VELA Investment Management LLC Reduces Holdings in Wabash National Co. (NYSE:WNC)

VELA Investment Management LLC lowered its stake in shares of Wabash National Co. (NYSE:WNC) by 73.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 49,049 shares of the company’s stock after selling 133,053 shares during the period. VELA Investment Management LLC owned approximately 0.11% of Wabash National worth $941,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in shares of Wabash National by 40.0% in the 2nd quarter. Victory Capital Management Inc. now owns 1,015,355 shares of the company’s stock valued at $22,175,000 after buying an additional 290,287 shares during the last quarter. Millennium Management LLC grew its position in Wabash National by 1,311.6% during the 2nd quarter. Millennium Management LLC now owns 279,900 shares of the company’s stock worth $6,113,000 after purchasing an additional 260,072 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Wabash National by 19.7% in the second quarter. American Century Companies Inc. now owns 1,095,915 shares of the company’s stock valued at $23,935,000 after acquiring an additional 180,080 shares in the last quarter. CX Institutional purchased a new stake in shares of Wabash National in the third quarter valued at about $2,322,000. Finally, Empowered Funds LLC acquired a new stake in shares of Wabash National in the first quarter valued at about $3,052,000. Hedge funds and other institutional investors own 97.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, DA Davidson restated a “neutral” rating and set a $18.00 target price on shares of Wabash National in a research report on Monday, September 30th.

Wabash National Price Performance

Wabash National stock traded up $0.01 during trading on Friday, reaching $17.45. The company had a trading volume of 571,177 shares, compared to its average volume of 538,033. Wabash National Co. has a 12-month low of $15.94 and a 12-month high of $30.07. The stock’s 50 day moving average price is $18.64 and its two-hundred day moving average price is $20.70. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.88 and a quick ratio of 1.12.

Wabash National (NYSE:WNC) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). Wabash National had a negative net margin of 10.94% and a positive return on equity of 22.98%. The business had revenue of $464.00 million during the quarter, compared to analysts’ expectations of $477.35 million. During the same period in the prior year, the company posted $1.16 EPS. The company’s revenue for the quarter was down 26.7% on a year-over-year basis. As a group, sell-side analysts forecast that Wabash National Co. will post 1.29 earnings per share for the current year.

Wabash National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 10th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Thursday, October 10th. Wabash National’s dividend payout ratio (DPR) is presently -5.89%.

Wabash National Profile

Wabash National Corporation provides connected solutions for the transportation, logistics, and distribution industries primarily in the United States. The company operates through two segments, Transportation Solutions and Parts & Services. The Transportation Solutions segment designs and manufactures transportation-related equipment and products dry and refrigerated van trailers, platform trailers, tank trailers, and truck-mounted tanks; truck bodies for dry-freight transportation; cargo and cargo XL bodies for commercial applications; refrigerated truck bodies; platform truck bodies; and used trailers, as well as laminated hardwood oak flooring products.