Jeffrey Sagansky, a director at WillScot Holdings Corp (NASDAQ:WSC), has acquired 5,000 shares of the company’s common stock. The transaction, valued at approximately $171,525, was executed at a price of $34.305 per share. This purchase increases Sagansky’s total holdings to 2,429,832 shares.
WillScot Holdings Corp, known for its services in miscellaneous equipment rental and leasing, is headquartered in Phoenix, Arizona. The acquisition reflects Sagansky’s continued investment in the company, which has undergone several name changes in its corporate history, including WillScot Mobile Mini (NASDAQ:) Holdings Corp and Double Eagle Acquisition Corp (NASDAQ:).
In other recent news, WillScot Corporation reported a record adjusted EBITDA margin of 44.4% in its Q3 2024 earnings call, despite a slight decline in revenue to $601 million. The company also achieved a 13% year-over-year increase in adjusted free cash flow per share, reaching $3.12. Amid a challenging market, WillScot noted a decrease in storage leasing revenues and a cautious outlook for the year’s end.
However, the company remains focused on operational optimization and portfolio expansion, with plans for an Investor Day in the first half of 2025 to discuss growth strategies. Despite a decrease in non-residential construction square footage and storage leasing revenues, WillScot’s adjusted EBITDA guidance for 2024 has been revised to a midpoint of $1.60 billion.
These are part of the recent developments in the company. The company’s leverage is at 3.4 times net debt to adjusted EBITDA, within the target range, and it has significant liquidity, with $1.7 billion available in their revolver. WillScot anticipates continued margin expansion and modest growth in 2025, with a share repurchase authorization increased to $1 billion.
InvestingPro Insights
Jeffrey Sagansky’s recent acquisition of WillScot Holdings Corp (NASDAQ:WSC) shares aligns with some interesting insights from InvestingPro. According to InvestingPro Tips, management has been aggressively buying back shares, which could signal confidence in the company’s future prospects. This director’s purchase may be seen as a continuation of this trend, potentially reinforcing investor confidence.
Despite the recent acquisition by Sagansky, it’s worth noting that WSC’s stock has taken a significant hit over the last week, with a 1-week price total return of -12.27%. This recent dip might explain the timing of the director’s purchase, as the stock is currently trading at 65.91% of its 52-week high.
InvestingPro Data shows that WillScot has a market capitalization of $6.33 billion and boasts impressive gross profit margins of 54.4% for the last twelve months as of Q3 2024. This strong profitability metric aligns with another InvestingPro Tip highlighting the company’s impressive gross profit margins.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for WillScot Holdings Corp, providing a deeper understanding of the company’s financial health and market position.
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