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Investors interested in Transportation stocks should always be looking to find the best-performing companies in the group. C.H. Robinson Worldwide (CHRW) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Transportation sector should help us answer this question.
C.H. Robinson Worldwide is a member of the Transportation sector. This group includes 135 individual stocks and currently holds a Zacks Sector Rank of #14. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. C.H. Robinson Worldwide is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for CHRW's full-year earnings has moved 14.4% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CHRW has gained about 15.1% so far this year. At the same time, Transportation stocks have lost an average of 2.4%. This means that C.H. Robinson Worldwide is performing better than its sector in terms of year-to-date returns.
Another stock in the Transportation sector, Euroseas Ltd. (ESEA), has outperformed the sector so far this year. The stock's year-to-date return is 41.1%.
The consensus estimate for Euroseas Ltd.'s current year EPS has increased 46.3% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, C.H. Robinson Worldwide belongs to the Transportation - Services industry, a group that includes 27 individual stocks and currently sits at #147 in the Zacks Industry Rank. On average, stocks in this group have lost 8.9% this year, meaning that CHRW is performing better in terms of year-to-date returns.
On the other hand, Euroseas Ltd. belongs to the Transportation - Shipping industry. This 43-stock industry is currently ranked #94. The industry has moved +16.4% year to date.
Investors with an interest in Transportation stocks should continue to track C.H. Robinson Worldwide and Euroseas Ltd. These stocks will be looking to continue their solid performance.
Zacks Investment Research
Copa Holdings, S.A. CPA reported traffic numbers for August 2024 on the back of upbeat air-travel demand. Driven by high passenger volumes, revenue passenger miles (a measure of traffic) improved on a year-over-year basis in August.
To match the demand swell, CPA is increasing its capacity. In August, available seat miles (a measure of capacity) increased 8.2% year over year. Revenue passenger miles increased 5.8% year over year. Although traffic improved on a year-over-year basis, it failed to outpace capacity expansion. As a result, the load factor (percentage of seats filled by passengers) fell to 85.1% from 87% in August 2023.
Apart from Copa Holdings, we find another airline company -- Ryanair Holdings RYAAY, a European carrier -- who has also reported traffic numbers for August 2024.
The number of passengers transported on Ryanair flights was 20.5 million in August 2024, reflecting an 8% year-over-year increase. RYAAY’s traffic in August was much more than the July reading of 20.2 million, June reading of 19.3 million, May reading of 18.9 million, April reading of 17.3 million and March reading of 13.6 million.
The August load factor (percentage of seats filled by passengers) of 96% remained flat sequentially, as well as on a year-over-year basis. The figure was higher than the load factor of 95% reported in June and May, 92% reported in April 2024 and 93% reported in March 2024.
RYAAY operated more than 111,800 flights in August 2024. This marks an improvement from 110,500 flights in July 2024, 106,000 flights operated in June 2024, 105,000 flights in May 2024, 98,400 flights in April 2024 and 77,000 flights in March 2024.
Notably, RYAAY’s impressive August 2024 traffic numbers reflect improvement at a six-month stretch from March 2024.
To meet the upbeat demand, Ryanair expects its traffic view to grow 8% on a year-over-year basis for fiscal 2025, subject to Boeingdeliveries returning to contracted levels before the year-end.
CPA’s Zacks Rank & Price Performance
CPA currently carries a Zacks Rank #3 (Hold).
Shares of CPA have plunged 17.3% so far this year against 13.7% growth of the Zacks Airline industry.
Copa Holdings is currently mired in multiple headwinds, which, we believe, have led to its unimpressive price performance. Escalating operating expenses are hurting Copa Holdings’ bottom line. In the first half of 2024, total operating expenses increased 3.8% year over year, owing to higher capacity.
Expenses on wages, salaries and benefits rose 10% year over year in first-half 2024 due to an increase in operational staff to support current capacity and cost of living salary adjustments. High fuel costs (up 2.4% in first-half 2024) are pushing up operating costs as well.
The decline in cargo revenues due to lower cargo yields represents another woe. Given the headwinds surrounding the stock, earnings estimates have been southbound, as shown below.
Stocks to Consider
Some better-ranked stocks from the Zacks Transportation sector are C.H. Robinson Worldwide (CHRW) and Wabtec Corporation WAB. Each stock presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CHRW has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missed the mark in the remaining quarter), delivering an average surprise of 7.33%.
