HG Vora Sells 300,000 Ryder System (R) Shares Valued at $37.8 Million

HG Vora Capital Management, LLC reported a reduction in its Ryder System (NYSE:R) position, selling 300,000 shares for an estimated net change of $37.77 million, according to its November 14, 2025, SEC filing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated November 14, 2025, HG Vora Capital Management, LLC sold 300,000 shares of Ryder. The transaction resulted in a $37.77 million decrease in the fund’s position value. Following the sale, the fund held 335,000 shares, valued at $63.19 million at quarter-end.

What else to know

• The sale reduced the Ryder stake to 8.56% of reportable AUM, down from 15.90% (rounded from 15.8957%) in the prior quarter, amid a broader fund downsizing.
• Top holdings after the filing:
  • NASDAQ:PENN: $139.64 million (18.92% of AUM)
  • NASDAQ:CZR: $94.59 million (12.82% of AUM)
  • NASDAQ:DRVN: $90.22 million (12.22% of AUM)
  • NYSE:FAF: $65.85 million (8.92% of AUM)
  • NYSE:R: $63.19 million (8.56% of AUM)
• As of November 14, 2025, shares were priced at $170.49, up 4.99% over the past year, underperforming the S&P 500 by 8.82 percentage points.

Company Overview

Company Snapshot

• Offers logistics and transportation services, including fleet management, supply chain solutions, and dedicated transportation; generates revenue from leasing, rental, maintenance, and value-added logistics services.
• Operates a diversified business model across three segments—Fleet Management Solutions, Supply Chain Solutions, and Dedicated Transportation Solutions—earning income from service contracts, equipment leasing, and logistics management.
• Serves a broad customer base in North America and internationally, targeting businesses requiring commercial vehicle fleets, logistics optimization, and end-to-end supply chain solutions.

Ryder System, Inc. is a leading provider of logistics and transportation solutions with a significant presence in the fleet management and supply chain sectors. The company leverages its scale and integrated service offerings to deliver comprehensive solutions for commercial customers seeking operational efficiency and cost savings. Strategic diversification across leasing, rental, and logistics services positions Ryder to address evolving client needs in a competitive market.

Foolish take

HG Vora probably picked a good time to reduce its Ryder System holdings. The stock has fallen by 9.6% since the end of September.

Ryder System was the fund's second-largest holding at the end of June. Despite selling 47% of the shares it was holding, it's still the fund's fifth largest holding.

Freight market conditions haven't been terrific this year, but that hasn't stopped Ryder from growing its business. On a GAAP basis, third-quarter earnings rose 2% year over year to $3.33 per share. It was the fourth consecutive quarter that the company reported earnings growth on a per-share basis.

Outsourcing logistics to companies like Ryder is an increasingly attractive option for companies that are too small to manage their own fleet of commercial trucks and warehouses. The company is sensitive to economic cycles, but it's been able to maintain dividend payments for over 49 years.

In July, Ryder raised its payout by 12% to $0.81 per share. At recent prices, the stock offers a 2.1% yield.

Glossary

13F reportable assets: Assets that institutional investment managers must report quarterly to the SEC, detailing certain equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Stake: The ownership interest or share held in a company or investment by an individual or institution.
Quarter-end: The last day of a fiscal quarter, used as a reference point for financial reporting.
Fund downsizing: The process of reducing a fund’s overall investment holdings, often to manage risk or rebalance the portfolio.
Segment: A distinct business unit within a company, often with its own products, services, or markets.
Fleet management: The administration and coordination of a company’s commercial vehicle operations, including leasing, maintenance, and logistics.
Leasing: Renting equipment, vehicles, or property for a specified period, rather than purchasing them outright.
Value-added logistics services: Additional services provided by logistics companies beyond basic transportation, such as packaging, assembly, or inventory management.
TTM: The 12-month period ending with the most recent quarterly report.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.