WillScot (NASDAQ: WSC) has seen its price target raised from $21.00 to $23.00 by Morgan Stanley in a research report issued on Monday. This adjustment reflects the brokerage’s ongoing coverage of the stock, where it maintains an equal weight rating.
In addition to Morgan Stanley’s revised target, other analysts have also provided their assessments of WillScot. On January 21, Robert W. Baird reaffirmed a “neutral” rating for the company, increasing its price objective to $23.00 from a previous $22.00. Contrastingly, Weiss Ratings reiterated a “sell (d+)” rating on the same date. On the same day, Wall Street Zen downgraded WillScot from a “hold” rating to a “sell” rating.
Meanwhile, DA Davidson adjusted its price target from $35.00 to $32.00 while maintaining a “buy” rating, and Barclays reduced its target from $22.00 to $18.00, keeping an equal weight rating. Currently, three equities research analysts have issued a Buy rating, five have given a Hold rating, and one has assigned a Sell rating to WillScot. According to data from MarketBeat, the average rating for the company is “Hold,” with a consensus target price of $25.38.
WillScot’s Recent Earnings and Dividend Announcement
WillScot released its latest earnings results on February 19, 2024, reporting earnings of $0.29 per share. This figure fell short of the consensus estimate of $0.33 per share by $0.04. The company posted revenues of $565.97 million for the quarter, surpassing analyst expectations of $545.34 million. Notably, WillScot recorded a positive return on equity of 20.42%, but it also faced a negative net margin of 2.32%. The quarterly revenue reflects a 6.1% decline year-over-year, down from $0.48 earnings per share during the same period last year.
Analysts predict that WillScot will achieve earnings of $1.77 per share for the current fiscal year. In addition to its earnings report, the company declared a quarterly dividend of $0.07 per share, scheduled for payment on March 18, 2024. Shareholders of record on March 4, 2024, will receive this dividend, which translates to an annualized payout of $0.28 and a yield of 1.3%. The ex-dividend date is also March 4, 2024. Currently, WillScot’s dividend payout ratio stands at a negative 93.33%.
Institutional Investment Trends
Recent activity among institutional investors has indicated a growing interest in WillScot. In the fourth quarter, Salomon & Ludwin LLC significantly increased its stake in the company by 117.3%, acquiring an additional 679 shares to reach a total of 1,258 shares valued at approximately $25,000. Similarly, CWM LLC raised its holdings by 37.7%, resulting in ownership of 2,071 shares worth around $39,000 after adding 567 shares.
Another notable increase came from Parallel Advisors LLC, which boosted its position by 149.9%, now holding 2,064 shares valued at $39,000 after purchasing 1,238 additional shares. Danske Bank A/S also entered a new position in WillScot in the third quarter, valued at approximately $44,000. Lastly, Advisors Asset Management Inc. increased its stake by 160.4%, acquiring 1,824 shares to own a total of 2,961 shares worth $56,000.
Overall, institutional investors and hedge funds hold 95.81% of WillScot’s stock, further solidifying the company’s position in the market.
WillScot is recognized as a leading provider of modular space and portable storage solutions across North America. The company specializes in designing, manufacturing, leasing, and selling temporary and permanent modular buildings tailored to various sectors, including education, healthcare, construction, and government. Its product range extends from single-unit office trailers to complex multi-unit configurations, along with a wide array of portable storage containers and related services.
This comprehensive assessment highlights the evolving landscape for WillScot and underscores the significance of analyst ratings and institutional investment in shaping the company’s market trajectory.
