MIAMI - Ryder System, Inc. (NYSE: NYSE:R), a company specializing in supply chain, transportation, and fleet management solutions, announced an increase in its quarterly cash dividend to $0.81 per share. This new dividend is scheduled to be paid on September 20, 2024, to shareholders who are on record as of August 19, 2024. The increase marks a $0.10 rise from the previous quarterly dividend of $0.71.
This upcoming dividend represents Ryder's 192nd consecutive quarterly payment, a streak that extends over 48 years without interruption. The consistent distribution underscores Ryder's long-standing commitment to returning value to its shareholders.
Ryder System, Inc. operates an extensive network of services across the United States, Mexico, and Canada. The company manages a substantial fleet, offers comprehensive maintenance at numerous locations, and runs a substantial number of warehouses with significant square footage. The company's regular recognition for its practices in various aspects of the business, including technology-driven innovations and corporate responsibility, reflects its position in the industry.
This announcement is based on a press release statement from Ryder System, Inc.
In other recent news, Ryder Systems reported increased earnings and a robust balance sheet in the first quarter of 2024. The company's performance was bolstered by strategic acquisitions, including Cardinal Logistics and Impact Fulfillment Services. However, it faced challenges in the used vehicle sales and rental market.
Despite this, financial services firm, Stephens, raised Ryder Systems' stock price target to $120 from the previous $113, maintaining an Equal Weight rating. On a separate note, Morgan Stanley (NYSE:MS) initiated coverage on Ryder Systems, setting the stock at Overweight with a $165 target, citing the company's ongoing transformation and potential for significant upside.
However, the firm expressed caution due to uncertainties surrounding the used vehicle and rental market outcomes for the rest of the year. Ryder Systems revised its full-year 2024 free cash flow forecast to negative $175 million to $275 million and raised its full-year 2024 comparable EPS and return on equity forecasts.
The company also announced it will hold an Investor Day on June 13 in New York City.
InvestingPro Insights
Ryder System, Inc.'s recent announcement of its dividend increase to $0.81 per share is a testament to its robust dividend history, which is further supported by an InvestingPro Tip highlighting that the company has raised its dividend for 19 consecutive years. As of the latest metrics, the company's commitment to shareholder returns is evident, with a dividend yield of 2.27% as of the last twelve months up to Q1 2024. This dedication to consistent dividend payments aligns with another InvestingPro Tip that Ryder has maintained dividend payments for an impressive 49 consecutive years.
Looking at Ryder's financial health, the company's market capitalization stands at $5.48 billion, reflecting its substantial presence in the industry. The P/E ratio, a measure of the company's current share price relative to its per-share earnings, is at 15.9, which may appeal to value-oriented investors. Additionally, the company's revenue for the last twelve months as of Q1 2024 was reported at $11.93 billion, indicating the scale of its operations.
Investors interested in further insights should note that InvestingPro offers additional tips on Ryder System, Inc., which can be accessed by visiting their website. For those considering a subscription, use the promo code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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