Turtle Creek Asset Management Inc. Purchases 1,686,077 Shares of WillScot Holdings Corporation $WSC

Key Points

• Turtle Creek Asset Management increased its WillScot stake by 27.3% in the first quarter, purchasing 1.69 million shares and bringing its total holdings to 7.87 million shares valued at approximately $136.6 million.
• Institutional investors and hedge funds own 95.81% of WillScot, while insiders own 3.40%; company director Bradley Lee Soultz was among those selling shares, with insiders selling $4.2 million worth over the past three months.
• Analysts maintain a consensus “Hold” rating with an average $26.25 price target. WillScot recently beat quarterly earnings and revenue estimates, but revenue declined 2% year over year, and the stock opened at $24.12 after a reported 6.2% drop.

Turtle Creek Asset Management Inc. grew its position in shares of WillScot Holdings Corporation (NASDAQ:WSC - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,870,039 shares of the company's stock after purchasing an additional 1,686,077 shares during the quarter. WillScot makes up about 5.1% of Turtle Creek Asset Management Inc.'s portfolio, making the stock its 9th biggest holding. Turtle Creek Asset Management Inc. owned 4.35% of WillScot worth $136,624,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. State Street Corp grew its position in WillScot by 1.4% during the fourth quarter. State Street Corp now owns 5,774,998 shares of the company's stock valued at $108,743,000 after buying an additional 80,713 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of WillScot by 334.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,522,450 shares of the company's stock worth $103,988,000 after acquiring an additional 4,250,951 shares during the period. Capital International Investors boosted its stake in shares of WillScot by 10.8% during the 4th quarter. Capital International Investors now owns 5,489,528 shares of the company's stock worth $103,368,000 after acquiring an additional 536,511 shares in the last quarter. Coliseum Capital Management LLC grew its position in shares of WillScot by 70.7% during the 4th quarter. Coliseum Capital Management LLC now owns 5,111,602 shares of the company's stock valued at $96,251,000 after acquiring an additional 2,117,247 shares during the period. Finally, Primecap Management Co. CA grew its position in shares of WillScot by 210.9% during the 4th quarter. Primecap Management Co. CA now owns 4,267,400 shares of the company's stock valued at $80,355,000 after acquiring an additional 2,894,900 shares during the period. 95.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at WillScot

In related news, Director Bradley Lee Soultz sold 4,317 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $25.92, for a total transaction of $111,896.64. Following the completion of the sale, the director directly owned 414,059 shares in the company, valued at approximately $10,732,409.28. The trade was a 1.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 155,781 shares of company stock worth $4,205,113 in the last three months. 3.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on WSC shares. Barclays upped their price target on WillScot from $22.00 to $24.00 and gave the stock an "equal weight" rating in a report on Friday, May 15th. Weiss Ratings restated a "sell (d)" rating on shares of WillScot in a research report on Wednesday, May 20th. Oppenheimer reaffirmed an "outperform" rating and set a $29.00 target price on shares of WillScot in a research note on Friday, May 8th. Morgan Stanley increased their target price on WillScot from $23.00 to $29.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Finally, UBS Group assumed coverage on shares of WillScot in a research note on Wednesday, April 8th. They issued a "neutral" rating and a $19.00 price target on the stock. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $26.25.

WillScot Trading Down 6.2%

Shares of WillScot stock opened at $24.12 on Thursday. The firm has a market capitalization of $4.36 billion, a PE ratio of -63.47, a P/E/G ratio of 1.53 and a beta of 1.32. WillScot Holdings Corporation has a twelve month low of $14.91 and a twelve month high of $31.32. The firm's 50-day moving average price is $26.79 and its 200 day moving average price is $23.01. The company has a current ratio of 0.79, a quick ratio of 0.72 and a debt-to-equity ratio of 4.00.

WillScot (NASDAQ:WSC - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.16 by $0.05. WillScot had a positive return on equity of 20.65% and a negative net margin of 2.99%.The company had revenue of $548.63 million during the quarter, compared to analyst estimates of $518.17 million. During the same period in the previous year, the business earned $0.26 EPS. WillScot's quarterly revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts predict that WillScot Holdings Corporation will post 1.1 EPS for the current fiscal year.

WillScot Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.07 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.2%. WillScot's payout ratio is currently -73.68%.

WillScot Profile

WillScot NASDAQ: WSC is a leading North American provider of modular space and portable storage solutions. The company designs, manufactures, leases and sells temporary and permanent modular buildings to serve sectors such as education, healthcare, construction, industrial and government. Its modular space offerings range from single‐unit office trailers and classrooms to complex multi‐unit configurations tailored to diverse project requirements.

In addition to modular structures, WillScot offers a broad portfolio of portable storage containers and related services, including site logistics, customization, delivery and installation.

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.