Oshkosh Corporation (NYSE:OSK), a key player in the manufacturing of vehicles and equipment, has announced the expansion of its Board of Directors and the appointment of a new member. On Tuesday, the company disclosed the addition of William J. Burns to its board, effective immediately. This decision, increasing the board size from ten to eleven, was made by the Board of Directors on July 23, 2024.
Mr. Burns, 57, is currently serving as the Chief Executive Officer of Zebra Technologies Corporation, a firm specializing in asset intelligence solutions. With over three decades of technology sector experience, Burns brings a wealth of knowledge to Oshkosh Corp.
His career includes significant roles such as Chief Product and Solutions Officer at Zebra Technologies, CEO of Embrane, Inc., and CEO of Spirent Communications plc. Burns' academic credentials include an MBA from Temple University, a BS in Business Administration from Misericordia University, and an Associate’s Degree in Engineering from Pennsylvania State University.
In line with his board appointment, Burns was awarded shares of Oshkosh Corporation's common stock, prorated from the annual stock award given to non-employee directors. Additionally, he will receive the standard annual retainer for non-employee directors.
Concurrently, Oshkosh Corporation reported amendments to its by-laws to comply with the SEC's universal proxy card requirements. These amendments, effective as of July 23, 2024, revise director nomination procedures and disclosure obligations under the advance notice provisions.
The information is based on a press release statement and the filings with the SEC.
In other recent news, Oshkosh Corporation continues to make noteworthy strides. Citi has initiated coverage on the company's shares with a Buy rating, citing potential for earnings momentum. The firm's optimism is bolstered by promising prospects within Oshkosh's Vocational and Defense segments.
In the Defense sector, Oshkosh secured a $27.3 million order from the U.S. Army for Medium Equipment Trailers, as well as a $108.9 million contract for additional Family of Medium Tactical Vehicles A2 and trailers. Meanwhile, the Vocational segment saw the appointment of Michael Pack as its new president.
BofA Securities and Baird have both increased their price targets for Oshkosh's shares. Despite a forecast of slight declines in the Access segment's sales, the growth in the Vocational and Defense segments is expected to compensate for these dips.
Lastly, Oshkosh announced an agreement to acquire AUSACORP S.L., a manufacturer of construction and material handling vehicles, in a move expected to broaden its product range within the Access segment. These are the recent developments shaping the trajectory of Oshkosh Corporation.
InvestingPro Insights
Oshkosh Corporation's strategic move to expand its Board of Directors with the appointment of William J. Burns aligns with the company's robust financial performance and commitment to growth. InvestingPro data highlights the company's strong market position with a market capitalization of $7.06 billion and a noteworthy revenue growth of 15.45% over the last twelve months as of Q1 2024.
The company's dedication to shareholder returns is evident from its dividend yield of 1.64% and a consistent increase in dividend payments over the past 12 years, which is an essential factor for income-focused investors.
From an investment standpoint, Oshkosh Corporation is trading at an attractive earnings multiple, with a P/E ratio of 9.85, suggesting a potential undervaluation compared to industry peers. Additionally, the company's PEG ratio of 0.07 indicates that its earnings growth is not fully reflected in its current share price, presenting a possible opportunity for value investors.
These financial metrics, combined with the fact that analysts predict the company will be profitable this year, make a compelling case for considering Oshkosh Corporation in investment portfolios.
For those looking to delve deeper into Oshkosh's financial health and future prospects, more InvestingPro Tips are available, including an analysis of the company's moderate level of debt and its profitability over the last twelve months. Subscribers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to a comprehensive list of additional tips and insights to inform their investment decisions.
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