Navistar International Corp (NYSE:NAV) Short Interest Down 11.3% in October

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Navistar International Corp (NYSE:NAV) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,960,000 shares, a drop of 11.3% from the September 30th total of 2,210,000 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily volume of 480,700 shares, the days-to-cover ratio is presently 4.1 days.

NAV has been the topic of a number of recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $33.00 price target on shares of Navistar International in a research report on Monday. Robert W. Baird set a $38.00 price target on shares of Navistar International and gave the company a “buy” rating in a research report on Monday, September 23rd. Wells Fargo & Co dropped their price target on shares of Navistar International from $35.00 to $27.00 and set a “market perform” rating on the stock in a research report on Thursday, September 5th. UBS Group dropped their price target on shares of Navistar International from $34.00 to $32.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Finally, Goldman Sachs Group raised shares of Navistar International from a “sell” rating to a “neutral” rating and set a $26.00 target price on the stock in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $33.23.

NAV stock traded down $0.50 on Monday, reaching $32.52. 193,956 shares of the company were exchanged, compared to its average volume of 461,693. Navistar International has a 12 month low of $21.32 and a 12 month high of $39.52. The stock’s fifty day moving average price is $30.05 and its 200 day moving average price is $30.22. The firm has a market capitalization of $3.28 billion, a PE ratio of 9.59, a PEG ratio of 0.65 and a beta of 2.23.

Navistar International (NYSE:NAV) last announced its earnings results on Wednesday, September 4th. The company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.12 by $0.35. Navistar International had a net margin of 2.60% and a negative return on equity of 11.82%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the firm posted $1.71 earnings per share. Navistar International’s revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Navistar International will post 3.93 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the stock. Ardevora Asset Management LLP increased its position in Navistar International by 12.8% during the third quarter. Ardevora Asset Management LLP now owns 1,385,932 shares of the company’s stock worth $38,959,000 after acquiring an additional 157,590 shares during the period. Renaissance Technologies LLC boosted its stake in Navistar International by 29.9% during the second quarter. Renaissance Technologies LLC now owns 1,035,300 shares of the company’s stock worth $35,666,000 after buying an additional 238,500 shares in the last quarter. Northern Trust Corp boosted its stake in Navistar International by 2.3% during the second quarter. Northern Trust Corp now owns 664,765 shares of the company’s stock worth $22,902,000 after buying an additional 14,844 shares in the last quarter. Prudential Financial Inc. boosted its stake in Navistar International by 66.2% during the second quarter. Prudential Financial Inc. now owns 463,330 shares of the company’s stock worth $15,962,000 after buying an additional 184,552 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Navistar International by 1,831.7% during the second quarter. Invesco Ltd. now owns 458,687 shares of the company’s stock worth $15,802,000 after buying an additional 434,942 shares in the last quarter. 74.16% of the stock is currently owned by institutional investors and hedge funds.

About Navistar International

Navistar International Corporation, through its subsidiaries, manufactures and sells commercial and military trucks, diesel engines, school and commercial buses, and service parts for trucks and diesel engines worldwide. The company operates through four segments: Truck, Parts, Global Operations, and Financial Services.

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