Bank of America Corp DE Has $1.26 Billion Stock Holdings in PACCAR Inc. $PCAR

Bank of America Corp DE trimmed its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 9.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,796,417 shares of the company’s stock after selling 1,289,330 shares during the quarter. Bank of America Corp DE owned 2.44% of PACCAR worth $1,258,144,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Private Wealth Management Group LLC lifted its stake in PACCAR by 293.1% in the third quarter. Private Wealth Management Group LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 211 shares in the last quarter. Wealth Watch Advisors INC bought a new stake in shares of PACCAR during the third quarter worth $32,000. AlphaQuest LLC bought a new stake in shares of PACCAR during the third quarter worth $38,000. Westside Investment Management Inc. raised its holdings in shares of PACCAR by 100.0% during the third quarter. Westside Investment Management Inc. now owns 432 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the period. Finally, Rothschild Investment LLC raised its holdings in shares of PACCAR by 121.4% during the third quarter. Rothschild Investment LLC now owns 828 shares of the company’s stock worth $81,000 after acquiring an additional 454 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PACCAR

In other news, EVP Kevin D. Baney sold 9,672 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the completion of the sale, the executive vice president owned 12,592 shares in the company, valued at approximately $1,593,265.76. This trade represents a 43.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO R Preston Feight sold 9,258 shares of PACCAR stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total transaction of $1,200,762.60. Following the sale, the chief executive officer directly owned 258,566 shares of the company’s stock, valued at $33,536,010.20. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 133,105 shares of company stock worth $16,869,046 in the last quarter. 2.02% of the stock is owned by corporate insiders.

PACCAR Stock Down 1.3%

PCAR opened at $115.34 on Monday. The stock’s fifty day simple moving average is $122.79 and its 200 day simple moving average is $109.30. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $131.88. The stock has a market cap of $60.66 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The company has a current ratio of 2.98, a quick ratio of 2.79 and a debt-to-equity ratio of 0.55.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, hitting analysts’ consensus estimates of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the business posted $1.66 earnings per share. The company’s revenue for the quarter was down 15.1% compared to the same quarter last year. As a group, research analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

Analysts Set New Price Targets

PCAR has been the topic of several research reports. Wells Fargo & Company set a $119.00 price objective on shares of PACCAR and gave the company an “equal weight” rating in a research report on Friday, January 23rd. Morgan Stanley set a $109.00 target price on PACCAR and gave the stock an “equal weight” rating in a report on Tuesday, February 3rd. Citigroup boosted their price target on PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, January 29th. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Truist Financial increased their price objective on PACCAR from $108.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, PACCAR currently has a consensus rating of “Hold” and an average target price of $116.50.

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.