Salem Capital Management Inc Lowers stake in PACCAR Inc (PCAR)

PACCAR Inc (PCAR) : Salem Capital Management Inc reduced its stake in PACCAR Inc by 1.45% during the most recent quarter end. The investment management company now holds a total of 88,123 shares of PACCAR Inc which is valued at $5,156,077 after selling 1,300 shares in PACCAR Inc , the firm said in a disclosure report filed with the SEC on Oct 11, 2016.PACCAR Inc makes up approximately 2.85% of Salem Capital Management Inc’s portfolio.

Other Hedge Funds, Including , Exxonmobil Investment Management Inc Tx reduced its stake in PCAR by selling 1,215 shares or 1.34% in the most recent quarter. The Hedge Fund company now holds 89,502 shares of PCAR which is valued at $5,283,303. PACCAR Inc makes up approx 0.11% of Exxonmobil Investment Management Inc Tx’s portfolio.Advisory Services Network reduced its stake in PCAR by selling 27 shares or 27.0% in the most recent quarter. The Hedge Fund company now holds 73 shares of PCAR which is valued at $4,309.Bnp Paribas Arbitrage Sa boosted its stake in PCAR in the latest quarter, The investment management firm added 117,490 additional shares and now holds a total of 160,957 shares of PACCAR Inc which is valued at $9,628,448. PACCAR Inc makes up approx 0.04% of Bnp Paribas Arbitrage Sa’s portfolio.Washington Trust Bank reduced its stake in PCAR by selling 771 shares or 0.04% in the most recent quarter. The Hedge Fund company now holds 1,808,804 shares of PCAR which is valued at $108,202,655. PACCAR Inc makes up approx 25.97% of Washington Trust Bank’s portfolio.

PACCAR Inc closed down -1.08 points or -1.85% at $57.43 with 21,83,573 shares getting traded on Tuesday. Post opening the session at $58.44, the shares hit an intraday low of $57.165 and an intraday high of $58.6089 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, PACCAR Inc reported $1.06 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $1.02. The company had revenue of $4115.80 million for the quarter, compared to analysts expectations of $4119.27 million. The company’s revenue was down -14.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.26 EPS.

Investors should note that on Sep 13, 2016, PACCAR Inc announced a cash dividend of $0.2400. The company’s management has announced Nov 16, 2016 as the ex-dividend date and fixed the record date on Nov 18, 2016. The payable date has been fixed on Dec 2, 2016.

Many Wall Street Analysts have commented on PACCAR Inc. PACCAR Inc was Initiated by CLSA to “Outperform” on Sep 30, 2016. Deutsche Bank Initiated PACCAR Inc on Sep 7, 2016 to “Hold”, Price Target of the shares are set at $63.Longbow Downgraded PACCAR Inc on Jul 19, 2016 to ” Underperform”, Price Target of the shares are set at $44.

PACCAR Inc is a company operating in three principal industry segments: the Truck segment includes the design manufacture and distribution of light- medium- and heavy-duty commercial trucks; the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles and the Financial Services segment includes finance and leasing products and services provided to customers and dealers in the United States Canada Mexico Europe and Australia. The Company also operates in Australia and Brazil and sells trucks and parts to customers in Asia Africa Middle East and South America. The Company’s trucks are marketed under the Kenworth Peterbilt and DAF nameplates. It also manufactures industrial winches in two plants in the United States.

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