Zacks Investment Research cut shares of Navistar International (NYSE:NAV) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Navistar benefits from the launch of new products, boasting an improved quality and performance. Collaboration with Volkswagen will enable the company to develop its range of products and services that it currently offers to its customers. Moreover, the company is poised to benefit from its cost-saving initiatives. However, of late Navistar’s sales have been partly offset by year-over-year weak performances by its Parts and Global Operations segment. Also, lower engine and component volume sales in the South American market along with a dull Brazilian economy is a concern for the company. Additionally, it expects capital expenditure to increase to the tune of $200 million in fiscal 2018. Also, in the past six months, the company’s shares have underperformed the industry it belongs to.”
A number of other equities analysts have also recently issued reports on the company. Piper Jaffray Companies upgraded Navistar International from a neutral rating to an overweight rating and set a $44.00 target price on the stock in a report on Wednesday, February 28th. Stifel Nicolaus set a $52.00 price target on Navistar International and gave the company a buy rating in a research report on Friday, February 9th. Buckingham Research initiated coverage on Navistar International in a research report on Tuesday, January 23rd. They issued a neutral rating and a $48.00 price target for the company. Seaport Global Securities reissued a neutral rating on shares of Navistar International in a research report on Tuesday, January 16th. Finally, Royal Bank of Canada reissued a hold rating and issued a $45.00 price target on shares of Navistar International in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $44.13.
Navistar International (NYSE:NAV) last issued its earnings results on Thursday, March 8th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.17. Navistar International had a negative return on equity of 1.76% and a net margin of 0.22%. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the business earned ($0.76) EPS. Navistar International’s quarterly revenue was up 14.6% compared to the same quarter last year. analysts predict that Navistar International will post 1.97 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in NAV. Millennium Management LLC increased its position in shares of Navistar International by 230.7% during the 4th quarter. Millennium Management LLC now owns 986,631 shares of the company’s stock valued at $42,307,000 after purchasing an additional 688,259 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Navistar International during the 4th quarter valued at $28,833,000. J. Goldman & Co LP increased its position in shares of Navistar International by 178.5% during the 4th quarter. J. Goldman & Co LP now owns 444,039 shares of the company’s stock valued at $19,040,000 after purchasing an additional 284,604 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Navistar International by 26.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,050,986 shares of the company’s stock valued at $46,318,000 after purchasing an additional 219,123 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in shares of Navistar International by 35.3% during the 4th quarter. TIAA CREF Investment Management LLC now owns 336,372 shares of the company’s stock valued at $14,424,000 after purchasing an additional 87,807 shares during the last quarter. 81.70% of the stock is owned by hedge funds and other institutional investors.
About Navistar International
Navistar International Corporation is a holding company whose principal operating entities are Navistar, Inc and Navistar Financial Corporation (NFC). The Company’s segments include Truck, Parts, Global Operations (collectively, Manufacturing operations) and Financial Services, which consists of NFC and its foreign finance operations (collectively, Financial Services operations).
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