Oshkosh (NYSE:OSK) Shares Gap Down on Disappointing Earnings

Key Points

• Oshkosh shares fell sharply after the company reported quarterly EPS of $2.41, missing the $3.06 consensus estimate, while revenue of $2.84 billion also came in below expectations.
• Despite the earnings miss, quarterly revenue increased 5.6% year over year. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $165.79.
• Institutional investors own 92.36% of Oshkosh’s stock, while a company director sold 778 shares under a pre-arranged Rule 10b5-1 trading plan.

Oshkosh Corporation (NYSE:OSK - Get Free Report)'s stock price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $137.93, but opened at $120.00. Oshkosh shares last traded at $129.7450, with a volume of 154,616 shares trading hands.

The company reported $2.41 EPS for the quarter, missing the consensus estimate of $3.06 by ($0.65). The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.94 billion. Oshkosh had a return on equity of 12.95% and a net margin of 5.24%. The firm's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.20 earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on OSK shares. DA Davidson boosted their target price on shares of Oshkosh from $168.00 to $176.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Truist Financial dropped their price target on Oshkosh from $196.00 to $174.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Robert W. Baird increased their price target on Oshkosh from $172.00 to $180.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Zacks Research lowered shares of Oshkosh from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 13th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Oshkosh from $150.00 to $132.00 and set a "neutral" rating on the stock in a research report on Thursday, October 8th. Eleven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Oshkosh has an average rating of "Moderate Buy" and an average price target of $165.79.

Insider Buying and Selling

In related news, Director John Pfeifer sold 778 shares of Oshkosh stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $150.00, for a total transaction of $116,700.00. Following the transaction, the director owned 150,669 shares of the company's stock, valued at $22,600,350. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.64% of the company's stock.

Institutional Investors Weigh In On Oshkosh

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jupiter Topco LLC purchased a new stake in Oshkosh during the second quarter valued at about $6,218,000. Expect Equity LLC bought a new position in Oshkosh in the 2nd quarter worth approximately $3,565,000. Bank of America Corp DE purchased a new position in Oshkosh in the 2nd quarter valued at approximately $135,656,000. Paralel Advisors LLC bought a new stake in Oshkosh during the 2nd quarter valued at $2,409,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Oshkosh during the 2nd quarter valued at $6,588,000. Hedge funds and other institutional investors own 92.36% of the company's stock.

Oshkosh Trading Down 5.7%

The stock has a market cap of $8.03 billion, a PE ratio of 14.87, a P/E/G ratio of 1.00 and a beta of 1.26. The firm has a 50-day simple moving average of $140.39 and a 200-day simple moving average of $146.53. The company has a quick ratio of 0.96, a current ratio of 1.72 and a debt-to-equity ratio of 0.13.

About Oshkosh

Oshkosh Corporation NYSE: OSK is a manufacturer of specialty vehicles, vehicle bodies and related equipment for commercial, government and industrial customers. The company serves markets that require purpose-built vehicles designed for demanding operating conditions, including defense, emergency response, construction, aviation support and municipal services.

Oshkosh's product portfolio includes military vehicles and systems, fire apparatus, airport rescue and firefighting vehicles, refuse collection vehicles, concrete mixers, snow and ice removal equipment, and other vocational trucks.

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