Shares of Heartland Express, Inc. (NASDAQ:HTLD) experienced a significant rise of 9.7% during mid-day trading on Monday, following an upgrade from Baird R W. The brokerage firm elevated its rating from a hold to a strong-buy, prompting the stock to reach a peak of $10.01 before closing at $10.0350. Approximately 220,095 shares changed hands, marking a decrease of 50% compared to the average daily volume of 436,836 shares.
The stock had previously closed at $9.15. Other brokerages have offered mixed evaluations of Heartland Express in recent weeks. Weiss Ratings reissued a “sell (e+)” rating on December 22, while JPMorgan Chase & Co. lowered its target price from $10.00 to $9.00 on October 8, assigning an “underweight” rating. Zacks Research upgraded the stock from “strong sell” to “hold” on October 3, and Morgan Stanley adjusted its price objective from $10.00 to $8.00 in a report on December 8.
As it stands, one investment analyst rates the stock as a Strong Buy, one as a Buy, two as Hold, and three as Sell. According to MarketBeat.com, Heartland Express currently holds a consensus rating of “Hold” with a price target of $9.25.
Financial Performance and Dividend Announcement
Heartland Express recently reported its quarterly earnings on November 6. The transportation company disclosed an earnings per share (EPS) of ($0.11), aligning with analysts’ consensus estimates. Revenue for the quarter reached $172.43 million, falling short of the expected $209.68 million. The company recorded a negative net margin of 4.01% and a return on equity of -4.37%. Analysts predict that Heartland Express will post an EPS of 0.17 for the current fiscal year.
In addition to its financial results, Heartland Express announced a quarterly dividend of $0.02, set to be paid on January 7, 2024. Investors who hold shares as of December 26, 2023, will be eligible for this dividend, which translates to an annualized dividend of $0.08 and a yield of 0.8%. The ex-dividend date is also on December 26. The company’s payout ratio stands at -17.78%.
Company Overview
Based in North Liberty, Iowa, Heartland Express, Inc. (NASDAQ:HTLD) operates as a publicly traded truckload carrier. Founded in 1978 as Heartland Motor Freight, the company specializes in full truckload transportation, primarily providing dry-van services that connect shippers with customers throughout the continental United States. Its services cater to various industries, including manufacturing, retail, and consumer goods.
As of now, Heartland Express has a market capitalization of $793.09 million, with a price-to-earnings (P/E) ratio of -22.76 and a beta of 1.13. The company’s 50-day moving average price is $8.46, and its 200-day moving average price is $8.45.
As investors and analysts closely monitor its performance, Heartland Express remains a notable player in the transportation industry, navigating the challenges and opportunities that lie ahead.
