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Eric McGee, Executive Vice President of Highway Services at J.B. Hunt Transport Services Inc. (NASDAQ:JBHT), a $18.5 billion transportation company, recently sold shares in the company. According to a filing with the Securities and Exchange Commission, McGee sold 145 shares of common stock on December 6, 2024, at an average price of $182.724 per share, totaling $26,494. The transaction occurred as the stock trades at a relatively high P/E multiple of 32.5x.
Following the transaction, McGee holds 700 shares directly. Additionally, he retains significant holdings through a 401(k) plan, amounting to 6,420.12 shares of common stock. The filing also detailed McGee's substantial holdings in restricted stock, which includes a variety of future exercise dates and expiration periods. According to InvestingPro, analysts maintain a positive outlook on JBHT with a consensus target above current trading levels, while the company has maintained dividend payments for 21 consecutive years. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro offers detailed research reports covering over 1,400 US stocks, including JBHT.
In other recent news, J.B. Hunt Transport Services reported mixed results for the third quarter, with a 3% decline in revenue, a 7% drop in operating income, and a 17% decrease in diluted earnings per share. Despite these challenges, the company saw a 5% year-over-year increase in intermodal volumes. Analysts' reactions to these results varied, with CFRA downgrading J.B. Hunt's stock rating to Sell, while Stifel financial firm raised its price target for the company to $167, maintaining a Hold rating, and Baird reaffirmed its Outperform rating with a price target of $205.
In addition, J.B. Hunt declared a quarterly dividend of $0.43 per common share, reflecting the company's ongoing commitment to shareholder returns. The company also revised its capital expenditures for 2024 down to $625 million and repurchased approximately $200 million in stock.
J.B. Hunt anticipates new account gross sales to be within the annual range of 1,000 to 1,200 trucks and expects operating income growth to lag behind fleet growth. These are the recent developments for J.B. Hunt Transport Services, a prominent player in the North American transportation industry.
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