Shares of WillScot Holdings Corporation (NASDAQ:WSC) received a consensus recommendation of “Hold” from ten brokerages currently covering the company, according to Marketbeat Ratings. The average 12-month price target set by these analysts is $30.89, reflecting a mix of opinions on the company’s future performance. Notably, one analyst has issued a sell rating, five have recommended holding the stock, and four have given it a buy rating.
Several analysts recently revised their price targets for WillScot. Jefferies Financial Group adjusted its target price from $32.00 to $23.00, maintaining a “hold” rating in a note released on September 29, 2023. Similarly, Barclays decreased its target from $34.00 to $22.00 and rated the stock as “equal weight” on September 24, 2023. In a separate note, Robert W. Baird lowered its target from $29.00 to $25.00, giving the stock a “neutral” rating on October 20, 2023. Meanwhile, Citigroup initiated coverage with a “buy” rating and a price target of $28.00 on the same date.
WillScot’s stock experienced a slight increase of 1.3% following the announcement of its latest earnings results on July 31, 2023. The company reported earnings per share (EPS) of $0.27, falling short of analysts’ expectations of $0.36 by $0.09. Revenue for the quarter reached $589.08 million, slightly exceeding the consensus estimate of $587.07 million. WillScot’s year-over-year revenue declined by 2.6%, with the same quarter last year showing EPS of $0.39.
The company has provided guidance for fiscal year 2025, projecting an EPS of $1.77 for the current year.
Dividend Announcement and Insider Activity
In addition to its earnings report, WillScot announced a quarterly dividend of $0.07 per share, which was paid on September 17, 2023. The dividend payout ratio stands at 46.67%, and the annualized yield is 1.2%. Investors of record on September 3, 2023 were eligible for this dividend.
In related insider activity, Hezron T. Lopez, Executive Vice President, sold 22,000 shares of WillScot stock on August 19, 2023, at an average price of $24.63, totaling approximately $541,860. Following this transaction, Lopez’s holdings decreased by 28.93%. Conversely, Bradley Lee Soultz, the CEO, acquired 2,000 shares at an average cost of $24.85 on August 5, 2023, increasing his total holdings to 418,376 shares, valued at around $10,396,643.60.
Institutional Investment Trends
Recent trends indicate significant institutional interest in WillScot. Hedge funds have been active in adjusting their stakes, with Baillie Gifford & Co. acquiring a new position valued at approximately $145.39 million in the first quarter of 2023. Norges Bank also purchased a new stake during the second quarter worth about $125.13 million. Additionally, Vanguard Group Inc. increased its position by 11.7%, now holding 18,338,511 shares valued at approximately $509.81 million.
Overall, institutional investors currently hold 95.81% of WillScot’s stock, indicating strong confidence in the company’s long-term prospects.
WillScot Holdings Corporation specializes in providing workspace and portable storage solutions across the United States, Canada, and Mexico. It operates in two primary segments: Modular Solutions and Storage Solutions. Modular Solutions include various office types and modular space units, while Storage Solutions encompass portable storage containers and trailers.
