Ryder System (NYSE:R) Releases Q3 Earnings Guidance

Ryder System (NYSE:R) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $3.30-3.50 for the period, compared to the consensus earnings per share estimate of $3.39. Ryder System also updated its FY24 guidance to $11.90-12.40 EPS.

Analysts Set New Price Targets

Several analysts recently weighed in on R shares. Vertical Research raised Ryder System from a hold rating to a buy rating and lifted their price target for the stock from $125.00 to $145.00 in a report on Friday, June 14th. The Goldman Sachs Group lifted their target price on Ryder System from $122.00 to $135.00 and gave the stock a buy rating in a report on Wednesday, April 24th. Stephens assumed coverage on shares of Ryder System in a research note on Monday, July 8th. They issued an equal weight rating on the stock. StockNews.com cut shares of Ryder System from a strong-buy rating to a buy rating in a research note on Friday, July 12th. Finally, Robert W. Baird increased their target price on shares of Ryder System from $140.00 to $155.00 and gave the stock an outperform rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $137.86.

Ryder System Price Performance

Ryder System stock traded up $0.17 during mid-day trading on Friday, reaching $132.17. The company had a trading volume of 301,552 shares, compared to its average volume of 261,454. The business has a fifty day simple moving average of $123.69 and a 200 day simple moving average of $118.77. The company has a market cap of $5.79 billion, a P/E ratio of 17.31 and a beta of 1.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 2.22. Ryder System has a fifty-two week low of $91.31 and a fifty-two week high of $136.41.

Ryder System (NYSE:R) last posted its earnings results on Thursday, July 25th. The transportation company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.88 by $0.12. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.24 billion. Ryder System had a return on equity of 18.38% and a net margin of 2.95%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the company earned $3.61 earnings per share. On average, equities research analysts predict that Ryder System will post 12.17 earnings per share for the current year.

Ryder System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Monday, August 19th will be given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, August 19th. This is a positive change from Ryder System’s previous quarterly dividend of $0.71. Ryder System’s payout ratio is 36.98%.

Insider Buying and Selling

In other news, SVP Sanford J. Hodes sold 3,360 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $125.59, for a total value of $421,982.40. Following the sale, the senior vice president now directly owns 24,119 shares of the company’s stock, valued at approximately $3,029,105.21. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Ryder System news, CMO Karen M. Jones sold 6,776 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $120.44, for a total transaction of $816,101.44. Following the transaction, the chief marketing officer now directly owns 5,666 shares in the company, valued at approximately $682,413.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Sanford J. Hodes sold 3,360 shares of Ryder System stock in a transaction on Monday, May 6th. The shares were sold at an average price of $125.59, for a total transaction of $421,982.40. Following the completion of the sale, the senior vice president now owns 24,119 shares of the company’s stock, valued at approximately $3,029,105.21. The disclosure for this sale can be found here. Insiders have sold a total of 84,129 shares of company stock valued at $10,598,226 over the last ninety days. 5.10% of the stock is owned by company insiders.

About Ryder System

Ryder System, Inc operates as a logistics and transportation company worldwide. It operates through three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). The FMS segment offers full-service leasing and leasing with flexible maintenance options; commercial vehicle rental services; and contract or transactional maintenance services of trucks, tractors, and trailers; access to diesel fuel; and fuel planning and tax reporting, cards, and monitoring services, and centralized billing, as well as sells used vehicles through its retail sales centers and www.ryder.com/used-trucks website, as well as digital and technology support services.