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 4th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 5th. Shareholders of record on Tuesday, February 12th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.95%. The ex-dividend date is Monday, February 11th. This is a boost from PACCAR’s previous quarterly dividend of $0.28. PACCAR’s payout ratio is 17.95%.

About PACCAR

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

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Earnings History and Estimates for PACCAR (NASDAQ:PCAR)

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