Dana (NYSE:DAN) Shares Gap Down After Earnings Miss

Dana Incorporated (NYSE:DAN)’s share price gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $27.20, but opened at $26.05. Dana shares last traded at $24.8410, with a volume of 152,495 shares changing hands.

The auto parts company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.28). The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.97 billion. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS.

Dana Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 6th. Dana’s payout ratio is currently 4.78%.

Analyst Ratings Changes

DAN has been the topic of several recent analyst reports. Royal Bank Of Canada upped their price objective on shares of Dana from $33.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Zacks Research cut shares of Dana from a “hold” rating to a “strong sell” rating in a research note on Friday, October 16th. Weiss Ratings downgraded Dana from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Wells Fargo & Company cut their price target on Dana from $33.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, August 7th. Finally, UBS Group reduced their price target on Dana from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $36.67.

Institutional Investors Weigh In On Dana

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Dana in the second quarter worth approximately $496,741,000. Nykredit A S acquired a new position in Dana during the second quarter worth approximately $84,700,000. JB Capital Partners LP acquired a new position in Dana during the second quarter worth approximately $50,400,893. Bank of New York Mellon Corp purchased a new position in Dana during the second quarter worth approximately $25,571,000. Finally, Bank of America Corp DE purchased a new position in Dana during the second quarter worth approximately $17,276,000. 96.79% of the stock is owned by institutional investors and hedge funds.

Dana Stock Down 9.0%

The company has a market cap of $2.47 billion, a PE ratio of 2.47 and a beta of 2.05. The stock’s 50 day simple moving average is $29.31 and its two-hundred day simple moving average is $31.13.

Dana Company Profile

Dana Incorporated (NYSE: DAN) is a global supplier of drivetrain, motion, and thermal-management technologies for the automotive, commercial-vehicle, and off-highway industries. The company develops systems that help vehicles transmit power, manage heat, and operate efficiently across conventional, hybrid, and electric powertrains.

Dana’s products include axles, driveshafts, gearboxes, transmissions, sealing solutions, thermal-management systems, and components for electrified propulsion.