Bank of New York Mellon Corp Grows Stake in Ryder System, Inc. (NYSE:R)

Posted by Defense World Staff on Mar 10th, 2023

Bank of New York Mellon Corp increased its holdings in shares of Ryder System, Inc. (NYSE:R – Get Rating) by 13.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 823,377 shares of the transportation company’s stock after purchasing an additional 99,943 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.64% of Ryder System worth $62,156,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Nomura Holdings Inc. acquired a new stake in shares of Ryder System in the 2nd quarter valued at about $44,623,000. Vanguard Group Inc. boosted its holdings in shares of Ryder System by 7.9% in the first quarter. Vanguard Group Inc. now owns 5,735,585 shares of the transportation company’s stock valued at $455,004,000 after acquiring an additional 421,132 shares during the period. Prudential Financial Inc. grew its position in shares of Ryder System by 295.2% during the third quarter. Prudential Financial Inc. now owns 365,742 shares of the transportation company’s stock worth $27,607,000 after acquiring an additional 273,193 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Ryder System by 85.8% in the 2nd quarter. Millennium Management LLC now owns 381,365 shares of the transportation company’s stock valued at $27,100,000 after acquiring an additional 176,091 shares during the period. Finally, Sei Investments Co. raised its position in Ryder System by 23.6% in the 2nd quarter. Sei Investments Co. now owns 695,450 shares of the transportation company’s stock valued at $49,485,000 after purchasing an additional 132,707 shares during the last quarter. 83.69% of the stock is currently owned by hedge funds and other institutional investors.

Ryder System Stock Down 2.2 %

R opened at $93.61 on Friday. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.66 and a quick ratio of 0.64. Ryder System, Inc. has a 12 month low of $61.71 and a 12 month high of $102.36. The stock has a market capitalization of $4.33 billion, a P/E ratio of 5.49 and a beta of 1.58. The business has a 50 day simple moving average of $93.72 and a 200-day simple moving average of $85.68.

Ryder System (NYSE:R – Get Rating) last released its earnings results on Wednesday, February 15th. The transportation company reported $3.89 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3 billion. During the same quarter last year, the company earned $3.52 earnings per share. Ryder System’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities analysts anticipate that Ryder System, Inc. will post 11.95 earnings per share for the current fiscal year.

Ryder System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 17th. Shareholders of record on Tuesday, February 21st will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, February 17th. This represents a $2.48 dividend on an annualized basis and a yield of 2.65%. Ryder System’s dividend payout ratio (DPR) is presently 14.55%.

Ryder System announced that its board has approved a share buyback program on Wednesday, February 15th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the transportation company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

R has been the topic of a number of recent research reports. Robert W. Baird lifted their price objective on shares of Ryder System from $93.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. StockNews.com raised Ryder System from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 4th. Stephens increased their price objective on Ryder System from $91.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 16th. Wells Fargo & Company upped their price target on Ryder System from $81.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 16th. Finally, Wolfe Research upgraded shares of Ryder System from a “peer perform” rating to an “outperform” rating and set a $100.00 price objective on the stock in a research report on Tuesday, January 10th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Ryder System currently has an average rating of “Moderate Buy” and an average target price of $95.17.

Ryder System Company Profile

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Ryder System, Inc is a logistics and transportation company, which engages in providing supply chain, dedicated transportation, and fleet management solutions. It operates through the following business segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS).