Wabash National Corporation $WNC Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 352,225 Wabash National shares worth approximately $4.76 million, representing about 0.86% of the company. Other institutions, including BlackRock and Bank of New York Mellon, also established or increased positions; institutional investors collectively own 97.05% of WNC.
• Wabash reported a quarterly loss of $0.53 per share, narrowly beating estimates, while revenue of $417.24 million exceeded forecasts but declined 9.1% year over year. Analysts expect a full-year loss of $2.41 per share.
• The company declared a quarterly dividend of $0.08 per share, equivalent to a 2.5% annualized yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $21.67 versus the stock’s reported $12.66 price.

Bank of America Corp DE acquired a new stake in Wabash National Corporation (NYSE:WNC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 352,225 shares of the company's stock, valued at approximately $4,755,000. Bank of America Corp DE owned approximately 0.86% of Wabash National at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of WNC. BlackRock Inc. purchased a new stake in Wabash National during the 2nd quarter worth $47,125,000. Bank of New York Mellon Corp purchased a new position in Wabash National in the second quarter valued at about $6,151,000. Heartland Advisors Inc. acquired a new position in shares of Wabash National during the second quarter worth about $4,001,000. Womack Financial LLC acquired a new position in shares of Wabash National during the second quarter worth about $3,369,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Wabash National by 17.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,657,953 shares of the company's stock worth $14,291,000 after purchasing an additional 247,345 shares in the last quarter. Hedge funds and other institutional investors own 97.05% of the company's stock.

Wabash National Stock Performance

Shares of WNC stock opened at $12.66 on Tuesday. The stock has a market capitalization of $515.93 million, a price-to-earnings ratio of -6.56 and a beta of 1.45. Wabash National Corporation has a one year low of $6.63 and a one year high of $14.47. The company's 50-day simple moving average is $12.73 and its 200-day simple moving average is $10.61. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.80 and a current ratio of 1.31.

Wabash National (NYSE:WNC - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.03. The firm had revenue of $417.24 million during the quarter, compared to analyst estimates of $402.85 million. Wabash National had a negative net margin of 5.48% and a negative return on equity of 36.59%. The firm's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.15) earnings per share. Equities analysts anticipate that Wabash National Corporation will post -2.41 earnings per share for the current fiscal year.

Wabash National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Investors of record on Thursday, October 8th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $0.32 annualized dividend and a dividend yield of 2.5%. Wabash National's dividend payout ratio (DPR) is -16.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Wabash National in a research note on Wednesday, August 12th. Citizens Jmp assumed coverage on Wabash National in a research report on Wednesday, July 15th. They set an "outperform" rating and a $25.00 price target on the stock. National Bank Financial set a $20.00 price target on Wabash National in a report on Wednesday, August 12th. DA Davidson reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Wabash National in a research report on Tuesday, September 22nd. Finally, Wall Street Zen upgraded shares of Wabash National from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $21.67.

About Wabash National

Wabash National Corporation NYSE: WNC is a manufacturer of transportation and logistics equipment based in Lafayette, Indiana. Founded in 1985, the company serves customers across North America, including trucking fleets, freight carriers, food and beverage companies, retailers, and industrial businesses.

Its products include dry van trailers, refrigerated trailers, platform trailers, truck-mounted tanks, and other specialized transportation equipment. Wabash also manufactures composite panels and other structural components used in transportation and related applications.

In addition to original equipment, Wabash provides aftermarket parts, repair, maintenance, and related services through its distribution and service operations.

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