Timothy D. Boswell, President and Chief Financial Officer of WillScot (NASDAQ:WSC) Holdings Corp (NASDAQ:WSC), recently purchased 5,000 shares of the company's common stock. The acquisition took place on November 15, 2024, at a weighted average price of $34.2638 per share, amounting to a total transaction value of approximately $171,319.
Following this purchase, Boswell holds direct ownership of 5,000 shares. Additionally, through an irrevocable trust, he indirectly owns 271,706 shares. The transaction was part of regular market activity and did not involve any equity swaps.
In addition to his non-derivative holdings, Boswell also maintains derivative holdings in the form of restricted stock units and performance stock units, which represent contingent rights to receive shares upon vesting. These include 31,821 restricted stock units and 329,336 performance stock units. Furthermore, Boswell holds stock options for 125,691 shares with an exercise price of $13.60, which are set to expire on March 20, 2028.
Boswell's recent activity reflects continued confidence in the company's prospects, aligning his interests with those of the shareholders.
In other recent news, WillScot Corporation reported a record adjusted EBITDA margin of 44.4% in its Q3 2024 earnings call, despite a minor decline in revenue to $601 million. The company also experienced a 13% year-over-year rise in adjusted free cash flow per share to $3.12. Amid a challenging market, WillScot noted a decrease in storage leasing revenues and a cautious outlook for the year's end. Nevertheless, the corporation remains dedicated to operational optimization and portfolio expansion.
In addition, WillScot anticipates continued margin expansion and modest growth in 2025. The company's leverage is at 3.4 times net debt to adjusted EBITDA, which is within the target range. WillScot has significant liquidity, with $1.7 billion available in their revolver.
The corporation has also increased its share repurchase authorization to $1 billion. As part of its growth strategies, WillScot plans to hold an Investor Day in the first half of 2025. These are among the recent developments for WillScot Corporation.
InvestingPro Insights
Timothy D. Boswell's recent purchase of WillScot Holdings Corp (NASDAQ:WSC) shares aligns with the company's strong financial position and market performance. According to InvestingPro data, WillScot boasts impressive gross profit margins, with a gross profit of $1.31 billion and a gross profit margin of 54.4% over the last twelve months as of Q3 2023. This robust profitability supports the company's ability to generate value for shareholders.
An InvestingPro Tip highlights that management has been aggressively buying back shares, which, coupled with Boswell's recent purchase, suggests a strong belief in the company's intrinsic value. This is particularly noteworthy given that WillScot is currently trading near its 52-week low, potentially indicating an attractive entry point for investors who share management's optimism.
Despite the recent stock price performance, with a year-to-date total return of -20.92%, WillScot maintains a solid market capitalization of $6.51 billion. The company's P/E ratio (adjusted) of 23.69 for the last twelve months suggests that investors are still pricing in growth expectations, albeit at a more moderate level compared to its unadjusted P/E of 265.64.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for WillScot, providing a deeper understanding of the company's financial health and market position.
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