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.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Morgan Stanley assumed coverage on Ryder System in a research report on Monday, June 24th. They set an overweight rating and a $165.00 target price on the stock. 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 research report on Wednesday, April 24th. Stephens started coverage on Ryder System in a research report on Monday, July 8th. They set an equal weight rating on the stock. Vertical Research upgraded Ryder System from a hold rating to a buy rating and boosted their price target for the company from $125.00 to $145.00 in a research report on Friday, June 14th. Finally, StockNews.com cut Ryder System from a strong-buy rating to a buy rating in a research report on Friday, July 12th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ryder System presently has a consensus rating of Moderate Buy and a consensus target price of $135.71.

Ryder System Price Performance

Shares of NYSE:R opened at $129.87 on Thursday. The business’s fifty day moving average price is $123.55 and its two-hundred day moving average price is $118.68. The stock has a market cap of $5.69 billion, a PE ratio of 16.91 and a beta of 1.29. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.82 and a current ratio of 0.82. Ryder System has a one year low of $90.70 and a one year high of $136.41.

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

Ryder System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Monday, August 19th will be given a $0.81 dividend. This is a positive change from Ryder System’s previous quarterly dividend of $0.71. This represents a $3.24 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, August 19th. Ryder System’s dividend payout ratio (DPR) is 36.98%.

Insider Buying and Selling

In related news, CMO Karen M. Jones sold 6,776 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $120.44, for a total value of $816,101.44. Following the transaction, the chief marketing officer now directly owns 5,666 shares of the company’s stock, valued at approximately $682,413.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CMO Karen M. Jones sold 6,776 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $120.44, for a total transaction of $816,101.44. Following the completion of the sale, the chief marketing officer now directly owns 5,666 shares in the company, valued at $682,413.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Luis P. Nieto, Jr. sold 1,443 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $125.61, for a total value of $181,255.23. Following the sale, the director now owns 28,569 shares of the company’s stock, valued at $3,588,552.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,129 shares of company stock valued at $10,598,226. 5.10% of the stock is currently 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.