Wabash National (NYSE:WNC) Stock Price Down 8.4% on Disappointing Earnings

Wabash National Corporation (NYSE:WNC) shares dropped 8.4% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $11.94 and last traded at $12.6640. Approximately 212,804 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 825,770 shares. The stock had previously closed at $13.82.

The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.17). Wabash National had a negative net margin of 5.48% and a negative return on equity of 36.59%. The company had revenue of $476.41 million during the quarter, compared to the consensus estimate of $453.74 million. During the same quarter in the prior year, the company posted ($0.51) EPS. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year.

Wabash National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Shareholders of record on Thursday, October 8th will be paid a $0.08 dividend. The ex-dividend date is Thursday, October 8th. This represents a $0.32 dividend on an annualized basis and a yield of 2.7%. Wabash National’s dividend payout ratio (DPR) is currently -16.58%.

Analyst Ratings Changes

A number of research firms have commented on WNC. Wall Street Zen upgraded Wabash National from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. DA Davidson restated a “buy” rating and set a $20.00 price target on shares of Wabash National in a report on Tuesday, September 22nd. Citigroup reiterated a “market outperform” rating on shares of Wabash National in a report on Tuesday, October 20th. National Bank Financial set a $25.00 price objective on shares of Wabash National in a report on Tuesday, October 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wabash National in a research report on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.33.

Institutional Investors Weigh In On Wabash National

A number of hedge funds and other institutional investors have recently bought and sold shares of WNC. BlackRock Inc. purchased a new position in Wabash National in the 2nd quarter worth about $47,125,000. Dimensional Fund Advisors LP increased its position in Wabash National by 17.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,657,953 shares of the company’s stock worth $14,291,000 after buying an additional 247,345 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in Wabash National during the second quarter valued at approximately $9,812,434. Empowered Funds LLC raised its holdings in Wabash National by 40.1% during the first quarter. Empowered Funds LLC now owns 589,884 shares of the company’s stock valued at $5,085,000 after acquiring an additional 168,929 shares during the period. Finally, Sei Investments Co. boosted its stake in Wabash National by 46.4% in the 1st quarter. Sei Investments Co. now owns 456,328 shares of the company’s stock worth $3,934,000 after purchasing an additional 144,711 shares during the period. Hedge funds and other institutional investors own 97.05% of the company’s stock.

Wabash National Stock Down 13.0%

The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 1.75. The business has a 50-day moving average price of $12.87 and a 200 day moving average price of $10.87. The stock has a market capitalization of $489.98 million, a P/E ratio of -6.30 and a beta of 1.48.

About Wabash National

Wabash National Corporation is a transportation equipment and logistics solutions manufacturer headquartered in Lafayette, Indiana. The company designs and produces equipment used to move freight across North America, serving trucking, transportation, distribution, and logistics customers.

Its product portfolio includes dry and refrigerated van trailers, platform trailers, truck-mounted tanks, and other specialized transportation equipment. Wabash also provides related parts, services, and technologies intended to support trailer maintenance, fleet operations, and supply-chain efficiency.