Kevin Bracy, Senior Vice President and Treasurer of J.B. Hunt Transport Services Inc. (NASDAQ:JBHT), recently sold a portion of his holdings in the company. According to a recent SEC filing, Bracy sold 1,614 shares of common stock at an average price of $189.869 per share, totaling approximately $306,448. Following this transaction, Bracy retains ownership of 8,235 shares of common stock directly. Additionally, he holds 10,652.64 shares in a 401(k) plan. The transaction was reported on November 7, 2024.
In other recent news, J.B. Hunt Transport Services announced a quarterly dividend of $0.43 per share, emphasizing its commitment to shareholder returns. In terms of financial performance, the company reported a 3% decline in revenue, a 7% drop in operating income, and a 17% decrease in diluted earnings per share for the third quarter. However, it also noted a 5% year-over-year increase in intermodal volumes. Amid these developments, the company revised its capital expenditures for 2024 down to $625 million and repurchased approximately $200 million in stock.
J.B. Hunt's stock rating was downgraded to Sell by CFRA, which also lowered the price target from $174 to $151. On the flip side, Stifel financial firm raised its price target for J.B. Hunt to $167, maintaining a Hold rating, while Baird reaffirmed its Outperform rating with a price target of $205. All firms acknowledged the company's recent performance, which surpassed market expectations despite a challenging operational environment.
The company expects new account gross sales to be within the annual range of 1,000 to 1,200 trucks and anticipates operating income growth to lag behind fleet growth. These are the recent developments for J.B. Hunt Transport Services.
InvestingPro Insights
To provide additional context to Kevin Bracy's recent stock sale, it's worth examining some key financial metrics and insights from InvestingPro for J.B. Hunt Transport Services Inc. (NASDAQ:JBHT).
According to InvestingPro data, J.B. Hunt has a market capitalization of $19.38 billion, reflecting its significant presence in the transportation sector. The company's P/E ratio stands at 34.67, which suggests that investors are willing to pay a premium for JBHT's earnings, possibly due to expectations of future growth or the company's strong market position.
InvestingPro Tips highlight that J.B. Hunt has raised its dividend for 11 consecutive years, demonstrating a commitment to returning value to shareholders. This consistent dividend growth aligns with the company's financial stability, which may be a factor in executive confidence and decision-making regarding personal stock transactions.
Another relevant InvestingPro Tip indicates that 9 analysts have revised their earnings upwards for the upcoming period. This positive sentiment from analysts could suggest that despite the recent insider sale, there's optimism about the company's near-term financial performance.
It's also noteworthy that J.B. Hunt operates with a moderate level of debt, as pointed out by InvestingPro. This financial prudence may contribute to the company's ability to maintain its dividend payments, which it has done for 21 consecutive years.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 10 more InvestingPro Tips available for J.B. Hunt, providing a deeper understanding of the company's financial health and market position.
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