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

Dana Incorporated (NYSE:DAN) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. 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 the consensus estimate 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. During the same period in the previous year, the company earned $0.07 EPS. Dana’s quarterly revenue was up 6.4% compared to the same quarter last year.

Dana Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Weiss Ratings lowered Dana from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Dana from $40.00 to $39.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Barclays increased their target price on shares of Dana from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 14th. Royal Bank Of Canada lifted their price target on shares of Dana from $33.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Finally, UBS Group decreased 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 equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $36.67.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Dana in the 2nd quarter valued at approximately $496,741,000. Nykredit A S purchased a new position in Dana during the second quarter worth $84,700,000. JB Capital Partners LP purchased a new position in Dana during the second quarter worth $50,400,893. Bank of New York Mellon Corp purchased a new position in Dana during the second quarter worth $25,571,000. Finally, Bank of America Corp DE acquired a new position in shares of Dana in the second quarter worth $17,276,000. 96.79% of the stock is currently owned by institutional investors and hedge funds.

Dana Stock Down 9.0%

The stock has a fifty day moving average price of $29.31 and a two-hundred day moving average price of $31.13. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 2.47 and a beta of 2.05.

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.