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LAFAYETTE, Ind.—Michael N. Pettit, Senior Vice President and Chief Growth Officer at Wabash National Corp (NYSE:WNC), executed a series of stock transactions on December 31, 2024, according to a recent SEC filing. Pettit sold 1,500 shares of common stock at a price of $17.19 per share, totaling $25,785. The transaction comes as the $741 million market cap company trades near its 52-week low of $15.94, with analysts setting price targets ranging from $18 to $25 per share, according to InvestingPro data.
The transactions were part of a pre-established Rule 10b5-1 trading plan, which Pettit adopted on March 14, 2024. Additionally, Pettit exercised stock options to acquire 1,500 shares at a price of $14.16 each, amounting to $21,240. Following these transactions, Pettit owns 117,227 shares of Wabash National. InvestingPro analysis reveals management has been actively buying back shares, suggesting internal confidence in the company's prospects. Get access to 10+ additional exclusive ProTips and comprehensive financial metrics with InvestingPro.
These moves reflect Pettit's strategic management of his holdings in the company, which specializes in manufacturing truck trailers. The company maintains a healthy financial position with a current ratio of 1.88, indicating strong liquidity to meet short-term obligations.
In other recent news, Wabash National Corporation reported steady performance in its Q3 2024 earnings. The company's adjusted net income was $8.6 million, with earnings per share (EPS) at $0.19 and consolidated revenue reaching $464 million. In light of these figures, Wabash adjusted its full-year revenue outlook to approximately $1.95 billion and EPS to around $1.25.
DA Davidson, after evaluating the company's Q3 performance, maintained a neutral stance on Wabash. The firm expects a decrease in the trailer market, suggesting potential difficulties for Wabash's earnings growth in the upcoming year. However, DA Davidson also highlighted the growth potential in the Trailer-as-a-Service and Parts segments of the company, which could represent significant opportunities despite broader market headwinds.
The firm's analysis also indicated that fleet operators are adopting a cautious stance for the 2025 order season. DA Davidson noted that any significant recovery in earnings might not be realized until 2026, advising investors to maintain their positions without expecting substantial short-term gains.
Recent developments also show Wabash's strategic focus on customer-centricity and partnerships. The company is planning traditional capital investments of $70 million to $80 million in 2024. Despite a seasonal decline in dry van orders and higher legal expenses impacting EPS, Wabash is shifting towards a customer-centric model with enhanced parts and service offerings. The company's management remains optimistic about potential improvements in the dry van market and operational capabilities from new facilities in 2025.
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