REV Group (NYSE:REVG) Shares Down 6.5% - Here's What Happened

REV Group, Inc. (NYSE:REVG - Get Free Report) dropped 6.5% during mid-day trading on Wednesday . The stock traded as low as $28.75 and last traded at $29.74. Approximately 192,482 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 686,464 shares. The stock had previously closed at $31.81.

Wall Street Analyst Weigh In

Separately, Morgan Stanley downgraded shares of REV Group from an "equal weight" rating to an "underweight" rating and set a $33.00 price objective on the stock. in a report on Wednesday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, REV Group presently has a consensus rating of "Hold" and a consensus target price of $34.63.

REV Group Price Performance

The company has a current ratio of 1.72, a quick ratio of 0.43 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average of $31.16 and a 200 day moving average of $31.04. The firm has a market capitalization of $1.54 billion, a PE ratio of 6.63 and a beta of 1.22.

REV Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Friday, March 28th. REV Group's payout ratio is currently 13.48%.

Hedge Funds Weigh In On REV Group

Hedge funds have recently modified their holdings of the company. FMR LLC raised its stake in shares of REV Group by 26.7% during the 4th quarter. FMR LLC now owns 7,819,739 shares of the company's stock worth $249,215,000 after purchasing an additional 1,646,293 shares during the period. Invesco Ltd. raised its position in REV Group by 43.4% in the fourth quarter. Invesco Ltd. now owns 1,731,557 shares of the company's stock worth $55,185,000 after acquiring an additional 524,369 shares during the period. Point72 Asset Management L.P. bought a new position in shares of REV Group during the 4th quarter valued at approximately $9,749,000. SG Capital Management LLC purchased a new stake in shares of REV Group during the 4th quarter worth approximately $8,203,000. Finally, Geode Capital Management LLC lifted its holdings in REV Group by 15.4% during the third quarter. Geode Capital Management LLC now owns 1,304,865 shares of the company's stock valued at $36,621,000 after purchasing an additional 173,759 shares during the last quarter.

REV Group Company Profile

REV Group, Inc, together with its subsidiaries, designs, manufactures, and distributes specialty vehicles, and related aftermarket parts and services in the United States, Canada, and internationally. It operates through three segments: Fire & Emergency, Commercial, and Recreation. The Fire & Emergency segment provides fire apparatus equipment under the Emergency One, Kovatch Mobile Equipment, Ferrara, Spartan Emergency Response, Smeal, Spartan Fire Chassis, and Ladder Tower brand names; and ambulances under the American Emergency Vehicles, Horton Emergency Vehicles, Leader Emergency Vehicles, Road Rescue, and Wheeled Coach brand names.