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

Saia, Inc. (NASDAQ:SAIA) has seen its price target raised by Bank of America from $322.00 to $367.00, according to a report released on the morning of October 30, 2023. Despite this increase, Bank of America maintains a neutral rating on the transportation company’s shares.

The adjustment by Bank of America follows a series of mixed evaluations from other financial institutions. On October 6, Wells Fargo & Company reduced their price target for Saia from $365.00 to $330.00, assigning an “equal weight” rating. Similarly, on October 14, Raymond James Financial lowered their target price from $360.00 to $355.00, while maintaining an “outperform” rating.

Evercore ISI also adjusted its expectations, decreasing the target price from $328.00 to $319.00 with an “outperform” rating, and Citigroup cut their target from $371.00 to $365.00, yet issued a “buy” recommendation. Notably, UBS Group raised their price objective from $305.00 to $374.00 with a “buy” rating.

As a result of these evaluations, Saia currently holds a consensus rating of “Moderate Buy,” with a consensus target price of $335.85, according to data from MarketBeat.

Saia’s Recent Performance and Earnings Report

Saia reported its quarterly earnings on October 30, 2023, revealing earnings per share (EPS) of $2.81. This figure exceeded the expected $2.53 by $0.28. The company’s revenue reached $839.64 million, surpassing analyst predictions of $824.06 million. Despite this positive performance, Saia’s revenue represented a slight decline of 0.3% year-over-year.

In the same quarter the previous year, Saia posted an EPS of $3.46. Analysts forecast an EPS of 15.46 for the current fiscal year, reflecting cautious optimism regarding the company’s performance.

Insider Transactions and Institutional Investor Activity

In related news, insider activity has been notable. On November 26, 2023, Director Donna E. Epps purchased 422 shares of Saia at an average price of $277.60 per share, totaling $117,147.20. This acquisition increased her holdings in the company by 29.51%.

Conversely, Vice President Raymond R. Ramu sold 1,000 shares on November 18, 2023, at an average price of $266.57, amounting to $266,570.00. After this transaction, he retained 4,902 shares, valued at approximately $1,306,726.14.

Insider ownership constitutes 0.30% of the stock, indicating a relatively low level of insider control.

Recent changes among institutional investors also reflect shifting interests in Saia. Inspire Investing LLC acquired a new stake worth approximately $303,000 in the first quarter. ZWJ Investment Counsel Inc. increased its stake by 87.1% during the second quarter, now owning 118,420 shares valued at $32,446,000.

Additionally, Intech Investment Management LLC reported a significant 473.6% increase in its holdings, while UBS AM and Raymond James Financial Inc. also expanded their positions in the first quarter.

Saia, Inc., headquartered in Johns Creek, Georgia, specializes in less-than-truckload (LTL) freight services across North America. The company focuses on efficiently managing the transportation of time-sensitive freight for a diverse clientele, including retail, manufacturing, automotive, and healthcare sectors. Saia’s extensive network of terminals and service centers enables tailored solutions to enhance supply chain performance, with core offerings that include regional, interregional, and national LTL shipping services.