Bank of America Corp DE Buys New Stake in Werner Enterprises, Inc. $WERN

Key Points

• Bank of America acquired 597,162 shares of Werner Enterprises during the second quarter, worth approximately $26 million and representing a 1% stake. Institutional investors and hedge funds collectively own 89.32% of the company.
• Werner Enterprises reported quarterly revenue of $813.36 million and EPS of $0.22, missing analyst estimates of $931.12 million and $0.24, respectively, despite revenue rising 24% year over year.
• The company declared a quarterly dividend of $0.14 per share, equivalent to an annualized $0.56 payout and a 1.6% yield. Analysts’ consensus rating is “Hold,” with an average price target of $41.54.

Bank of America Corp DE bought a new stake in Werner Enterprises, Inc. (NASDAQ:WERN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 597,162 shares of the transportation company's stock, valued at approximately $26,042,000. Bank of America Corp DE owned 1.00% of Werner Enterprises as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Werner Enterprises by 21.5% during the second quarter. GAMMA Investing LLC now owns 3,812 shares of the transportation company's stock worth $166,000 after purchasing an additional 675 shares during the last quarter. ProShare Advisors LLC increased its stake in Werner Enterprises by 6.2% in the fourth quarter. ProShare Advisors LLC now owns 11,642 shares of the transportation company's stock valued at $349,000 after purchasing an additional 683 shares during the last quarter. Allworth Financial LP acquired a new stake in Werner Enterprises during the second quarter worth approximately $38,000. PNC Financial Services Group Inc. lifted its position in shares of Werner Enterprises by 40.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,266 shares of the transportation company's stock worth $96,000 after buying an additional 942 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Werner Enterprises in the 2nd quarter valued at $45,000. 89.32% of the stock is currently owned by institutional investors and hedge funds.

Werner Enterprises Stock Performance

Shares of WERN stock opened at $34.41 on Thursday. The stock has a market capitalization of $2.06 billion, a PE ratio of -45.28 and a beta of 1.27. Werner Enterprises, Inc. has a 52-week low of $23.06 and a 52-week high of $47.49. The stock's 50-day moving average price is $38.84 and its 200 day moving average price is $37.42. The company has a quick ratio of 1.42, a current ratio of 1.45 and a debt-to-equity ratio of 0.60.

Werner Enterprises (NASDAQ:WERN - Get Free Report) last released its earnings results on Tuesday, July 28th. The transportation company reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.02). Werner Enterprises had a negative net margin of 1.42% and a positive return on equity of 1.18%. The company had revenue of $813.36 million during the quarter, compared to analyst estimates of $931.12 million. During the same period in the previous year, the firm posted $0.11 EPS. The company's revenue for the quarter was up 24.0% on a year-over-year basis. As a group, equities research analysts forecast that Werner Enterprises, Inc. will post 1.11 EPS for the current year.

Werner Enterprises Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Monday, October 5th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, October 5th. This represents a $0.56 dividend on an annualized basis and a yield of 1.6%. Werner Enterprises's dividend payout ratio is presently -73.68%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on WERN shares. Evercore upgraded shares of Werner Enterprises from an "underperform" rating to an "in-line" rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their price objective on shares of Werner Enterprises from $37.00 to $39.00 and gave the company an "underweight" rating in a research note on Wednesday, July 29th. Susquehanna upgraded Werner Enterprises from a "neutral" rating to a "positive" rating and cut their target price for the stock from $48.00 to $44.00 in a research report on Thursday, July 30th. Zacks Research downgraded Werner Enterprises from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Stifel Nicolaus upped their target price on Werner Enterprises from $36.00 to $40.00 and gave the company a "hold" rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $41.54.

Werner Enterprises Profile

Werner Enterprises, Inc is a transportation and logistics company headquartered in Omaha, Nebraska. Founded in 1956 by Clarence L. Werner, the company provides freight transportation and supply chain services to customers across the United States, as well as in Mexico and Canada.

The company's operations include truckload transportation, dedicated transportation, and logistics services. Its truckload business transports consumer and industrial goods using a network of company trucks and independent carriers, while its dedicated operations provide customized fleets and drivers for customers with recurring freight needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.