Marten Transport (NASDAQ:MRTN) Shares Gap Down After Earnings Miss

Marten Transport, Ltd. (NASDAQ:MRTN)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $12.30, but opened at $10.94. Marten Transport shares last traded at $11.68, with a volume of 219,728 shares.

The transportation company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). Marten Transport had a return on equity of 1.65% and a net margin of 1.47%. The company had revenue of $223.23 million during the quarter, compared to analyst estimates of $230.37 million.

Marten Transport Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.24 annualized dividend and a yield of 2.1%. Marten Transport’s payout ratio is presently 141.18%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MRTN shares. Stephens decreased their price target on shares of Marten Transport from $15.00 to $12.50 and set an “equal weight” rating on the stock in a research note on Friday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Marten Transport in a report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Marten Transport presently has an average rating of “Moderate Buy” and a consensus price target of $12.50.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Inspire Investing LLC grew its position in shares of Marten Transport by 25.4% in the third quarter. Inspire Investing LLC now owns 48,938 shares of the transportation company’s stock valued at $632,000 after purchasing an additional 9,903 shares during the period. Nisa Investment Advisors LLC increased its stake in Marten Transport by 163.1% in the third quarter. Nisa Investment Advisors LLC now owns 15,587 shares of the transportation company’s stock valued at $201,000 after purchasing an additional 9,662 shares during the last quarter. Fortitude Family Office LLC increased its stake in Marten Transport by 1,661.7% in the third quarter. Fortitude Family Office LLC now owns 2,114 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 1,994 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Marten Transport by 78.0% in the second quarter. Envestnet Asset Management Inc. now owns 56,449 shares of the transportation company’s stock valued at $979,000 after purchasing an additional 24,741 shares during the last quarter. Finally, State Street Corp lifted its position in Marten Transport by 4.9% during the second quarter. State Street Corp now owns 2,723,602 shares of the transportation company’s stock worth $47,254,000 after buying an additional 126,055 shares during the period. 69.12% of the stock is currently owned by institutional investors and hedge funds.

Marten Transport Price Performance

The company has a 50-day moving average of $13.62 and a two-hundred day moving average of $15.24. The stock has a market capitalization of $952.48 million, a PE ratio of 68.82 and a beta of 1.00.

About Marten Transport

Marten Transport, Inc is a transportation and logistics company headquartered in Mondovi, Wisconsin. Founded in 1946, the company began as a regional carrier and has developed into a provider of temperature-sensitive and dry freight transportation services.

The company’s operations include refrigerated and dry truck-based transportation, dedicated transportation, intermodal services, and brokerage. Marten Transport serves customers across a range of industries, including food and consumer products, using refrigerated trailers, dry vans, intermodal equipment, and related logistics capabilities.

Marten Transport primarily serves the contiguous United States and also provides transportation services involving Canada and Mexico.