GATX (NYSE:GATX) Posts Quarterly Earnings Results, Beats Expectations By $0.29 EPS

GATX (NYSE:GATX) posted its earnings results on Tuesday. The transportation company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.29, Briefing.com reports. GATX had a net margin of 18.37% and a return on equity of 11.81%. The business had revenue of $379.90 million for the quarter, compared to analyst estimates of $375.80 million. During the same quarter in the prior year, the firm earned $2.20 EPS. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. GATX updated its FY24 guidance to $7.30-7.70 EPS and its FY 2024 guidance to 7.300-7.700 EPS.

GATX Stock Down 0.2 %

Shares of GATX traded down $0.27 during trading hours on Wednesday, reaching $125.85. The stock had a trading volume of 3,374 shares, compared to its average volume of 138,905. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 17.59 and a beta of 0.98. The firm has a 50-day simple moving average of $129.77 and a 200 day simple moving average of $119.83. GATX has a 12 month low of $97.21 and a 12 month high of $135.65. The company has a current ratio of 2.79, a quick ratio of 2.79 and a debt-to-equity ratio of 3.26.

GATX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, March 31st. Investors of record on Friday, March 1st were issued a $0.58 dividend. This is a boost from GATX’s previous quarterly dividend of $0.55. This represents a $2.32 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Thursday, February 29th. GATX’s dividend payout ratio (DPR) is currently 32.45%.

Insider Activity at GATX

In other news, CFO Thomas A. Ellman sold 18,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $127.54, for a total transaction of $2,295,720.00. Following the completion of the sale, the chief financial officer now directly owns 35,429 shares of the company’s stock, valued at approximately $4,518,614.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP Kevin Hillesland sold 2,200 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $133.83, for a total transaction of $294,426.00. Following the completion of the sale, the senior vice president now directly owns 7,711 shares of the company’s stock, valued at approximately $1,031,963.13. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Thomas A. Ellman sold 18,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $127.54, for a total value of $2,295,720.00. Following the sale, the chief financial officer now directly owns 35,429 shares of the company’s stock, valued at $4,518,614.66. The disclosure for this sale can be found here. In the last three months, insiders sold 39,694 shares of company stock valued at $5,040,656. 1.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GATX has been the topic of several research reports. Wells Fargo & Company upped their price target on shares of GATX from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. TD Cowen lifted their price objective on shares of GATX from $122.00 to $136.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 24th. Finally, Susquehanna lifted their price objective on shares of GATX from $120.00 to $122.00 and gave the stock a “neutral” rating in a research note on Wednesday.

GATX Company Profile

GATX Corporation, together its subsidiaries, operates as railcar leasing company in the United States, Canada, Mexico, Europe, and India. It operates through three segments: Rail North America, Rail International, and Portfolio Management. The company leases tank and freight railcars, and locomotives for petroleum, chemical, food/agriculture, and transportation industries.