Ryder System (NYSE:R) Updates FY24 Earnings Guidance

Ryder System (NYSE:R) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $11.90-12.40 for the period, compared to the consensus earnings per share estimate of $12.04. The company issued revenue guidance of ~$12.73 billion, compared to the consensus revenue estimate of $13.17 billion. Ryder System also updated its Q3 guidance to $3.30-3.50 EPS.

Wall Street Analyst Weigh In

R has been the subject of a number of research analyst reports. Stephens initiated coverage on Ryder System in a research report on Monday, July 8th. They set an equal weight rating for the company. Vertical Research raised Ryder System from a hold rating to a buy rating and boosted their price target for the stock from $125.00 to $145.00 in a research report on Friday, June 14th. The Goldman Sachs Group boosted their price target on Ryder System from $122.00 to $135.00 and gave the stock a buy rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. reduced their price target on Ryder System from $126.00 to $125.00 and set a neutral rating for the company in a research report on Tuesday, July 9th. Finally, Morgan Stanley assumed coverage on Ryder System in a research report on Monday, June 24th. They issued an overweight rating and a $165.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Ryder System presently has a consensus rating of Moderate Buy and an average price target of $135.71.

Ryder System Trading Down 2.3 %

Shares of NYSE:R opened at $129.87 on Thursday. The business’s 50-day moving average is $123.55 and its 200 day moving average is $118.68. Ryder System has a 1 year low of $90.70 and a 1 year high of $136.41. The firm has a market capitalization of $5.69 billion, a P/E ratio of 16.91 and a beta of 1.29. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.82 and a quick ratio of 0.82.

Ryder System (NYSE:R) last posted its quarterly earnings results on Tuesday, April 23rd. The transportation company reported $2.14 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.43. The business had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.06 billion. Ryder System had a return on equity of 18.38% and a net margin of 2.95%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.81 EPS. On average, research analysts predict that Ryder System will post 12.17 earnings per share for the current fiscal year.

Ryder System Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Monday, August 19th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 2.49%. The ex-dividend date is Monday, August 19th. This is an increase from Ryder System’s previous quarterly dividend of $0.71. Ryder System’s payout ratio is presently 36.98%.

Insider Buying and Selling at Ryder System

In other Ryder System news, SVP Sanford J. Hodes sold 3,360 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $125.59, for a total transaction of $421,982.40. Following the sale, the senior vice president now owns 24,119 shares in the company, valued at approximately $3,029,105.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Sanford J. Hodes sold 3,360 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $125.59, for a total value of $421,982.40. Following the sale, the senior vice president now owns 24,119 shares in the company, valued at $3,029,105.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert E. Sanchez sold 18,303 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $126.20, for a total value of $2,309,838.60. Following the completion of the sale, the chief executive officer now owns 125,969 shares in the company, valued at approximately $15,897,287.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,129 shares of company stock worth $10,598,226. 5.10% of the stock is currently owned by 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.