Granite Point Capital Management L.P. Acquires Shares of 90,000 Wabash National Co. (WNC)
Granite Point Capital Management L.P. acquired a new stake in Wabash National Co. (NYSE:WNC) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 90,000 shares of the company’s stock, valued at approximately $1,953,000. Wabash National makes up approximately 0.2% of Granite Point Capital Management L.P.’s portfolio, making the stock its 29th biggest holding.
A number of other large investors have also added to or reduced their stakes in the stock. KBC Group NV boosted its stake in Wabash National by 21.1% in the fourth quarter. KBC Group NV now owns 165,321 shares of the company’s stock valued at $3,587,000 after buying an additional 28,753 shares in the last quarter. Bedel Financial Consulting Inc. bought a new position in Wabash National in the fourth quarter valued at about $1,530,000. Teacher Retirement System of Texas bought a new position in Wabash National in the fourth quarter valued at about $438,000. Victory Capital Management Inc. raised its position in Wabash National by 16.6% in the fourth quarter. Victory Capital Management Inc. now owns 1,636,788 shares of the company’s stock valued at $35,519,000 after purchasing an additional 232,736 shares during the last quarter. Finally, HL Financial Services LLC raised its position in Wabash National by 3.0% in the fourth quarter. HL Financial Services LLC now owns 217,992 shares of the company’s stock valued at $4,730,000 after purchasing an additional 6,306 shares during the last quarter.
Several research firms have commented on WNC. Zacks Investment Research upgraded Wabash National from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Saturday. Stifel Nicolaus set a $25.00 target price on Wabash National and gave the company a “hold” rating in a research report on Friday. BMO Capital Markets increased their target price on Wabash National to $24.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Seaport Global Securities reiterated a “neutral” rating on shares of Wabash National in a research report on Tuesday, January 16th. Finally, ValuEngine upgraded Wabash National from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $26.40.
Wabash National (NYSE:WNC) last issued its quarterly earnings data on Tuesday, January 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.02. Wabash National had a return on equity of 17.69% and a net margin of 6.31%. The company had revenue of $543.40 million during the quarter, compared to the consensus estimate of $517.96 million. During the same period last year, the company earned $0.38 earnings per share. The firm’s revenue was up 17.6% compared to the same quarter last year. research analysts predict that Wabash National Co. will post 1.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Thursday, January 4th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.27%. This is an increase from Wabash National’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Wednesday, January 3rd. Wabash National’s dividend payout ratio (DPR) is 16.85%.
In other news, CEO Richard J. Giromini sold 58,300 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $25.04, for a total transaction of $1,459,832.00. Following the completion of the transaction, the chief executive officer now directly owns 803,680 shares in the company, valued at $20,124,147.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by company insiders.
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About Wabash National
Wabash National Corporation is a diversified industrial manufacturer and producer of semi-trailers and liquid transportation systems. The Company’s segments include Commercial Trailer Products; Diversified Products, and Corporate and Eliminations segment. The Company designs, manufactures and markets a range of products, including dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, truck-mounted tanks, intermodal equipment, aircraft refueling equipment, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment.
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