Bank of America Raises Saia Price Target to $367 Amid Analyst Activity

Saia, Inc. (NASDAQ:SAIA) saw its price target elevated by Bank of America from $322.00 to $367.00, as detailed in a report released on October 30, 2023. The bank maintains a neutral rating on the stock, reflecting a cautious outlook amid fluctuating analyst opinions on the transportation company.

Several other financial institutions have also recently adjusted their targets for Saia. Wells Fargo & Company reduced its price objective from $365.00 to $330.00, while assigning an “equal weight” rating. Raymond James Financial lowered its target from $360.00 to $355.00, maintaining an “outperform” rating. Additionally, Evercore ISI cut its target from $328.00 to $319.00 with a similar “outperform” designation. Citigroup adjusted its forecast from $371.00 to $365.00, designating the stock as a “buy.” In contrast, UBS Group boosted its price objective from $305.00 to $374.00, rating the stock as a “buy” as well.

Analysts have shown a diverse range of ratings for Saia, with one analyst issuing a Strong Buy rating, ten recommending a Buy, and thirteen advising a Hold. Overall, MarketBeat reports a consensus rating of “Moderate Buy,” with a consensus target price of $335.85.

Quarterly Earnings and Insider Transactions

Saia released its latest quarterly earnings on October 30, 2023, reporting earnings per share of $2.81. This figure exceeded analysts’ expectations of $2.53 by $0.28. The company generated revenue of $839.64 million, surpassing forecasts of $824.06 million. Despite positive earnings, the revenue marked a 0.3% decline compared to the previous year, when the company reported earnings per share of $3.46. Analysts anticipate that Saia will post earnings per share of $15.46 for the fiscal year.

In related news, Director Donna E. Epps acquired 422 shares of Saia stock on November 26, 2023, at an average price of $277.60 per share, amounting to a total purchase of $117,147.20. This acquisition increased her position by 29.51%. Following the transaction, Epps holds 1,852 shares, valued at approximately $514,115.20. The transaction details were disclosed in a filing with the Securities and Exchange Commission.

Conversely, Vice President Raymond R. Ramu sold 1,000 shares on November 18, 2023, at an average price of $266.57, totaling $266,570.00. After this sale, Ramu retains 4,902 shares, valued at about $1,306,726.14. Insider ownership currently stands at 0.30% of the total stock.

Investor Activity and Company Overview

Institutional investors have recently adjusted their stakes in Saia. For instance, Inspire Investing LLC acquired a new stake worth approximately $303,000 in the first quarter. ZWJ Investment Counsel Inc. increased its holdings by 87.1% in the second quarter, now owning 118,420 shares valued at $32,446,000 after purchasing an additional 55,129 shares.

Intech Investment Management LLC also boosted its stake by 473.6% in the first quarter, adding 9,699 shares to reach a total of 11,747 shares worth $4,105,000. UBS Asset Management Americas LLC increased its position by 1.9%, owning 86,083 shares valued at $30,080,000 after acquiring an additional 1,600 shares.

Saia, headquartered in Johns Creek, Georgia, specializes in less-than-truckload (LTL) freight services across North America. The company focuses on the efficient transportation of time-sensitive freight for various industries, including retail, manufacturing, automotive, and healthcare. By utilizing a network of terminals and service centers, Saia aims to optimize supply chain performance with tailored shipping solutions.

With a diverse range of analyst ratings and ongoing insider transactions, Saia remains a focal point for investors as the company navigates its market position and financial performance.