Drew Industries Inc. (DW) Shares Gap Down to $86.20
Shares of Drew Industries Inc. (NYSE:DW) gapped down prior to trading on Friday . The stock had previously closed at $85.74, but opened at $86.20. Drew Industries shares last traded at $88.61, with a volume of 119,297 shares trading hands.
Separately, Citigroup Inc. lifted their price target on Drew Industries from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, May 20th.
The stock’s 50-day moving average price is $80.27 and its 200-day moving average price is $66.06. The company has a market capitalization of $2.17 billion and a price-to-earnings ratio of 24.25.
Drew Industries (NYSE:DW) last posted its quarterly earnings results on Monday, May 9th. The company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.42. During the same quarter in the previous year, the company earned $0.82 earnings per share. The business had revenue of $422.80 million for the quarter, compared to analysts’ expectations of $408.18 million. The business’s quarterly revenue was up 17.0% on a year-over-year basis. Analysts expect that Drew Industries Inc. will post $4.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 17th. Stockholders of record on Monday, June 6th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.35%.
In other news, CEO Jason Lippert sold 10,000 shares of the stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $74.13, for a total transaction of $741,300.00. Following the completion of the sale, the chief executive officer now directly owns 155,485 shares in the company, valued at $11,526,103.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Scott T. Mereness sold 3,000 shares of the stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $84.00, for a total transaction of $252,000.00. Following the sale, the president now owns 144,204 shares of the company’s stock, valued at $12,113,136. The disclosure for this sale can be found here.
Several hedge funds have recently bought and sold shares of the company. Morgan Stanley raised its stake in Drew Industries by 283.5% in the fourth quarter. Morgan Stanley now owns 21,724 shares of the company’s stock worth $1,323,000 after buying an additional 16,059 shares in the last quarter. Rhumbline Advisers increased its position in Drew Industries by 7.1% in the fourth quarter. Rhumbline Advisers now owns 33,827 shares of the company’s stock worth $2,060,000 after buying an additional 2,250 shares during the last quarter. California State Teachers Retirement System increased its position in Drew Industries by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 44,672 shares of the company’s stock worth $2,720,000 after buying an additional 700 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Drew Industries by 0.6% in the fourth quarter. Mutual of America Capital Management LLC now owns 52,440 shares of the company’s stock worth $3,193,000 after buying an additional 313 shares during the last quarter. Finally, Aberdeen Asset Management PLC UK increased its position in Drew Industries by 19.1% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 114,270 shares of the company’s stock worth $6,835,000 after buying an additional 18,300 shares during the last quarter.
Drew Industries Incorporated, through its subsidiaries, supplies an array of components in the United States and abroad for the manufacturers of recreational vehicles (RVs) and manufactured homes. The Company also supplies components for adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; modular housing, and mobile office units.
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