As of its most recent filing with the Securities and Exchange Commission (SEC), Renaissance Technologies LLC has cut its holdings in Wabash National Co. (NYSE:WNC) by 5.2%. The investment management company reported that it sold 39,400 shares of the company’s stock, leaving them with 722,248 shares worth an estimated $16,323,000.
The sale may have come as a result of Wabash National’s first quarter earnings data report which showed a significant uptick in revenue compared to its estimates from the previous year. On April 26th, the company revealed that it generated $621 million in revenue during Q1 2023 – up by 13.6% from the same period last year.
Furthermore, Wabash National exceeded analysts’ expectations when it reported earnings per share (EPS) at $1.04 for Q1 – substantially higher than the consensus estimate of $0.45 EPS. Investors who were anticipating more modest results could have been taken aback by these figures.
Larry J. Magee, Director at Wabash National also recently made headlines after selling 13,000 shares in early May at an average price of $26.15 per share; resulting in a total value of $339,950.
These developments beg questions about whether or not this is part of a larger trend among investors regarding their skepticism over Wabash National’s current standing – or if there are other factors contributing to such decisions? Some may see this as a cautious move while others may hold off on investing until more information arises from future quarterly reports or notable market changes both domestically and abroad.
Regardless of the specifics surrounding these latest incidents involving Renaissance Technologies LLC and Larry J. Magee, it is clear that they have made noteworthy moves which warrant attention within the financial sphere moving forward..
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Institutional Investors Increasing Holdings in Wabash National Corporation
Wabash National Corporation, a leading manufacturer of semi-trailer and liquid transportation systems, has drawn the attention of institutional investors and hedge funds. Several large groups including Vanguard Group Inc., State Street Corp, and Geode Capital Management LLC recently announced increases in their holdings in Wabash National. Dimensional Fund Advisors LP also made notable changes to its position by purchasing a significant number of shares. Together, these institutional investors own 98.24% of the company’s stock.
WNC stock has been performing well in recent months, having traded at $26.83 per share on June 12th, up by $0.25 from the previous trading day. With a market cap of $1.27 billion and a P/E ratio of 8.75, it is clear that Wabash National is experiencing healthy growth and investor confidence.
The company’s director, Larry J Magee recently made headlines when he sold 13,000 shares with an average value of $26.15 per share. Although this move raised eyebrows among some analysts who wondered if it was an indication of trouble brewing for the company, others have explained that it is quite normal for directors to sell shares as part of their investment strategy.
Additionally, Wabash National plans to pay out a quarterly dividend on July 27th to shareholders who were recorded on July 6th; offering a yield of 1.19%. These dividends stem from strong performances made by the group over the last year.
StockNews.com downgraded Wabash National from “strong buy” status to “buy,” although this shift has not deterred other investors’ confidence in placing their bets on WNC stock.
In conclusion, It seems that Wabash National Corporation continues its upward trajectory thanks largely to institutional investors backing them-up exemplified by recent developments pointing towards substantial growth in the near future for the firm which only fortifies its position as an industry leader.