Ryder System (NYSE:R) Shares Gap Up on Earnings Beat

Ryder System, Inc. (NYSE:R) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $240.31, but opened at $250.82. Ryder System shares last traded at $259.8650, with a volume of 49,936 shares traded.

The transportation company reported $4.33 earnings per share for the quarter, topping analysts’ consensus estimates of $4.15 by $0.18. Ryder System had a net margin of 3.88% and a return on equity of 18.28%. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the company earned $3.57 earnings per share. The business’s revenue was up 8.3% compared to the same quarter last year.

Ryder System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Monday, November 23rd will be given a $1.01 dividend. This represents a $4.04 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, November 23rd. Ryder System’s dividend payout ratio is 32.87%.

Wall Street Analysts Forecast Growth

R has been the topic of a number of recent research reports. Stephens raised Ryder System to a “strong-buy” rating in a report on Wednesday, July 8th. JPMorgan Chase & Co. raised shares of Ryder System from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $296.00 to $298.00 in a report on Monday, October 5th. Susquehanna cut their price target on Ryder System from $310.00 to $280.00 and set a “positive” rating for the company in a report on Friday, October 2nd. Citigroup raised Ryder System from a “neutral” rating to a “buy” rating and upped their price target for the company from $283.00 to $285.00 in a research note on Thursday, October 8th. Finally, Janney Montgomery Scott set a $285.00 target price on shares of Ryder System in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $284.12.

Institutional Trading of Ryder System

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Ryder System during the second quarter valued at approximately $1,060,749,000. Bank of America Corp DE bought a new position in Ryder System in the second quarter valued at approximately $207,689,000. Bank of New York Mellon Corp bought a new position in Ryder System in the second quarter valued at approximately $136,320,000. First Trust Advisors LP increased its position in shares of Ryder System by 81.5% during the 1st quarter. First Trust Advisors LP now owns 1,010,320 shares of the transportation company’s stock worth $206,822,000 after purchasing an additional 453,697 shares during the last quarter. Finally, NewEdge Wealth LLC acquired a new position in shares of Ryder System during the 2nd quarter worth approximately $74,531,000. Institutional investors and hedge funds own 87.47% of the company’s stock.

Ryder System Trading Up 8.1%

The company has a market cap of $9.96 billion, a P/E ratio of 21.12 and a beta of 1.05. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.91. The business has a 50 day moving average price of $242.27 and a 200-day moving average price of $248.67.

Ryder System Company Profile

Ryder System, Inc is a transportation and logistics company that provides fleet management, supply chain and dedicated transportation services. Founded in 1933 by James Ryder and headquartered in Miami, Florida, the company serves businesses that rely on commercial vehicles, transportation networks and logistics infrastructure.

Through its Fleet Management Solutions business, Ryder offers full-service leasing, commercial vehicle rental, maintenance, fleet support and related services for trucks, tractors, trailers and other vehicles.