MetLife Investment Management LLC trimmed its holdings in Ryder System, Inc. (NYSE:R – Get Rating) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,841 shares of the transportation company’s stock after selling 378 shares during the quarter. MetLife Investment Management LLC owned approximately 0.07% of Ryder System worth $2,479,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. boosted its stake in Ryder System by 3.1% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 32,389 shares of the transportation company’s stock worth $2,445,000 after purchasing an additional 968 shares during the period. Envestnet Asset Management Inc. boosted its stake in Ryder System by 3.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 59,859 shares of the transportation company’s stock worth $4,519,000 after purchasing an additional 1,797 shares during the period. King Luther Capital Management Corp bought a new position in Ryder System in the 3rd quarter worth approximately $207,000. Cobalt Capital Management Inc. bought a new position in Ryder System in the 3rd quarter worth approximately $377,000. Finally, WINTON GROUP Ltd boosted its stake in Ryder System by 42.6% in the 3rd quarter. WINTON GROUP Ltd now owns 33,141 shares of the transportation company’s stock worth $2,502,000 after purchasing an additional 9,905 shares during the period. 83.69% of the stock is currently owned by institutional investors.
Insider Activity at Ryder System
In other Ryder System news, EVP Rajeev Ravindran sold 2,640 shares of the stock in a transaction on Monday, November 28th. The stock was sold at an average price of $93.56, for a total value of $246,998.40. Following the sale, the executive vice president now owns 10,220 shares in the company, valued at $956,183.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Ryder System news, EVP Rajeev Ravindran sold 2,640 shares of the stock in a transaction on Monday, November 28th. The stock was sold at an average price of $93.56, for a total value of $246,998.40. Following the sale, the executive vice president now owns 10,220 shares in the company, valued at $956,183.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John S. Sensing sold 14,149 shares of the stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $92.86, for a total value of $1,313,876.14. Following the completion of the sale, the insider now owns 45,343 shares in the company, valued at approximately $4,210,550.98. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by insiders.
Ryder System Stock Performance
Ryder System (NYSE:R – Get Rating) last released its quarterly earnings results on Wednesday, February 15th. The transportation company reported $3.89 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.29. Ryder System had a return on equity of 29.16% and a net margin of 7.22%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3 billion. During the same quarter in the prior year, the firm posted $3.52 EPS. Ryder System’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Ryder System, Inc. will post 11.59 earnings per share for the current year.
Ryder System declared that its board has initiated a share repurchase program on Wednesday, February 15th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
Ryder System Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 17th. Investors of record on Tuesday, February 21st will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, February 17th. This represents a $2.48 annualized dividend and a yield of 2.57%. Ryder System’s payout ratio is presently 14.55%.
Wall Street Analysts Forecast Growth
R has been the subject of several recent analyst reports. Wolfe Research upgraded Ryder System from a “peer perform” rating to an “outperform” rating and set a $100.00 price target for the company in a research note on Tuesday, January 10th. Robert W. Baird upped their price objective on Ryder System from $93.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Stephens upped their price objective on Ryder System from $91.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, February 16th. Wells Fargo & Company upped their price objective on Ryder System from $81.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, February 16th. Finally, StockNews.com cut Ryder System from a “strong-buy” rating to a “buy” rating in a report on Friday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Ryder System currently has an average rating of “Hold” and an average price target of $95.17.
About Ryder System
Ryder System, Inc operates as a logistics and transportation company. It provides supply chain, dedicated transportation and fleet management solutions. The company operates through three business segments: Fleet Management Solutions, Supply Chain Solutions and Dedicated Transportation Solutions. The Fleet Management Solutions segment provides full service leasing and leasing with flexible maintenance options, commercial rental and maintenance services of trucks, tractors and trailers.
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