Bank of America Corp DE Acquires New Stake in Marten Transport, Ltd. $MRTN

Key Points

• Bank of America acquired 486,041 Marten Transport shares during the second quarter, worth approximately $8.4 million and representing about 0.60% of the company. Institutional investors and hedge funds collectively own 69.12% of MRTN.
• Marten Transport’s latest quarterly results fell slightly short of expectations, with earnings of $0.07 per share and revenue of $223.5 million; revenue declined 2.8% year over year.
• The company declared a quarterly dividend of $0.06 per share, equivalent to a 1.9% yield, while analysts maintain a “Moderate Buy” consensus and an average price target of $16.

Bank of America Corp DE acquired a new stake in Marten Transport, Ltd. (NASDAQ:MRTN - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 486,041 shares of the transportation company's stock, valued at approximately $8,433,000. Bank of America Corp DE owned about 0.60% of Marten Transport as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRTN. Polar Asset Management Partners Inc. bought a new stake in shares of Marten Transport during the 2nd quarter valued at $4,438,000. Jupiter Topco LLC acquired a new stake in shares of Marten Transport in the 2nd quarter valued at approximately $489,000. Hsbc Holdings PLC bought a new position in Marten Transport during the 2nd quarter worth approximately $761,000. PDT Partners LLC bought a new position in Marten Transport during the 2nd quarter worth approximately $817,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Marten Transport in the 2nd quarter valued at $468,000. 69.12% of the stock is currently owned by institutional investors and hedge funds.

Marten Transport Trading Up 0.2%

Shares of MRTN opened at $12.87 on Friday. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 75.71 and a beta of 0.95. Marten Transport, Ltd. has a 12 month low of $9.35 and a 12 month high of $18.48. The firm has a fifty day simple moving average of $14.65 and a 200 day simple moving average of $15.19.

Marten Transport (NASDAQ:MRTN - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The transportation company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.01). Marten Transport had a return on equity of 1.65% and a net margin of 1.47%.The business had revenue of $223.54 million for the quarter, compared to the consensus estimate of $227.10 million. During the same period last year, the firm earned $0.09 earnings per share. The company's quarterly revenue was down 2.8% compared to the same quarter last year. As a group, research analysts predict that Marten Transport, Ltd. will post 0.27 earnings per share for the current fiscal year.

Marten Transport Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Marten Transport's dividend payout ratio is 141.18%.

Analyst Ratings Changes

Several research firms have recently weighed in on MRTN. Stephens cut their price objective on Marten Transport from $18.00 to $16.00 and set an "equal weight" rating on the stock in a report on Friday, July 24th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Marten Transport in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $16.00.

Marten Transport Profile

Marten Transport, Inc is a transportation and logistics company specializing in the movement of temperature-sensitive and other freight. The company provides refrigerated truck-based transportation, including truckload and dedicated services, as well as dry-van transportation for non-refrigerated goods.

In addition to its fleet operations, Marten Transport offers intermodal transportation, freight brokerage, and logistics services. Its refrigerated and dry distribution capabilities support manufacturers, food producers, retailers, and other businesses that require time-sensitive or temperature-controlled delivery.

Founded in 1946, Marten Transport serves customers throughout the United States and also supports transportation activity involving Canada and Mexico.

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