Zacks Investment Research upgraded shares of Navistar International Corporation (NYSE:NAV) from a strong sell rating to a hold rating in a research report sent to investors on Monday.
According to Zacks, “Navistar has outperformed the industry it belongs to over the past three months. The company is focusing on the launch of new products and is making strategic alliances with other companies like Volkwagen, which is expected to increase scale and competitiveness. It is also positioned to benefit from cost-saving initiatives like engine restructuring and reductions in discretionary spending. However, the prevailing economic uncertainties in Brazil and increase in costs, primarily due to changes in fuel emission standards, are some palpable concerns for Navistar. Moreover, it has projected a decline in Class 6–8 retail sale in the U.S. and Canada, which is expected to have a negative influence in the Truck segment’s revenue.”
A number of other research firms have also weighed in on NAV. UBS AG reaffirmed a neutral rating and set a $31.00 price target (up from $29.00) on shares of Navistar International Corporation in a report on Sunday, June 11th. Royal Bank Of Canada reaffirmed a hold rating and set a $28.00 price target on shares of Navistar International Corporation in a report on Tuesday, May 9th. BidaskClub raised shares of Navistar International Corporation from a hold rating to a buy rating in a report on Saturday, August 5th. Jefferies Group LLC reaffirmed a buy rating and set a $35.00 price target on shares of Navistar International Corporation in a report on Friday, July 21st. Finally, Robert W. Baird raised shares of Navistar International Corporation from a neutral rating to an outperform rating and raised their price target for the company from $32.00 to $33.00 in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $27.29.
Shares of Navistar International Corporation (NAV) opened at 30.90 on Monday. The stock’s market cap is $3.03 billion. Navistar International Corporation has a one year low of $13.30 and a one year high of $33.46. The stock’s 50 day moving average price is $29.92 and its 200 day moving average price is $27.34.
Navistar International Corporation (NYSE:NAV) last released its quarterly earnings results on Wednesday, June 7th. The company reported ($0.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by $0.65. The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.08 billion. The company’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. Analysts forecast that Navistar International Corporation will post ($0.79) earnings per share for the current year.
In other Navistar International Corporation news, major shareholder Truck & Bus Gmbh Volkswagen purchased 25,367 shares of Navistar International Corporation stock in a transaction dated Monday, August 21st. The shares were bought at an average cost of $29.90 per share, for a total transaction of $758,473.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders bought 499,781 shares of company stock worth $14,693,815. Insiders own 21.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. First Trust Advisors LP increased its position in Navistar International Corporation by 44.6% in the first quarter. First Trust Advisors LP now owns 268,537 shares of the company’s stock worth $6,611,000 after buying an additional 82,866 shares during the last quarter. Suffolk Capital Management LLC acquired a new position in Navistar International Corporation during the first quarter worth about $1,406,000. Strs Ohio acquired a new position in Navistar International Corporation during the first quarter worth about $901,000. Quantitative Investment Management LLC acquired a new position in Navistar International Corporation during the first quarter worth about $3,111,000. Finally, Russell Investments Group Ltd. increased its position in Navistar International Corporation by 99.4% in the first quarter. Russell Investments Group Ltd. now owns 132,967 shares of the company’s stock worth $3,274,000 after buying an additional 66,267 shares during the last quarter. Institutional investors own 82.37% of the company’s stock.
About Navistar International Corporation
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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