You may have never heard of Paccar, but if you’ve ever seen a large Kenworth or Peterbilt diesel truck driving on the highway, you’re familiar with Paccar products. Paccar is the parent company of some of the world’s largest commercial vehicle manufacturers. Like FedEx, Paccar shares peaked at $123.93 in mid-2024 before sliding in the fall on a somewhat disappointing third-quarter 2024 earnings report.

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However, a closer look at the numbers shows cause for optimism for the future. Although Paccar’s profit fell about 5%, the company’s revenue of $8.2 billion beat analysts’ consensus expectations of $7.65 billion. Earnings per share (EPS) also fell to $1.85 from $2.34, beating consensus expectations of $1.82.

Paccar shares have staged a strong rally from the 2024 low of $90.76 in August to its current price of $117. This puts Paccar shares $6.93 below their annual high. Analysts at RBC Capital, Citigroup and Evercore ISI Group all rate Paccar “Buy Now” and have a combined price target of $122.67. Paccar shareholders will also receive a 1.03% dividend.

The Gates Foundation expects a robust economy in 2025. In this scenario, FedEx’s overnight and LTL shipping will do good business. The same applies to Paccar when a lot of goods are shipped by heavy truck. If the Gates Foundation is right about the economy, buying 1,000,000 shares of FedEx and Paccar will prove to be a very smart deal.

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This article: The Bill Gates Foundation bought 1,000,000 shares each of two stocks in the third quarter of 2024 and they are both in the same sector – why? originally appeared on Benzinga.com