Salem Capital Management Inc. Sells 1,300 Shares of Paccar Inc. (PCAR)
Salem Capital Management Inc. lowered its stake in Paccar Inc. (NASDAQ:PCAR) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 88,123 shares of the company’s stock after selling 1,300 shares during the period. Paccar accounts for approximately 2.8% of Salem Capital Management Inc.’s holdings, making the stock its 15th largest position. Salem Capital Management Inc.’s holdings in Paccar were worth $5,180,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in PCAR. Assetmark Inc. purchased a new stake in shares of Paccar during the second quarter valued at about $128,000. NN Investment Partners Holdings N.V. raised its stake in shares of Paccar by 34.6% in the second quarter. NN Investment Partners Holdings N.V. now owns 2,721 shares of the company’s stock valued at $141,000 after buying an additional 700 shares in the last quarter. Advisor Group Inc. purchased a new stake in shares of Paccar during the second quarter valued at about $222,000. BlueMountain Capital Management LLC raised its stake in shares of Paccar by 796.3% in the first quarter. BlueMountain Capital Management LLC now owns 4,338 shares of the company’s stock valued at $237,000 after buying an additional 3,854 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Paccar during the second quarter valued at about $244,000. Institutional investors and hedge funds own 60.60% of the company’s stock.
Paccar Inc. (NASDAQ:PCAR) traded up 0.60% during midday trading on Monday, reaching $60.14. The company’s stock had a trading volume of 1,241,498 shares. The firm has a market cap of $21.08 billion, a P/E ratio of 36.60 and a beta of 1.30. Paccar Inc. has a 52 week low of $43.46 and a 52 week high of $60.86. The firm has a 50 day moving average price of $57.36 and a 200-day moving average price of $56.48.
Paccar (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.98 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by $0.01. Paccar had a return on equity of 20.96% and a net margin of 3.41%. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the company earned $1.21 earnings per share. The company’s quarterly revenue was down 12.3% on a year-over-year basis. On average, analysts forecast that Paccar Inc. will post $3.90 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, November 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.60%. Paccar’s payout ratio is 58.54%.
Several brokerages recently issued reports on PCAR. Zacks Investment Research upgraded Paccar from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. Barclays PLC raised their target price on Paccar from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Wednesday, October 12th. Jefferies Group raised their target price on Paccar from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, September 1st. started coverage on Paccar in a report on Friday, September 30th. They set an “outperform” rating and a $65.00 target price on the stock. Finally, TheStreet lowered Paccar from a “buy” rating to a “hold” rating in a report on Tuesday, October 25th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the stock. Paccar presently has a consensus rating of “Hold” and a consensus target price of $56.13.
In other Paccar news, insider T. Kyle Quinn sold 3,024 shares of the stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $54.80, for a total value of $165,715.20. Following the transaction, the insider now directly owns 16,672 shares of the company’s stock, valued at approximately $913,625.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark C. Pigott sold 112,266 shares of the stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $55.47, for a total transaction of $6,227,395.02. Following the completion of the transaction, the insider now directly owns 2,998,711 shares in the company, valued at $166,338,499.17. The disclosure for this sale can be found here. 2.62% of the stock is currently owned by insiders.
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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