NewEdge Wealth LLC Acquires 27,608 Shares of Ryder System, Inc. $R

Key Points

• NewEdge Wealth LLC increased its stake in Ryder System by 11% in the first quarter, buying 27,608 additional shares and bringing its total holdings to 277,942 shares worth about $56.9 million.
• Institutional ownership remains very high, with 87.47% of Ryder’s stock held by institutional investors; several other funds also recently increased or initiated positions.
• Ryder reported earnings and raised its dividend: quarterly EPS beat estimates at $2.54, and the company boosted its quarterly dividend to $1.01 per share from $0.91, implying a 1.5% yield.

NewEdge Wealth LLC boosted its holdings in Ryder System, Inc. (NYSE:R - Free Report) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 277,942 shares of the transportation company's stock after purchasing an additional 27,608 shares during the period. NewEdge Wealth LLC owned approximately 0.72% of Ryder System worth $56,898,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of R. Norges Bank bought a new stake in Ryder System in the fourth quarter valued at approximately $111,168,000. JPMorgan Chase & Co. grew its holdings in shares of Ryder System by 326.8% in the fourth quarter. JPMorgan Chase & Co. now owns 705,037 shares of the transportation company's stock worth $134,937,000 after purchasing an additional 539,854 shares during the last quarter. Orbis Allan Gray Ltd grew its holdings in shares of Ryder System by 107.3% in the fourth quarter. Orbis Allan Gray Ltd now owns 974,620 shares of the transportation company's stock worth $186,533,000 after purchasing an additional 504,404 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Ryder System by 81.5% in the first quarter. First Trust Advisors LP now owns 1,010,320 shares of the transportation company's stock worth $206,822,000 after buying an additional 453,697 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Ryder System by 53.3% in the third quarter. AQR Capital Management LLC now owns 720,108 shares of the transportation company's stock worth $134,855,000 after buying an additional 250,432 shares during the period. 87.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Zacks Research lowered Ryder System from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Ryder System from $203.00 to $250.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Morgan Stanley lifted their target price on shares of Ryder System from $263.00 to $280.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Citigroup lowered Ryder System from a "neutral" rating to a "hold" rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company increased their price objective on shares of Ryder System from $260.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $265.00.

Ryder System Price Performance

R opened at $276.85 on Thursday. The company's 50-day simple moving average is $260.83 and its two-hundred day simple moving average is $228.21. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $10.71 billion, a P/E ratio of 23.01 and a beta of 1.01. Ryder System, Inc. has a 52-week low of $157.67 and a 52-week high of $284.25.

Ryder System (NYSE:R - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The transportation company reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $2.29 by $0.25. Ryder System had a net margin of 3.91% and a return on equity of 17.75%. The firm had revenue of $2.57 billion during the quarter, compared to analyst estimates of $3.11 billion. During the same period in the previous year, the business posted $2.46 earnings per share. The business's revenue for the quarter was down .2% on a year-over-year basis. As a group, analysts predict that Ryder System, Inc. will post 14.73 EPS for the current year.

Ryder System Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Monday, August 24th will be paid a dividend of $1.01 per share. The ex-dividend date is Monday, August 24th. This represents a $4.04 annualized dividend and a dividend yield of 1.5%. This is a boost from Ryder System's previous quarterly dividend of $0.91. Ryder System's dividend payout ratio is 30.26%.

Insiders Place Their Bets

In other news, SVP Sanford J. Hodes sold 595 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $251.95, for a total value of $149,910.25. Following the completion of the sale, the senior vice president directly owned 22,948 shares in the company, valued at $5,781,748.60. This represents a 2.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Luis P. Nieto, Jr. sold 720 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $235.79, for a total value of $169,768.80. Following the completion of the transaction, the director directly owned 29,974 shares in the company, valued at approximately $7,067,569.46. This represents a 2.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.90% of the company's stock.

Ryder System Profile

Ryder System, Inc is a leading provider of transportation and supply chain management solutions, serving commercial customers across a range of industries. The company's Fleet Management Solutions segment offers full-service leasing and rental of medium- and heavy-duty trucks, tractors and trailers, along with maintenance and repair services at its network of service locations. Its Supply Chain Solutions segment provides integrated, technology-driven offerings that span managed transportation, dedicated contract carriage, warehousing and distribution, and e-commerce fulfillment.

Founded in 1933 and headquartered in Miami, Florida, Ryder has grown from a regional truck leasing operation into a diversified, global logistics provider.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.