Bank of New York Mellon Corp Sells 7,805 Shares of Saia, Inc. $SAIA

Key Points

• Bank of New York Mellon reduced its Saia stake by 4.5% in the second quarter, selling 7,805 shares and retaining 163,785 shares valued at approximately $68.98 million.
• Institutional sentiment was mixed, with several funds increasing their positions or initiating new stakes. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $449.67, despite several recent target reductions.
• Saia reported quarterly EPS of $3.51, exceeding estimates of $3.38, while revenue rose 17.1% year over year to $956.49 million. The stock opened at $343.92, well below its 52-week high of $494.71.

Bank of New York Mellon Corp decreased its position in shares of Saia, Inc. (NASDAQ:SAIA - Free Report) by 4.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 163,785 shares of the transportation company's stock after selling 7,805 shares during the quarter. Bank of New York Mellon Corp owned 0.61% of Saia worth $68,980,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. State of Wyoming boosted its stake in Saia by 80.3% during the 2nd quarter. State of Wyoming now owns 1,060 shares of the transportation company's stock valued at $446,000 after purchasing an additional 472 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Saia during the second quarter valued at $904,000. Montag A & Associates Inc. boosted its position in shares of Saia by 34.6% during the second quarter. Montag A & Associates Inc. now owns 5,763 shares of the transportation company's stock valued at $2,427,000 after buying an additional 1,480 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Saia in the 2nd quarter worth about $27,000. Finally, Principal Financial Group Inc. increased its holdings in Saia by 1.8% in the 2nd quarter. Principal Financial Group Inc. now owns 60,548 shares of the transportation company's stock worth $25,500,000 after buying an additional 1,052 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have recently weighed in on SAIA. TD Cowen lowered their price target on Saia from $445.00 to $400.00 and set a "hold" rating on the stock in a report on Friday, July 31st. UBS Group cut their price objective on Saia from $527.00 to $504.00 and set a "buy" rating for the company in a report on Friday, July 31st. Barclays reduced their price objective on Saia from $500.00 to $475.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Raymond James Financial dropped their target price on Saia from $477.00 to $475.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Saia in a research note on Monday, August 3rd. Thirteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $449.67.

Saia Price Performance

NASDAQ SAIA opened at $343.92 on Wednesday. The company has a market capitalization of $9.17 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 1.58 and a beta of 2.14. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.58 and a current ratio of 1.58. The business's fifty day moving average is $401.00 and its 200 day moving average is $407.01. Saia, Inc. has a fifty-two week low of $249.32 and a fifty-two week high of $494.71.

Saia (NASDAQ:SAIA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The transportation company reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.38 by $0.13. Saia had a return on equity of 10.21% and a net margin of 8.19%.The business had revenue of $956.49 million during the quarter, compared to analyst estimates of $956.20 million. During the same quarter in the previous year, the company posted $2.67 earnings per share. Saia's revenue for the quarter was up 17.1% on a year-over-year basis. Sell-side analysts predict that Saia, Inc. will post 11.44 earnings per share for the current year.

Saia Company Profile

Saia, Inc is a publicly traded transportation company specializing in less-than-truckload (LTL) freight services across North America. Headquartered in Johns Creek, Georgia, the company focuses on the efficient movement of time-sensitive freight for a diverse customer base that spans retail, manufacturing, automotive, and healthcare industries. By leveraging a network of terminals and service centers, Saia provides tailored solutions designed to optimize supply chain performance.

The company's core offerings include regional, interregional, and national LTL shipping, supported by volumetric LTL and port intermodal services.

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