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Wabash National Boosts Share Buyback by $100M, Stock Up

Zacks Equity Research

Share price of Wabash National Corporation WNC increased 1% to $20.85 after the company announced a raise in its share repurchase authorization. The board of directors has authorized to repurchase shares worth of $100 million over the next two years. This authorization is in addition to the $100 million grant issued in Feb 2016. The company had around $15 million available under the previous authorization as of Feb 23, 2017.

Wabash National will undertake this authorization either in open market or in private transactions. In 2016, Wabash National repurchased shares worth $77 million.  

Recently, the board of directors declared a quarterly dividend of 6 cents per share. The dividend will be paid on Apr 27, 2017, to shareholders of record as of Apr 6, 2017. Wabash National is undertaking this capital deployment strategy in order to boost shareholders’ value.

Wabash National Corporation Price

Wabash National Corporation Price | Wabash National Corporation Quote

Price Performance

Wabash National outperformed the Zacks categorized Auto/Truck-Original Equipment industry over the past three months. The company’s shares gained 54.6% over this period, as compared with the industry’s gain of 11.8%.

Zacks Rank & Key Picks

Wabash National currently carries a Zacks Rank #1 (Strong Buy).

Other better-ranked companies in the auto space include Lear Corporation LEA, American Axle & Manufacturing Holdings, Inc. AXL and General Motors Company GM. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

For the current year, Lear Corporation, American Axle and General Motors expect earnings growth of around 8.9%, 8.1% and 9.4%, respectively.  

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American Axle & Manufacturing Holdings, Inc. (AXL): Free Stock Analysis Report
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