Paccar Inc. [NASDAQ: PCAR] slipped around -1.14 points on Thursday, while shares priced at $114.33 at the close of the session, down -0.99%. The company report on January 23, 2024 at 8:00 AM that PACCAR Achieves Record Annual Revenues and Net Income.
“PACCAR reported record annual revenues and net income in 2023,” said Preston Feight, chief executive officer. “PACCAR’s excellent results reflect record deliveries of premium quality DAF, Peterbilt and Kenworth trucks worldwide, record Truck, Parts and Other gross margins and strong financial services performance. I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers.”.
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PACCAR achieved quarterly revenues of $9.08 billion in the fourth quarter of 2023, compared to the $8.13 billion reported in the same period in 2022. The company earned $1.42 billion ($2.70 per diluted share) in the fourth quarter of 2023, 54% higher than the $921.3 million ($1.76 per diluted share) earned in the fourth quarter of 2022. PACCAR achieved record revenues of $35.13 billion in 2023, compared to revenues of $28.82 billion in 2022. The company earned $4.60 billion ($8.76 per diluted share) in 2023, including a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe, compared to $3.01 billion ($5.75 per diluted share) earned in 2022. Excluding the non-recurring charge, the company earned adjusted net income (non-GAAP)1 of $5.05 billion ($9.61 per diluted share) in 2023.
Compared to the average trading volume of 2.26M shares, PCAR reached a trading volume of 2758854 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Paccar Inc. [PCAR]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PCAR shares is $106.91 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PCAR stock is a recommendation set at 2.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
TD Cowen have made an estimate for Paccar Inc. shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on January 24, 2024. While these analysts kept the previous recommendation, BofA Securities raised their target price from $84 to $97. The new note on the price target was released on January 19, 2024, representing the official price target for Paccar Inc. stock. Previously, the target price had yet another raise to $125, while Morgan Stanley analysts kept a Overweight rating on PCAR stock. On October 25, 2023, analysts increased their price target for PCAR shares from 94 to 115.
The Average True Range (ATR) for Paccar Inc. is set at 1.89, with the Price to Sales ratio for PCAR stock in the period of the last 12 months amounting to 1.70. The Price to Book ratio for the last quarter was 3.77, with the Price to Cash per share for the same quarter was set at 17.19. Price to Free Cash Flow for PCAR in the course of the last twelve months was 20.46 with Quick ratio for the last quarter at 0.89.
How has PCAR stock performed recently?
Paccar Inc. [PCAR] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.10. With this latest performance, PCAR shares gained by 9.69% in over the last four-week period, additionally plugging by 42.82% over the last 6 months – not to mention a rise of 55.94% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PCAR stock in for the last two-week period is set at 72.34, with the RSI for the last a single of trading hit 70.57, and the three-weeks RSI is set at 72.13 for Paccar Inc. [PCAR]. The present Moving Average for the last 50 days of trading for this stock 102.93, while it was recorded at 113.87 for the last single week of trading, and 89.50 for the last 200 days.
Paccar Inc. [PCAR]: Deeper insight into the fundamentals
Paccar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.89 and a Current Ratio set at 1.08.
Earnings analysis for Paccar Inc. [PCAR]
With the latest financial reports released by the company, Paccar Inc. posted 2.25/share EPS, while the average EPS was predicted by analysts to be reported at 1.81/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 24.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PCAR. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Paccar Inc. go to 6.76%.
Insider trade positions for Paccar Inc. [PCAR]
The top three institutional holders of PCAR stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PCAR stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PCAR stock with ownership which is approximately 5.8325%.