CHRW has an expected earnings growth rate of 22.42% for 2024. The Zacks Consensus Estimate for CHRW 2024 earnings has been revised 11.3% upward over the past 90 days. Shares of CHRW have gained 14.3% so far this year.
WAB has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missed the mark in the remaining quarter), delivering an average surprise of 11.83%.
The Zacks Consensus Estimate for WAB’s 2024 earnings has been revised 3.3% upward over the past 90 days. WAB has an expected earnings growth rate of 25.34% for 2024. Shares of WAB have gained 23.5% so far this year.
Zacks Investment Research
If you're interested in broad exposure to the Industrials - Broad segment of the equity market, look no further than the Invesco S&P 500 Equal Weight Industrials ETF (RSPN), a passively managed exchange traded fund launched on 11/01/2006.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Industrials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 13, placing it in bottom 19%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $602.77 million, making it one of the average sized ETFs attempting to match the performance of the Industrials - Broad segment of the equity market. RSPN seeks to match the performance of the S&P 500 EQUAL WEIGHT INDUSTRIALS INDEX before fees and expenses.
The S&P 500 Equal Weight Industrials Index equally weights stocks in the industrials sector of the S&P 500 Index.
Costs
Since cheaper funds tend to produce better results than more expensive funds, assuming all other factors remain equal, it is important for investors to pay attention to an ETF's expense ratio.
Annual operating expenses for this ETF are 0.40%, making it one of the cheaper products in the space.
It has a 12-month trailing dividend yield of 0.93%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Industrials sector--about 99.70% of the portfolio.
Looking at individual holdings, 3m Co (MMM) accounts for about 1.58% of total assets, followed by Lockheed Martin Corp (LMT) and Ch Robinson Worldwide Inc (CHRW).
The top 10 holdings account for about 14.73% of total assets under management.
Performance and Risk
Year-to-date, the Invesco S&P 500 Equal Weight Industrials ETF return is roughly 12.33% so far, and it's up approximately 22.23% over the last 12 months (as of 09/11/2024). RSPN has traded between $36.10 and $49.40 in this past 52-week period.
The ETF has a beta of 1.12 and standard deviation of 18.24% for the trailing three-year period. With about 80 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco S&P 500 Equal Weight Industrials ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, RSPN is a great option for investors seeking exposure to the Industrials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Vanguard Industrials ETF (VIS) tracks MSCI US Investable Market Industrials 25/50 Index and the Industrial Select Sector SPDR ETF (XLI) tracks Industrial Select Sector Index. Vanguard Industrials ETF has $5.25 billion in assets, Industrial Select Sector SPDR ETF has $19.07 billion. VIS has an expense ratio of 0.10% and XLI charges 0.09%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Having generous dividends, the improved earnings outlook for several transportation stocks has become attractive.
Furthermore, these top transportation stocks have beta ratios under the preferred risk level of less than 1.0, suggesting they should be less volatile than the broader market.
C.H. Robinson Worldwide CHRW
Coveting a Zacks Rank #1 (Strong Buy) is third-party logistics operator C.H. Robinson Worldwide. Seeing steady top line growth with sales projections edging toward $18 billion, C.H. Robinson’s increased profitability is very enticing as well.
Annual earnings are expected to soar 25% in fiscal 2024 and are projected to increase another 12% in FY25 to $4.62 per share. More intriguing is that over the last 60 days, FY24 and FY25 EPS estimates have soared 15% and 11% respectively.
Correlating with the trend of positive earnings estimate revisions, it’s noteworthy that C.H. Robinson’s Zacks Transportation-Services Industry is in the top 35% of over 250 Zacks industries.
CHRW also offers a 2.46% annual dividend yield that tops the S&P 500’s 1.31% average while many of its industry peers don’t offer a payout.
Euroseas ESEA
Also sporting a Zacks Rank #1 (Strong Buy) is Euroseas which operates in the dry cargo, dry bulk, and container shipping markets. Euroseas’ Zacks Transportation-Shipping Industry is in the top 41% of all Zacks industries with EPS estimates soaring over the last 60 days as the company continues to capitalize on improved market rates.
While Euroseas’ bottom line is naturally expected to contract after a record year that saw EPS at $14.98, ESEA still trades at an extremely cheap P/E multiple of 3.2X with rising earnings estimates offering further support.
Attributed to its increased profitability, Euroseas currently has a 5.61% annual dividend that towers over the benchmark and is near its robust industry average of 5.85%.
Cool Company CLCO
Sporting a Zacks Rank #2 (Buy) is Cool Company which makes the case for being undervalued at 5.7X forward earnings. Already profitable, Cool Company went public in 2022 as an operator of fuel-efficient liquified natural gas carriers and also belongs to the Zacks-Shipping Industry.
