Forum Financial Management LP Cuts Stock Holdings in PACCAR Inc. $PCAR

Forum Financial Management LP lowered its holdings in PACCAR Inc. (NASDAQ:PCAR) by 70.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,158 shares of the company’s stock after selling 10,073 shares during the quarter. Forum Financial Management LP’s holdings in PACCAR were worth $480,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Ares Financial Consulting LLC purchased a new stake in PACCAR during the fourth quarter worth $27,000. Steph & Co. purchased a new position in shares of PACCAR in the 1st quarter valued at $29,000. MCF Advisors LLC increased its holdings in shares of PACCAR by 57.5% in the 4th quarter. MCF Advisors LLC now owns 252 shares of the company’s stock valued at $28,000 after acquiring an additional 92 shares during the period. Elyxium Wealth LLC purchased a new position in shares of PACCAR in the 4th quarter valued at $30,000. Finally, Camelot Portfolios LLC bought a new position in shares of PACCAR in the 4th quarter worth $33,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Price Performance

Shares of PCAR opened at $120.12 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The company’s fifty day moving average price is $116.74 and its 200-day moving average price is $118.60. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $131.88. The firm has a market capitalization of $63.22 billion, a PE ratio of 25.56, a price-to-earnings-growth ratio of 1.11 and a beta of 0.98.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the business posted $1.46 EPS. On average, equities research analysts predict that PACCAR Inc. will post 5.59 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. This is a positive change from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR’s dividend payout ratio is presently 29.79%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PCAR. Evercore set a $139.00 price objective on PACCAR in a research note on Monday, May 11th. BNP Paribas Exane began coverage on shares of PACCAR in a report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 target price for the company. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Citigroup restated a “neutral” rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Finally, Truist Financial lifted their price objective on shares of PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $122.00.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.