ING Groep NV has significantly increased its investment in Oshkosh Corporation (NYSE:OSK), raising its stake by 51.7% during the first quarter of 2024. According to a recent 13F filing with the Securities and Exchange Commission, the firm now holds 54,000 shares of Oshkosh, following the purchase of an additional 18,400 shares during this period. The total value of ING Groep NV’s holdings in Oshkosh stands at approximately $5.08 million.
Institutional interest in Oshkosh has been on the rise, with several hedge funds adjusting their positions. For instance, Parallel Advisors LLC increased its holdings by 91.4% in the same quarter, now owning 266 shares valued at around $25,000. Similarly, CX Institutional entered the fray by acquiring a new stake valued at about $28,000, while Golden State Wealth Management LLC raised its holdings by 147.6%, owning 312 shares worth $30,000. In total, institutional investors control approximately 92.36% of Oshkosh’s stock.
Analysts Weigh In on Oshkosh’s Performance
Recent analyst reports indicate a positive outlook for Oshkosh. DA Davidson raised its target price from $148.00 to $160.00, assigning a “buy” rating. In contrast, Bank of America adjusted its target from $90.00 to $103.00, maintaining an “underperform” rating. Robert W. Baird also increased its target price significantly from $169.00 to $188.00, with an “outperform” rating.
This mix of ratings highlights the varying perspectives on the company, as one analyst has issued a sell rating, three have a hold rating, and nine have a buy rating. The consensus rating for Oshkosh is currently classified as a “Moderate Buy,” with an average price target of $133.08 according to data from MarketBeat.com.
Oshkosh’s Market Performance and Financials
On Wednesday, shares of Oshkosh opened at $139.58. The company has seen a 12-month low of $76.82 and a high of $139.95, with a market capitalization of $8.93 billion. Current financial metrics include a price-to-earnings (P/E) ratio of 14.01 and a PEG ratio of 2.06, indicating robust profitability. The company’s current ratio is 1.84, and it maintains a debt-to-equity ratio of 0.25.
Oshkosh recently announced strong earnings results on August 1, 2024, reporting earnings per share of $3.41, surpassing analysts’ expectations of $2.98 by $0.43. The company’s revenue for the quarter reached $2.73 billion, exceeding the consensus estimate of $2.67 billion. Despite these positive figures, Oshkosh’s quarterly revenue reflects a 4.0% decline compared to the same period last year.
Looking ahead, analysts project that Oshkosh will achieve earnings per share of $10.96 for the current fiscal year.
In addition to its strong financial performance, Oshkosh has declared a quarterly dividend of $0.51, which will be distributed on September 2, 2024. Shareholders on record as of August 19, 2024 will receive this dividend, reflecting an annualized total of $2.04 and a yield of 1.5%, with a payout ratio of 20.48%.
Oshkosh Corporation specializes in manufacturing purpose-built vehicles and equipment for various sectors, operating through three main segments: Access, Defense, and Vocational. Its Access Equipment segment focuses on aerial work platforms and telehandlers for the construction and industrial markets, alongside offering financing and leasing solutions.
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