Trading just over $10, Cool Company’s stock has a 14% dividend that certainly attracts the attention of income investors. More reassuring is that Cool Company has a very low beta ratio of 0.43 with a tight nit 52-week range of $10.07-$14.04.
Like Euroseas, Cool Company’s bottom line is also expected to dip after a record year but earnings estimates for FY24 have risen 9% in the last 30 days with FY25 EPS estimates up 8%.
Bottom Line
Rising earnings estimate revisions are a great sign that the increased probability of these top transportation stocks will indeed continue. This largely suggests more upside from their current levels and certainly makes now an ideal time to buy considering the attractive dividends they offer.
Zacks Investment Research
A month has gone by since the last earnings report for C.H. Robinson Worldwide . Shares have added about 0.8% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is C.H. Robinson due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
C.H. Robinson Beats on Q2 Earnings
C.H. Robinson second-quarter 2024 earnings of $1.15 per share outpaced the Zacks Consensus Estimate of 95 cents and improved 27.7% year over year. Total revenues of $4.483 billion marginally missed the Zacks Consensus Estimate of $4.484 billion but improved 1.4% year over year owing to higher pricing in the company’s ocean services, partially offset by lower pricing in its truckload services.
Adjusted gross profits increased 3.3% year over year to $687.4 million, owing to higher adjusted gross profit per transaction in truckload and less than truckload (“LTL”) services.
Adjusted operating margin of 25.9% improved 600 basis points from the year-ago reported quarter.
Operating expenses decreased 4.4% year over year to $509.3 million.
Segmental Results
North American Surface Transportation’s total revenues were $2.989 billion (down 2.9% year over year) in the second quarter owing to lower truckload pricing, reflecting an oversupply of truckload capacity compared to freight demand. Adjusted gross profit of the segment grew 4.8% to $419.7 million.
Total revenues from Global Forwarding grew 18.1% year over year to $921.2 million, owing to higher pricing in the company’s ocean services. Adjusted gross profits grew 2.7% to $184.1 million.
Revenues from other sources (Robinson Fresh, Managed Services and Other Surface Transportation) increased 5.2% to $39.9 million owing to an increase in integrated supply chain solutions for retail and foodservice customers.
Below we present the division of adjusted profit among the service lines (on an enterprise basis).
Transportation: The unit (comprising Truckload, LTL, Ocean, Air, Customs and Other logistics services) delivered an adjusted gross profit of $651.54million in the quarter under consideration, up 3.2% from the prior-year figure.
Adjusted gross profits of Truckload, LTL, Ocean and Customs grew 5%, 6.3%, 8.5% and 6.1%, year over year, respectively. For, Air and Other logistics services declined adjusted gross profits 8.4% and 13.9% year over year, respectively.
Balance-Sheet Data
CHRW exited the second quarter with cash and cash equivalents of $113.16 million compared with $121.84 million at the end of prior quarter. Long-term debt was $1.421 billion compared with $1.420 billion at the end of prior quarter.
CHRW generated $166.4 million of cash from operations in the second quarter. Capital expenditures totaled $19.3 million in the reported quarter.
In the second quarter of 2024, CHRW returned $76.4 million of cash to shareholders which includes $72.7 million in the form of cash dividends and $3.7 million through share repurchases.
2024 Outlook
Capital expenditures for 2024 are expected to be toward the lower end of the previously provided range of $85 million to $95 million.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month.
The consensus estimate has shifted 10.14% due to these changes.
VGM Scores
Currently, C.H. Robinson has an average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise C.H. Robinson has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Zacks Investment Research
The Nasdaq 100 closed lower by around 0.1% during Thursday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Reporter Name | Campbell Ben G |
Relationship | Chief Legal Officer/Secretary |
Type | Sell |
Amount | $283,854 |
SEC Filing | Form 4 |
Ben G Campbell, Chief Legal Officer/Secretary of C. H. Robinson Worldwide, sold 2,780 shares of Common Stock on August 27, 2024, at a price of $102.106 per share, totaling $283,854. Following the transaction, Campbell directly owns 71,612 shares of the company. This ownership includes 58,354 shares issuable from restricted stock units and deferred shares, 11,949 shares held directly, and 1,309 shares from the employee stock purchase plan.
SEC Filing: C. H. ROBINSON WORLDWIDE, INC. [ CHRW ] - Form 4 - Aug. 29, 2024
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