Bank of Nova Scotia Makes New Investment in Saia, Inc. $SAIA

Key Points

• Bank of Nova Scotia purchased 11,512 Saia shares during the second quarter, valued at approximately $4.85 million. Other major investors, including BlackRock, Viking Global Investors and Invesco, also increased their positions.
• Saia reported quarterly EPS of $3.51, beating estimates of $3.38, while revenue rose 17.1% year over year to $956.49 million. Analysts expect full-year EPS of $11.44.
• SAIA opened at $343.92, below its 50-day and 200-day moving averages, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $449.67.

Bank of Nova Scotia purchased a new stake in Saia, Inc. (NASDAQ:SAIA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,512 shares of the transportation company's stock, valued at approximately $4,848,000.

Several other large investors have also modified their holdings of SAIA. BlackRock Inc. lifted its stake in Saia by 6.6% during the second quarter. BlackRock Inc. now owns 2,545,731 shares of the transportation company's stock worth $1,072,160,000 after purchasing an additional 156,628 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Saia by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,798,841 shares of the transportation company's stock valued at $587,358,000 after buying an additional 43,690 shares in the last quarter. Viking Global Investors LP raised its holdings in shares of Saia by 67.2% in the 3rd quarter. Viking Global Investors LP now owns 1,383,888 shares of the transportation company's stock valued at $414,281,000 after buying an additional 556,229 shares during the period. Invesco Ltd. lifted its stake in Saia by 31.7% during the 4th quarter. Invesco Ltd. now owns 923,912 shares of the transportation company's stock worth $301,676,000 after acquiring an additional 222,494 shares in the last quarter. Finally, Wasatch Advisors LP lifted its stake in Saia by 25.3% during the 2nd quarter. Wasatch Advisors LP now owns 825,687 shares of the transportation company's stock worth $226,230,000 after acquiring an additional 166,486 shares in the last quarter.

Saia Stock Down 1.6%

SAIA stock opened at $343.92 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.04. Saia, Inc. has a twelve month low of $249.32 and a twelve month high of $494.71. The company's 50 day moving average is $401.00 and its two-hundred day moving average is $407.01. The stock has a market cap of $9.17 billion, a P/E ratio of 33.20, a PEG ratio of 1.58 and a beta of 2.14.

Saia (NASDAQ:SAIA - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $956.49 million during the quarter, compared to the consensus estimate of $956.20 million. Saia had a net margin of 8.19% and a return on equity of 10.21%. Saia's revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.67 earnings per share. Research analysts expect that Saia, Inc. will post 11.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SAIA. Evercore raised shares of Saia from an "in-line" rating to an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of Saia in a report on Monday, August 3rd. Wall Street Zen upgraded shares of Saia from a "sell" rating to a "hold" rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price target on shares of Saia from $490.00 to $498.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, TD Cowen dropped their price target on shares of Saia from $445.00 to $400.00 and set a "hold" rating for the company in a research note on Friday, July 31st. Thirteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Saia has an average rating of "Moderate Buy" and a consensus target price of $449.67.

Saia 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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