BlackRock Inc. Invests $47.12 Million in Wabash National Corporation $WNC

Key Points

• BlackRock acquired 3.49 million shares of Wabash National in the second quarter, valued at approximately $47.1 million and representing an 8.57% stake. Institutional investors collectively own 97.05% of the company.
• Wabash National reported quarterly revenue of $417.2 million, exceeding analyst expectations, while earnings were a loss of $0.53 per share. Revenue declined 9.1% year over year, and analysts expect a full-year loss.
• The company declared a quarterly dividend of $0.08 per share, equivalent to an annualized yield of about 2.4%. Analyst views are mixed, producing a consensus “Hold” rating and an average price target of $21.67.

BlackRock Inc. acquired a new stake in Wabash National Corporation (NYSE:WNC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 3,490,716 shares of the company's stock, valued at approximately $47,125,000. BlackRock Inc. owned about 8.57% of Wabash National as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Deutsche Bank AG bought a new position in Wabash National during the 2nd quarter valued at approximately $537,000. Bank of New York Mellon Corp purchased a new position in Wabash National during the second quarter valued at $6,151,000. Bank of America Corp DE boosted its stake in Wabash National by 39.6% during the first quarter. Bank of America Corp DE now owns 220,248 shares of the company's stock worth $1,899,000 after acquiring an additional 62,519 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Wabash National by 1,036.0% in the 1st quarter. Royal Bank of Canada now owns 50,621 shares of the company's stock worth $436,000 after buying an additional 46,165 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Wabash National by 40.1% in the first quarter. Empowered Funds LLC now owns 589,884 shares of the company's stock worth $5,085,000 after acquiring an additional 168,929 shares during the last quarter. 97.05% of the stock is owned by institutional investors.

Wabash National Stock Performance

WNC opened at $13.50 on Tuesday. The company's 50 day moving average is $12.86 and its 200 day moving average is $10.31. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 1.75. The company has a market cap of $549.99 million, a price-to-earnings ratio of -6.99 and a beta of 1.44. Wabash National Corporation has a 12-month low of $6.63 and a 12-month high of $14.32.

Wabash National (NYSE:WNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.03. Wabash National had a negative net margin of 5.48% and a negative return on equity of 36.59%. The business had revenue of $417.24 million for the quarter, compared to analysts' expectations of $402.85 million. During the same quarter last year, the company posted ($0.15) EPS. The company's revenue was down 9.1% compared to the same quarter last year. On average, equities research analysts predict that Wabash National Corporation will post -2.41 EPS for the current year.

Wabash National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Shareholders of record on Thursday, October 8th will be given a $0.08 dividend. The ex-dividend date is Thursday, October 8th. This represents a $0.32 dividend on an annualized basis and a yield of 2.4%. Wabash National's dividend payout ratio is presently -16.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. National Bank Financial set a $20.00 price target on shares of Wabash National in a research report on Wednesday, August 12th. Citizens Jmp started coverage on shares of Wabash National in a report on Wednesday, July 15th. They set an "outperform" rating and a $25.00 price objective for the company. Wall Street Zen upgraded shares of Wabash National from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 1st. DA Davidson reaffirmed a "buy" rating and issued a $20.00 target price on shares of Wabash National in a research report on Monday, August 24th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Wabash National in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $21.67.

Wabash National Company Profile

Wabash National Corporation NYSE: WNC is a leading designer and manufacturer of transportation equipment and supply chain solutions. The company's product portfolio includes dry freight van trailers, refrigerated vans, tank trailers, platform trailers, flatbeds and composite bodies. Wabash National also offers railcar products and modular building solutions, serving customers in a wide range of end markets such as food and beverage, chemicals, agriculture, waste management and construction.

Founded in 1985 and headquartered in Lafayette, Indiana, Wabash National has built a reputation for innovation in lightweight materials, advanced manufacturing processes and telematics integration.

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