Bank of America Corp DE Has $1.30 Billion Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Bank of America Corp DE lowered its position in PACCAR Inc (NASDAQ:PCAR - Free Report) by 9.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,500,382 shares of the company's stock after selling 1,233,058 shares during the quarter. Bank of America Corp DE owned 2.38% of PACCAR worth $1,300,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of PACCAR in the fourth quarter valued at about $526,922,000. Kovitz Investment Group Partners LLC raised its holdings in PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock worth $557,453,000 after purchasing an additional 4,219,964 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of PACCAR by 25.0% in the 4th quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company's stock worth $1,747,408,000 after purchasing an additional 3,364,650 shares during the period. Madison Investment Advisors LLC acquired a new position in PACCAR in the fourth quarter valued at $254,651,000. Finally, JPMorgan Chase & Co. grew its holdings in PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company's stock worth $346,878,000 after acquiring an additional 1,164,692 shares during the period. Institutional investors and hedge funds own 64.90% of the company's stock.

Insider Activity at PACCAR

In other news, VP Michael K. Walton sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the sale, the vice president now owns 951 shares in the company, valued at $100,929.63. This trade represents a 86.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Harrie Schippers sold 28,676 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total value of $3,038,795.72. Following the completion of the transaction, the chief financial officer now owns 114,659 shares in the company, valued at approximately $12,150,414.23. The trade was a 20.01 % decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PCAR has been the subject of a number of research analyst reports. Melius Research set a $120.00 target price on PACCAR in a report on Tuesday, March 18th. Truist Financial cut their target price on shares of PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. UBS Group lowered shares of PACCAR from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $108.00 to $78.00 in a report on Monday, April 7th. Citigroup dropped their price target on PACCAR from $105.00 to $95.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Bank of America raised PACCAR from a "neutral" rating to a "buy" rating and raised their price objective for the company from $116.00 to $121.50 in a research note on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $107.23.

PACCAR Stock Up 0.1 %

PCAR opened at $89.90 on Monday. PACCAR Inc has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. The company's 50-day moving average is $95.97 and its 200 day moving average is $104.79. The firm has a market capitalization of $47.19 billion, a P/E ratio of 11.37, a PEG ratio of 2.77 and a beta of 0.96.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.12). The business had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.13 billion. PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The business's revenue was down 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.27 earnings per share. Research analysts expect that PACCAR Inc will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Wednesday, May 14th. PACCAR's dividend payout ratio (DPR) is currently 20.00%.

PACCAR Company Profile

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

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