Stock Repurchase Plan Approved by Wabash National (WNC) Board
Wabash National (NYSE:WNC) declared that its Board of Directors has initiated a share repurchase plan, which allows the company to repurchase $100.00 million in shares on Thursday, November 15th. This repurchase authorization allows the company to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of analysts have weighed in on the stock. Loop Capital began coverage on shares of Wabash National in a research report on Monday, October 1st. They set a “buy” rating and a $27.00 target price for the company. Stifel Nicolaus set a $17.00 price objective on shares of Wabash National and gave the stock a “hold” rating in a research report on Thursday, November 1st. ValuEngine raised shares of Wabash National from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Stephens set a $15.00 price target on shares of Wabash National and gave the company a “hold” rating in a research report on Monday, October 15th. Finally, Craig Hallum set a $18.00 price target on shares of Wabash National and gave the company a “buy” rating in a research report on Monday, October 15th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $20.13.
Shares of NYSE WNC traded down $0.64 during mid-day trading on Friday, reaching $13.60. 618,268 shares of the company’s stock were exchanged, compared to its average volume of 405,925. The stock has a market capitalization of $797.93 million, a price-to-earnings ratio of 9.86, a PEG ratio of 0.34 and a beta of 1.90. Wabash National has a 52 week low of $12.40 and a 52 week high of $26.54. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.93 and a quick ratio of 1.18.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 24th. Shareholders of record on Thursday, January 3rd will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Wednesday, January 2nd. This is a positive change from Wabash National’s previous quarterly dividend of $0.08. Wabash National’s payout ratio is presently 21.74%.
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Wabash National Company Profile
Wabash National Corporation manufactures and sells semi-trailers, truck bodies, specialized commercial vehicles, and liquid transportation systems. The company's Commercial Trailer Products segment provides dry van trailers; platform trailers; refrigerated trailers; converter dollies, big tire haulers, steel coil haulers, and trailers; aftermarket parts and services; and used trailers.
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