Wabash National (WNC) Shares Gap Down After Analyst Downgrade
Wabash National Co. (NYSE:WNC) gapped down before the market opened on Monday after ValuEngine downgraded the stock from a sell rating to a strong sell rating. The stock had previously closed at $14.11, but opened at $13.56. Wabash National shares last traded at $14.68, with a volume of 59306 shares traded.
Other research analysts also recently issued research reports about the company. BMO Capital Markets reiterated a “hold” rating and set a $25.00 price target on shares of Wabash National in a report on Thursday, July 19th. Zacks Investment Research downgraded Wabash National from a “buy” rating to a “hold” rating in a report on Friday, July 20th. Stifel Nicolaus lowered their price target on Wabash National from $24.00 to $22.00 and set a “hold” rating on the stock in a report on Thursday, August 2nd. Piper Jaffray Companies set a $22.00 price target on Wabash National and gave the company a “hold” rating in a report on Wednesday, August 1st. Finally, Mizuho assumed coverage on Wabash National in a report on Thursday, June 28th. They set a “neutral” rating and a $24.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $22.13.
A number of hedge funds and other institutional investors have recently modified their holdings of WNC. BlackRock Inc. grew its stake in Wabash National by 0.9% in the first quarter. BlackRock Inc. now owns 7,564,757 shares of the company’s stock valued at $157,423,000 after purchasing an additional 66,192 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Wabash National in the first quarter valued at about $402,000. GSA Capital Partners LLP purchased a new position in Wabash National in the first quarter valued at about $411,000. Profund Advisors LLC purchased a new position in Wabash National in the first quarter valued at about $229,000. Finally, Barclays PLC grew its stake in Wabash National by 44.2% in the first quarter. Barclays PLC now owns 79,004 shares of the company’s stock valued at $1,645,000 after purchasing an additional 24,207 shares in the last quarter.
Wabash National (NYSE:WNC) last released its quarterly earnings results on Tuesday, July 31st. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.08). The company had revenue of $612.69 million for the quarter, compared to the consensus estimate of $611.30 million. Wabash National had a return on equity of 17.85% and a net margin of 5.86%. As a group, sell-side analysts forecast that Wabash National Co. will post 1.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Thursday, October 4th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, October 3rd. This represents a $0.30 annualized dividend and a dividend yield of 2.05%. Wabash National’s dividend payout ratio (DPR) is presently 21.74%.
About Wabash National (NYSE:WNC)
Wabash National Corporation manufactures and sells semi-trailers, truck bodies, specialized commercial vehicles, and liquid transportation systems. The company's Commercial Trailer Products segment provides dry van trailers; platform trailers; refrigerated trailers; converter dollies, big tire haulers, steel coil haulers, and trailers; aftermarket parts and services; and used trailers.
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