Peregrine Capital Management LLC Reduces Position in Wabash National Corporation $WNC

Key Points

• Peregrine Capital cut its stake in Wabash National by 63.2% in Q4, selling 406,040 shares and leaving 236,348 shares (about 0.58% of the company) valued at $2.04 million.
• Meanwhile, other institutions including Arrowstreet, Millennium, Jane Street and Allianz materially increased positions, leaving institutional investors owning roughly 97.05% of WNC stock.
• Wabash recently missed EPS expectations (reported -$0.93 vs. -$0.77 consensus) with revenue down 22.9% YoY; the stock trades near $9.12 (market cap ~$371M), pays a $0.08 quarterly dividend (3.5% yield), and carries a consensus "Reduce" rating with a $10 average target.

Peregrine Capital Management LLC cut its holdings in shares of Wabash National Corporation (NYSE:WNC - Free Report) by 63.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,348 shares of the company's stock after selling 406,040 shares during the period. Peregrine Capital Management LLC owned approximately 0.58% of Wabash National worth $2,044,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of WNC. Arrowstreet Capital Limited Partnership boosted its position in shares of Wabash National by 305.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 640,850 shares of the company's stock valued at $6,325,000 after buying an additional 482,942 shares during the last quarter. Millennium Management LLC boosted its position in shares of Wabash National by 864.3% during the first quarter. Millennium Management LLC now owns 459,547 shares of the company's stock valued at $5,078,000 after buying an additional 411,889 shares during the last quarter. Jane Street Group LLC boosted its position in shares of Wabash National by 204.3% during the first quarter. Jane Street Group LLC now owns 463,191 shares of the company's stock valued at $5,118,000 after buying an additional 310,998 shares during the last quarter. EVR Research LP purchased a new position in Wabash National in the third quarter worth about $1,974,000. Finally, Allianz Asset Management GmbH boosted its position in Wabash National by 48.9% in the third quarter. Allianz Asset Management GmbH now owns 461,499 shares of the company's stock worth $4,555,000 after purchasing an additional 151,547 shares during the last quarter. 97.05% of the stock is owned by hedge funds and other institutional investors.

Wabash National Trading Up 2.5%

Shares of NYSE:WNC opened at $9.12 on Friday. The stock has a market capitalization of $370.71 million, a price-to-earnings ratio of 1.87 and a beta of 1.67. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.79 and a current ratio of 1.39. The stock's 50-day simple moving average is $9.30 and its two-hundred day simple moving average is $9.28. Wabash National Corporation has a 52-week low of $6.78 and a 52-week high of $12.94.

Wabash National (NYSE:WNC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.16). Wabash National had a negative return on equity of 22.79% and a net margin of 13.71%.The company had revenue of $321.45 million during the quarter, compared to the consensus estimate of $318.32 million. During the same period last year, the business earned ($0.02) EPS. The firm's quarterly revenue was down 22.9% compared to the same quarter last year. Analysts expect that Wabash National Corporation will post -1.28 EPS for the current year.

Wabash National Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 23rd. Stockholders of record on Thursday, April 2nd were paid a $0.08 dividend. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.5%. Wabash National's dividend payout ratio (DPR) is 6.57%.

Analysts Set New Price Targets

Several brokerages have issued reports on WNC. Weiss Ratings cut Wabash National from a "hold (c-)" rating to a "sell (d)" rating in a research report on Tuesday, February 24th. Zacks Research raised Wabash National from a "strong sell" rating to a "hold" rating in a research report on Monday, January 5th. Wall Street Zen cut Wabash National from a "hold" rating to a "strong sell" rating in a research report on Saturday, February 21st. Finally, DA Davidson reissued a "neutral" rating and issued a $11.00 target price on shares of Wabash National in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $10.00.

Wabash National 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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