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 (EPS) guidance of $11.90-12.40 for the period, compared to the consensus 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

A number of research analysts have recently commented on the company. Vertical Research raised Ryder System from a hold rating to a buy rating and raised their price target for the company from $125.00 to $145.00 in a report on Friday, June 14th. Morgan Stanley initiated coverage on shares of Ryder System in a research report on Monday, June 24th. They set an overweight rating and a $165.00 price target on the stock. Stephens assumed coverage on shares of Ryder System in a research note on Monday, July 8th. They issued an equal weight rating for the company. JPMorgan Chase & Co. lowered their price objective on shares of Ryder System from $126.00 to $125.00 and set a neutral rating on the stock in a research note on Tuesday, July 9th. Finally, Robert W. Baird upped their target price on Ryder System from $140.00 to $155.00 and gave the stock an outperform rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Ryder System currently has an average rating of Moderate Buy and a consensus target price of $137.86.

Ryder System Price Performance

R stock traded up $0.17 on Friday, hitting $132.17. 301,554 shares of the company’s stock traded hands, compared to its average volume of 293,035. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 17.22 and a beta of 1.29. Ryder System has a 1-year low of $91.31 and a 1-year high of $136.41. The company has a current ratio of 1.13, a quick ratio of 0.82 and a debt-to-equity ratio of 2.45. The stock has a fifty day moving average of $123.82 and a 200-day moving average of $118.91.

Ryder System (NYSE:R) last announced its quarterly earnings data on Thursday, July 25th. The transportation company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.88 by $0.12. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.24 billion. Ryder System had a return on equity of 17.22% and a net margin of 4.06%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.61 EPS. On average, analysts forecast that Ryder System will post 12.15 EPS for the current fiscal year.

Ryder System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Monday, August 19th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend 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%.

Insiders Place Their Bets

In other Ryder System news, CMO Karen M. Jones sold 6,776 shares of Ryder System stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $120.44, for a total transaction of $816,101.44. Following the transaction, the chief marketing officer now directly owns 5,666 shares in the company, valued at approximately $682,413.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Ryder System 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 approximately $682,413.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Luis P. Nieto, Jr. sold 1,443 shares of the company’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 completion of the transaction, the director now owns 28,569 shares in the company, valued at approximately $3,588,552.09. The disclosure for this sale can be found here. Insiders sold a total of 84,129 shares of company stock worth $10,598,226 over the last ninety days. 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.