Baillie Gifford & Co. Takes Position in WillScot Holdings Corporation (NASDAQ:WSC)

Key Points

• Baillie Gifford & Co. has acquired 5,229,918 shares of WillScot Holdings Corporation (NASDAQ: WSC), valued at approximately $145.4 million, increasing their ownership to 2.85% as per their latest SEC filing.
• WillScot reported a quarterly earnings miss with $0.24 EPS, below the consensus estimate of $0.28, and revenue of $559.55 million, marking a 4.7% decline year-over-year.
• The company recently announced a quarterly dividend of $0.07 per share, resulting in an annual yield of 0.88%, despite a significantly high payout ratio of 311.11%.

Baillie Gifford & Co. purchased a new stake in WillScot Holdings Corporation (NASDAQ:WSC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,229,918 shares of the company's stock, valued at approximately $145,392,000. Baillie Gifford & Co. owned approximately 2.85% of WillScot at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Fifth Third Bancorp increased its position in shares of WillScot by 28.0% in the first quarter. Fifth Third Bancorp now owns 2,358 shares of the company's stock worth $66,000 after acquiring an additional 516 shares in the last quarter. Xponance Inc. increased its position in shares of WillScot by 4.2% in the first quarter. Xponance Inc. now owns 14,101 shares of the company's stock worth $392,000 after acquiring an additional 568 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in WillScot by 8.4% during the 1st quarter. Avantax Advisory Services Inc. now owns 7,533 shares of the company's stock valued at $209,000 after purchasing an additional 583 shares in the last quarter. GAMMA Investing LLC increased its stake in WillScot by 273.2% during the 1st quarter. GAMMA Investing LLC now owns 933 shares of the company's stock worth $26,000 after buying an additional 683 shares during the period. Finally, CWM LLC boosted its position in WillScot by 89.9% in the 1st quarter. CWM LLC now owns 1,747 shares of the company's stock valued at $49,000 after buying an additional 827 shares during the last quarter. Hedge funds and other institutional investors own 95.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on WSC shares. Morgan Stanley boosted their price target on WillScot from $38.00 to $39.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. William Blair reiterated a "market perform" rating on shares of WillScot in a research note on Thursday, May 29th. Finally, Barclays reduced their price objective on shares of WillScot from $40.00 to $34.00 and set an "equal weight" rating on the stock in a research note on Friday, April 4th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.63.

WillScot Price Performance

WillScot stock traded down $0.48 during trading hours on Wednesday, hitting $30.70. 673,480 shares of the company traded hands, compared to its average volume of 2,616,498. The firm has a market cap of $5.60 billion, a P/E ratio of 341.76, a P/E/G ratio of 1.74 and a beta of 1.24. The company has a quick ratio of 0.76, a current ratio of 0.83 and a debt-to-equity ratio of 3.56. The firm's 50-day simple moving average is $28.43 and its two-hundred day simple moving average is $29.97. WillScot Holdings Corporation has a 1-year low of $21.91 and a 1-year high of $42.15.

WillScot (NASDAQ:WSC - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.04). The company had revenue of $559.55 million for the quarter, compared to analyst estimates of $555.51 million. WillScot had a net margin of 0.63% and a return on equity of 26.28%. The firm's quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 EPS. As a group, analysts forecast that WillScot Holdings Corporation will post 1.77 earnings per share for the current fiscal year.

WillScot Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a $0.07 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $0.28 annualized dividend and a dividend yield of 0.91%. WillScot's dividend payout ratio is currently 311.11%.

Insider Activity

In other news, Director Dominick P. Zarcone bought 10,000 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was bought at an average cost of $26.19 per share, for a total transaction of $261,900.00. Following the completion of the acquisition, the director directly owned 15,384 shares in the company, valued at $402,906.96. This represents a 185.74% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Bradley Lee Soultz purchased 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were bought at an average price of $26.79 per share, with a total value of $267,900.00. Following the completion of the acquisition, the chief executive officer owned 128,817 shares of the company's stock, valued at $3,451,007.43. This trade represents a 8.42% increase in their position. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company's stock.

About WillScot

WillScot Holdings Corporation provides workspace and portable storage solutions in the United States, Canada, and Mexico. It operates in two segments, Modular Solutions and Storage Solutions. Its modular solutions include panelized and stackable offices, single-wide modular space units, section modulars and redi-plex, classrooms, ground level offices, blast-resistant modules, clearspan structures, and other modular space; and portable storage solutions, such as portable and cold storage containers, as well as trailers.