Zacks Investment Research upgraded shares of Ryder System (NYSE:R) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Shares of Ryder have outperformed the industry it belongs to in the last six months. The stock gained 18.2%, whille the industry appreciated 12.6%. We are encouraged by the company's efforts to reward its shareholders through dividend payments. In 2017, Ryder System hiked its quarterly cash dividend by 2 cents to 46 cents per share. The company's efforts to grow its lease fleet pleases us. Its strong customer base is also a positive. However, a weak rental demand market has been hurting the company for quite some time. The company's high debt levels ansd escalating operating expenses are concerning as well. The company expects fourth quarter 2017 adjusted earnings per share in the band of $1.31 to $1.41, much below the fourth quarter 2016 figure. Moreover, earnings per share for full-year 2017 are expected to contract 16.8% on a year-over-year basis due to the headwinds.”
A number of other equities analysts also recently issued reports on R. Buckingham Research increased their price objective on shares of Ryder System from $92.00 to $93.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Aegis reiterated a buy rating and set a $91.00 price objective (up from $84.00) on shares of Ryder System in a research note on Tuesday, October 10th. ValuEngine downgraded shares of Ryder System from a buy rating to a hold rating in a research note on Monday, October 2nd. JPMorgan Chase & Co. increased their price objective on shares of Ryder System from $69.00 to $82.00 and gave the company a neutral rating in a research note on Thursday, October 12th. Finally, Robert W. Baird reiterated an outperform rating and set a $98.00 price objective (up from $84.00) on shares of Ryder System in a research note on Monday, October 2nd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $85.00.
Shares of Ryder System (R) traded up $0.51 during mid-day trading on Tuesday, reaching $89.82. 351,178 shares of the company’s stock were exchanged, compared to its average volume of 478,607. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.02 and a quick ratio of 0.96. The company has a market cap of $4,760.00, a P/E ratio of 24.21, a P/E/G ratio of 1.10 and a beta of 1.51. Ryder System has a twelve month low of $62.52 and a twelve month high of $90.00.
Ryder System (NYSE:R) last issued its earnings results on Tuesday, October 24th. The transportation company reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.04. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ryder System had a net margin of 3.19% and a return on equity of 11.00%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.67 EPS. analysts expect that Ryder System will post 4.51 earnings per share for the current fiscal year.
Ryder System announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 14th that permits the company to repurchase 1,500,000 shares. This repurchase authorization permits the transportation company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Ryder System news, insider Dennis C. Cooke sold 32,328 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $81.46, for a total value of $2,633,438.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Karen M. Jones sold 4,790 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $81.78, for a total transaction of $391,726.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 63,633 shares of company stock valued at $5,174,795. 1.95% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of R. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ryder System by 8.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,953 shares of the transportation company’s stock worth $141,000 after buying an additional 156 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Ryder System by 4.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 6,099 shares of the transportation company’s stock worth $439,000 after buying an additional 282 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Ryder System by 173.4% in the second quarter. Principal Financial Group Inc. now owns 226,288 shares of the transportation company’s stock worth $16,288,000 after buying an additional 143,515 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Ryder System in the second quarter worth $245,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Ryder System by 238.3% in the second quarter. JPMorgan Chase & Co. now owns 207,424 shares of the transportation company’s stock worth $14,929,000 after buying an additional 146,118 shares during the last quarter. 89.35% of the stock is owned by institutional investors and hedge funds.
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About Ryder System
Ryder System, Inc is engaged in offering transportation and supply chain management solutions. The Company operates through three segments: Fleet Management Solutions (FMS), which provides leasing, commercial rental, contract maintenance, and contract-related maintenance of trucks, tractors and trailers to customers principally in the United States, Canada and the United Kingdom; Dedicated Transportation Solutions (DTS), which provides vehicles and drivers as part of a dedicated transportation solution in the United States, and Supply Chain Solutions (SCS), which provides supply chain solutions, including distribution and transportation services in North America and Asia.
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