The Manufacturers Life Insurance Company reduced its stake in Wabash National Co. (NYSE:WNC) by 61.2% during the fourth quarter, according to its latest 13F filing with the SEC. The institutional investor owned 16,861 shares of the company’s stock after selling 26,548 shares during the period. The stake was valued at $289,000 at the end of the reporting period.
Other institutional investors made significant changes to their positions in Wabash National during the same quarter. Tudor Investment Corp ET AL established a new stake worth approximately $384,000, while Tower Research Capital LLC increased its position by 82.4% to 17,357 shares valued at $297,000. First Trust Advisors LP boosted its stake by 22.5% to 1,468,605 shares worth $25,157,000. Additionally, Canada Pension Plan Investment Board and Marshall Wace LLP initiated new positions worth about $266,000 and $695,000, respectively.
Currently, 97.05% of Wabash National’s stock is held by hedge funds and other institutional investors. In related news, DA Davidson lowered its price target on Wabash National shares from $18.00 to $14.00 and maintained a ‘neutral’ rating in a research report.
Wabash National’s stock performance has been notable, with a 52-week low of $6.78 and a 52-week high of $24.03. The company recently announced a quarterly dividend of $0.08 per share, representing an annualized yield of 3.31%. The dividend will be paid on July 24th to investors of record as of July 3rd.
Wabash National Corporation operates in the transportation, logistics, and distribution industries, primarily in the United States. The company reported a revenue of $380.89 million during the last quarter, missing analyst estimates. Despite a negative net margin of 14.59%, the company showed a positive return on equity of 14.72%. Analysts predict the company will post 0.94 EPS for the current fiscal year.
