State Street Corp Purchases 126,055 Shares of Marten Transport, Ltd. $MRTN

Key Points

• State Street increased its Marten Transport stake by 4.9%, purchasing 126,055 shares to own 2.72 million shares, or 3.34% of the company. Institutional investors collectively hold 69.12% of MRTN.
• Marten Transport reported quarterly EPS of $0.07, below the $0.08 analyst consensus, while revenue fell 2.8% year over year to $223.54 million. The stock opened at $12.84, down 2.5%, with a market capitalization of approximately $1.05 billion.
• The company declared a quarterly dividend of $0.06, equivalent to $0.24 annually and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $16.00.

State Street Corp lifted its position in shares of Marten Transport, Ltd. (NASDAQ:MRTN - Free Report) by 4.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,723,602 shares of the transportation company's stock after purchasing an additional 126,055 shares during the quarter. State Street Corp owned 3.34% of Marten Transport worth $47,254,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in Marten Transport in the second quarter valued at about $45,000. Allianz Asset Management GmbH lifted its holdings in shares of Marten Transport by 10.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 241,291 shares of the transportation company's stock valued at $4,186,000 after purchasing an additional 22,162 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Marten Transport during the 2nd quarter valued at about $51,000. Bank of America Corp DE acquired a new position in shares of Marten Transport in the 2nd quarter valued at approximately $8,433,000. Finally, Polar Asset Management Partners Inc. bought a new stake in Marten Transport during the 2nd quarter worth approximately $4,438,000. Institutional investors own 69.12% of the company's stock.

Marten Transport Stock Down 2.5%

Shares of MRTN opened at $12.84 on Friday. The stock has a market capitalization of $1.05 billion, a P/E ratio of 75.53 and a beta of 0.95. Marten Transport, Ltd. has a twelve month low of $9.35 and a twelve month high of $18.48. The company has a 50 day moving average of $14.75 and a 200-day moving average of $15.21.

Marten Transport (NASDAQ:MRTN - Get Free Report) last announced its 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). The business had revenue of $223.54 million for the quarter, compared to analyst estimates of $227.10 million. Marten Transport had a return on equity of 1.65% and a net margin of 1.47%.The business's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 EPS. On average, sell-side analysts anticipate that Marten Transport, Ltd. will post 0.27 earnings per share for the current fiscal year.

Marten Transport Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.9%. Marten Transport's payout ratio is currently 141.18%.

Analyst Ratings Changes

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

Marten Transport Company 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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