Bank of New York Mellon Corp lessened its position in shares of Marten Transport, Ltd (NASDAQ:MRTN) by 6.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,534,184 shares of the transportation company’s stock after selling 111,417 shares during the period. Bank of New York Mellon Corp owned approximately 2.81% of Marten Transport worth $35,976,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Atria Investments LLC bought a new position in Marten Transport in the 2nd quarter valued at approximately $220,000. TD Asset Management Inc. bought a new position in Marten Transport in the 2nd quarter valued at approximately $929,000. New York State Common Retirement Fund lifted its stake in Marten Transport by 9.3% in the 1st quarter. New York State Common Retirement Fund now owns 117,968 shares of the transportation company’s stock valued at $2,690,000 after purchasing an additional 10,000 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Marten Transport by 23.2% in the 1st quarter. Wells Fargo & Company MN now owns 85,840 shares of the transportation company’s stock valued at $1,957,000 after purchasing an additional 16,171 shares during the last quarter. Finally, Sawgrass Asset Management LLC lifted its stake in Marten Transport by 31.8% in the 2nd quarter. Sawgrass Asset Management LLC now owns 12,920 shares of the transportation company’s stock valued at $303,000 after purchasing an additional 3,120 shares during the last quarter. 70.98% of the stock is owned by institutional investors.
Several brokerages recently commented on MRTN. Stifel Nicolaus downgraded shares of Marten Transport from a “hold” rating to a “sell” rating and set a $20.00 price objective for the company. in a research note on Tuesday, July 10th. ValuEngine raised shares of Marten Transport from a “hold” rating to a “buy” rating in a research note on Friday, May 18th. Zacks Investment Research downgraded shares of Marten Transport from a “buy” rating to a “hold” rating in a research note on Saturday, May 26th. Finally, BidaskClub raised shares of Marten Transport from a “hold” rating to a “buy” rating in a research note on Thursday, May 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $25.50.
MRTN stock opened at $22.55 on Friday. The firm has a market cap of $1.21 billion, a PE ratio of 36.13 and a beta of 1.35. Marten Transport, Ltd has a 52-week low of $17.50 and a 52-week high of $29.60.
Marten Transport (NASDAQ:MRTN) last released its quarterly earnings results on Friday, July 20th. The transportation company reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.03. The firm had revenue of $197.00 million during the quarter, compared to the consensus estimate of $193.90 million. Marten Transport had a net margin of 13.15% and a return on equity of 7.82%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 earnings per share. sell-side analysts forecast that Marten Transport, Ltd will post 0.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Thursday, September 13th. Marten Transport’s payout ratio is currently 16.13%.
Marten Transport Profile
Marten Transport, Ltd. operates as a temperature-sensitive truckload carrier for shippers in the United States, Canada, and Mexico. It operates through four segments: Truckload, Dedicated, Intermodal, and Brokerage. The Truckload segment transports food and other consumer packaged goods that require a temperature-controlled or insulated environment.
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