Navistar International Corporation (NAV) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Navistar International Corporation (NYSE:NAV) from a hold rating to a buy rating in a research report sent to investors on Tuesday. They currently have $49.00 price target on the stock.
According to Zacks, “The Zacks Consensus Estimate for Navistar’s quarterly earnings estimate has been going up of late. The company increased its truck segment sales, boosting its revenue. It is also focusing on the launch of new products and making strategic alliances with other companies like Volkswagen, thereby expecting to improve its scale and competitiveness. The company is also positioned to benefit from cost-saving initiatives like engine restructuring and reductions in discretionary spending. Moreover, in the last three months, Navistar has outperformed in the industry it belongs to.”
A number of other analysts also recently issued reports on NAV. Jefferies Group LLC reissued a buy rating and issued a $35.00 target price on shares of Navistar International Corporation in a research report on Friday, June 16th. BidaskClub downgraded Navistar International Corporation from a hold rating to a sell rating in a research report on Friday, June 23rd. Royal Bank Of Canada reissued a hold rating and issued a $31.00 target price on shares of Navistar International Corporation in a research report on Wednesday, July 12th. Piper Jaffray Companies reissued a hold rating and issued a $27.00 target price on shares of Navistar International Corporation in a research report on Thursday, August 3rd. Finally, Robert W. Baird reissued a buy rating on shares of Navistar International Corporation in a research report on Tuesday, September 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. Navistar International Corporation currently has an average rating of Hold and an average price target of $36.08.
Navistar International Corporation (NYSE:NAV) last released its earnings results on Wednesday, September 6th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.09. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the business earned ($0.42) earnings per share. The business’s quarterly revenue was up 6.1% compared to the same quarter last year.
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In related news, major shareholder Truck & Bus Gmbh Volkswagen bought 43,501 shares of the firm’s stock in a transaction on Monday, July 17th. The stock was acquired at an average cost of $29.25 per share, for a total transaction of $1,272,404.25. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stephen R. D’arcy sold 1,000 shares of the business’s stock in a transaction on Friday, October 6th. The shares were sold at an average price of $44.34, for a total transaction of $44,340.00. The disclosure for this sale can be found here. Insiders purchased a total of 499,781 shares of company stock worth $14,693,815 over the last ninety days. 21.80% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in NAV. Karp Capital Management Corp purchased a new stake in Navistar International Corporation during the 1st quarter valued at $570,000. State of Tennessee Treasury Department purchased a new stake in Navistar International Corporation during the 1st quarter valued at $369,000. Victory Capital Management Inc. purchased a new stake in Navistar International Corporation during the 1st quarter valued at $1,610,000. American International Group Inc. raised its stake in Navistar International Corporation by 7.1% during the 1st quarter. American International Group Inc. now owns 30,490 shares of the company’s stock valued at $751,000 after buying an additional 2,015 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Navistar International Corporation by 10.9% during the 1st quarter. Alliancebernstein L.P. now owns 93,350 shares of the company’s stock valued at $2,298,000 after buying an additional 9,200 shares during the last quarter. Institutional investors and hedge funds own 84.04% of the company’s stock.
About Navistar International Corporation
Navistar International Corporation is a holding company whose principal operating entities are Navistar, Inc and Navistar Financial Corporation (NFC). The Company’s segments include Truck, Parts, Global Operations (collectively, Manufacturing operations) and Financial Services, which consists of NFC and its foreign finance operations (collectively, Financial Services operations).
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