Bank of America Corp DE Purchases New Holdings in PACCAR Inc. $PCAR

Key Points

• Bank of America acquired 9.4 million PACCAR shares in the second quarter, worth approximately $1.13 billion and representing a 1.79% stake. Institutional investors collectively own 64.9% of the company.
• PACCAR reported quarterly EPS of $1.43, exceeding the $1.36 analyst consensus, while revenue of $7.55 billion also surpassed estimates. The company’s revenue increased 0.5% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $133.91, compared with the stock’s recent opening price of $122.86. PACCAR also declared a quarterly dividend of $0.35, or $1.40 annualized, yielding about 1.1%.

Bank of America Corp DE acquired a new stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,411,391 shares of the company's stock, valued at approximately $1,130,496,000. Bank of America Corp DE owned approximately 1.79% of PACCAR as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Deseret Mutual Benefit Administrators boosted its stake in shares of PACCAR by 9.9% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company's stock valued at $97,000 after buying an additional 80 shares during the last quarter. Gulf International Bank UK Ltd grew its holdings in PACCAR by 0.3% during the 4th quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company's stock worth $2,869,000 after acquiring an additional 81 shares in the last quarter. CYBER HORNET ETFs LLC increased its position in shares of PACCAR by 6.2% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company's stock worth $163,000 after purchasing an additional 87 shares during the last quarter. MCF Advisors LLC increased its position in shares of PACCAR by 57.5% in the 4th quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after purchasing an additional 92 shares during the last quarter. Finally, Bleakley Financial Group LLC raised its stake in shares of PACCAR by 1.0% in the 1st quarter. Bleakley Financial Group LLC now owns 10,835 shares of the company's stock valued at $1,252,000 after purchasing an additional 103 shares in the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Up 0.1%

Shares of PACCAR stock opened at $122.86 on Tuesday. The business's fifty day moving average price is $128.01 and its two-hundred day moving average price is $121.62. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. The company has a market capitalization of $64.67 billion, a P/E ratio of 25.81, a PEG ratio of 1.41 and a beta of 0.96. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $139.24.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the firm posted $1.37 EPS. PACCAR's revenue was up .5% compared to the same quarter last year. As a group, research analysts forecast that PACCAR Inc. will post 5.91 EPS for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th were issued a $0.35 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. PACCAR's dividend payout ratio (DPR) is 29.41%.

Analysts Set New Price Targets

PCAR has been the topic of several research analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Weiss Ratings restated a "hold (c+)" rating on shares of PACCAR in a research note on Tuesday, August 18th. Wells Fargo & Company increased their target price on PACCAR from $125.00 to $157.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Finally, Morgan Stanley set a $125.00 target price on PACCAR and gave the stock an "equal weight" rating in a research report on Friday, September 4th. Three equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $133.91.

Insider Activity at PACCAR

In related news, CEO R Feight sold 50,975 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the sale, the chief executive officer owned 268,625 shares of the company's stock, valued at $35,745,928.75. The trade was a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.90, for a total value of $387,908.30. Following the sale, the vice president directly owned 3,831 shares in the company, valued at approximately $512,970.90. The trade was a 43.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 56,842 shares of company stock worth $7,565,677 over the last ninety days. Insiders own 1.99% of the company's stock.

PACCAR Company Profile

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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