P.A.M. Transportation Services (NASDAQ:PTSI) Upgraded to “Strong-Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of P.A.M. Transportation Services (NASDAQ:PTSI) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday, January 4th. The brokerage currently has $40.00 price target on the transportation company’s stock.
According to Zacks, “P.A.M. Transportation Services, Inc. is an irregular route, common and contract motor carrier authorized to transport general commodities. The freight consists primarily of automotive parts, consumer goods, such as general retail store merchandise, and products from the manufacturing sector, such as heating and air conditioning units. All freight is transported as truckload quantities. “
A number of other equities research analysts have also commented on the company. ValuEngine lowered P.A.M. Transportation Services from a buy rating to a hold rating in a research report on Tuesday, December 5th. Stifel Nicolaus raised their target price on P.A.M. Transportation Services from $24.00 to $30.00 and gave the company a hold rating in a research report on Monday, November 6th.
P.A.M. Transportation Services announced that its Board of Directors has initiated a share buyback plan on Tuesday, October 10th that allows the company to buyback 400,000 shares. This buyback authorization allows the transportation company to reacquire shares of its stock through a dutch auction. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Several institutional investors and hedge funds have recently modified their holdings of PTSI. Acadian Asset Management LLC raised its holdings in shares of P.A.M. Transportation Services by 633.8% during the 4th quarter. Acadian Asset Management LLC now owns 11,147 shares of the transportation company’s stock valued at $383,000 after buying an additional 9,628 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of P.A.M. Transportation Services by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 368,699 shares of the transportation company’s stock valued at $8,823,000 after buying an additional 7,927 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of P.A.M. Transportation Services by 476.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,900 shares of the transportation company’s stock valued at $137,000 after buying an additional 4,877 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new position in shares of P.A.M. Transportation Services during the 2nd quarter valued at about $482,000. Hedge funds and other institutional investors own 24.14% of the company’s stock.
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About P.A.M. Transportation Services
P.A.M. Transportation Services, Inc is a holding company. The Company, through its subsidiaries, operates as a truckload transportation and logistics company. It operates in the motor carrier segment. It operates as a truckload dry van carrier transporting general commodities throughout the continental United States, as well as in certain Canadian provinces.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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