Wabash National Corporation (NYSE:WNC) Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp reduced its stake in Wabash National Corporation by 42.3% in the first quarter, selling 136,327 shares and leaving it with 186,159 shares.
• Wabash National reported a loss of $0.15 earnings per share for the past quarter, yet exceeded analysts' expectations of a loss of $0.31, with revenues of $458.82 million.
• The company declared a quarterly dividend of $0.08 per share, with an annualized yield of 3.08%, despite having a negative dividend payout ratio of -13.22%.

Bank of New York Mellon Corp cut its holdings in Wabash National Corporation (NYSE:WNC - Free Report) by 42.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 186,159 shares of the company's stock after selling 136,327 shares during the quarter. Bank of New York Mellon Corp owned about 0.44% of Wabash National worth $2,057,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of WNC. VELA Investment Management LLC acquired a new position in Wabash National during the first quarter worth about $1,420,000. D.A. Davidson & CO. acquired a new position in Wabash National during the first quarter worth about $333,000. Mutual Advisors LLC acquired a new position in Wabash National during the first quarter worth about $679,000. Peregrine Capital Management LLC grew its position in Wabash National by 1.8% during the first quarter. Peregrine Capital Management LLC now owns 673,193 shares of the company's stock worth $7,439,000 after buying an additional 11,934 shares during the period. Finally, TrueMark Investments LLC acquired a new position in Wabash National during the first quarter worth about $3,818,000. 97.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, DA Davidson upped their target price on shares of Wabash National from $7.50 to $9.50 and gave the stock a "neutral" rating in a research report on Monday, June 23rd.

Wabash National Trading Down 3.4%

Shares of WNC traded down $0.34 on Friday, hitting $9.62. 155,858 shares of the stock traded hands, compared to its average volume of 1,019,189. The company has a quick ratio of 1.00, a current ratio of 1.68 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $393.84 million, a P/E ratio of -3.97 and a beta of 1.65. The stock's 50 day moving average is $10.15 and its two-hundred day moving average is $11.07. Wabash National Corporation has a 1 year low of $6.78 and a 1 year high of $20.63.

Wabash National (NYSE:WNC - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The company reported ($0.15) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.16. The company had revenue of $458.82 million for the quarter, compared to the consensus estimate of $435.75 million. Wabash National had a negative net margin of 6.38% and a negative return on equity of 7.91%. Wabash National's revenue was down 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. As a group, sell-side analysts predict that Wabash National Corporation will post 0.94 earnings per share for the current year.

Wabash National Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Stockholders of record on Thursday, July 3rd were given a $0.08 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.3%. Wabash National's dividend payout ratio is presently -13.22%.

About Wabash National

Wabash National Corporation provides connected solutions for the transportation, logistics, and distribution industries primarily in the United States. The company operates through two segments, Transportation Solutions and Parts & Services. The Transportation Solutions segment designs and manufactures transportation-related equipment and products dry and refrigerated van trailers, platform trailers, tank trailers, and truck-mounted tanks; truck bodies for dry-freight transportation; cargo and cargo XL bodies for commercial applications; refrigerated truck bodies; platform truck bodies; and used trailers, as well as laminated hardwood oak flooring products.