Stock Repurchase Program Approved by Ryder System (NYSE:R)

Ryder System (NYSE:R) announced that its Board of Directors has approved a stock buyback plan, which permits the company to repurchase 1,500,000 outstanding shares on Thursday, December 14th, EventVestor reports. This repurchase authorization permits the transportation company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Shares of Ryder System (NYSE R) traded up $2.13 during midday trading on Thursday, reaching $89.30. 562,556 shares of the company traded hands, compared to its average volume of 455,432. The firm has a market cap of $4,730.00, a P/E ratio of 24.07, a price-to-earnings-growth ratio of 1.10 and a beta of 1.51. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 2.39. Ryder System has a 1-year low of $62.52 and a 1-year high of $89.61.

Ryder System (NYSE:R) last issued its quarterly earnings results on Tuesday, October 24th. The transportation company reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.04. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ryder System had a net margin of 3.19% and a return on equity of 11.00%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.67 EPS. research analysts predict that Ryder System will post 4.51 earnings per share for the current year.

Several equities research analysts have recently commented on R shares. Buckingham Research boosted their target price on shares of Ryder System from $92.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research upgraded shares of Ryder System from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research note on Tuesday, October 31st. Aegis restated a “buy” rating and issued a $91.00 target price (up previously from $84.00) on shares of Ryder System in a research note on Tuesday, October 10th. ValuEngine downgraded shares of Ryder System from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Ryder System from $69.00 to $82.00 and gave the company a “neutral” rating in a research note on Thursday, October 12th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Ryder System has an average rating of “Hold” and a consensus target price of $85.00.

In other Ryder System news, insider Dennis C. Cooke sold 32,328 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $81.46, for a total transaction of $2,633,438.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Karen M. Jones sold 4,790 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $81.78, for a total transaction of $391,726.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,633 shares of company stock worth $5,174,795. 1.95% of the stock is owned by corporate insiders.

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About Ryder System

Ryder System, Inc is engaged in offering transportation and supply chain management solutions. The Company operates through three segments: Fleet Management Solutions (FMS), which provides leasing, commercial rental, contract maintenance, and contract-related maintenance of trucks, tractors and trailers to customers principally in the United States, Canada and the United Kingdom; Dedicated Transportation Solutions (DTS), which provides vehicles and drivers as part of a dedicated transportation solution in the United States, and Supply Chain Solutions (SCS), which provides supply chain solutions, including distribution and transportation services in North America and Asia.

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