SCHEDULE: Heartland Express Family Maintains Significant Ownership

Key family members and trusts disclose substantial beneficial ownership in Heartland Express, Inc., with two individuals holding over 20% each.

Summary

• Ann S. Gerdin and the Ann S. Gerdin Revocable Trust each beneficially own 6,401,352 shares of Heartland Express, Inc. common stock, representing 8.3% of the class.
• Julie J. Durr beneficially owns 16,942,056 shares, representing 21.9% of the common stock.
• Angela K. Janssen beneficially owns 17,436,618 shares, representing 22.5% of the common stock.
• These percentages are calculated based on 77,447,537 shares of Common Stock outstanding as of November 6, 2025.
• Beneficial ownership for Ann S. Gerdin and the Ann S. Gerdin Revocable Trust includes shares held by the Ann S. Gerdin Revocable Trust and Gerdin Family Investments, LP (GFI).
• Julie J. Durr's beneficial ownership encompasses shares from her revocable trust, trusts for her children, the Ann S. Gerdin Revocable Trust, the 2007 and 2009 Gerdin Heartland Trusts, and GFI.
• Angela K. Janssen's beneficial ownership includes shares from her revocable trust, trusts for her children, the Ann S. Gerdin Revocable Trust, the 2007 and 2009 Gerdin Heartland Trusts, GFI, and shares owned by her husband.
• Several reporting persons disclaim beneficial ownership over shares where they do not possess sole voting or dispositive power without the consent of other co-trustees or co-general partners.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive disclosure, as it confirms continued significant insider ownership, which often aligns management interests with long-term shareholder value.

Positives

• Significant insider ownership by the Gerdin family can align management and shareholder interests for long-term value creation.
• The presence of a large, stable ownership base may contribute to consistent strategic direction and reduced susceptibility to short-term market pressures.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that significant insider ownership, as seen with the Gerdin family in Heartland Express, is common in the trucking and transportation industry, particularly for companies with a long history and founder involvement. This structure can foster long-term strategic thinking but may also limit external influence or acquisition potential.

Corporate Governance

Related Party Transactions

• The filing details beneficial ownership through various family trusts (Ann S. Gerdin Revocable Trust, Julie J. Durr Revocable Trust, Angela K. Janssen Revocable Trust, 2007 Gerdin Heartland Trust, 2009 Gerdin Heartland Trust) and a family investment partnership (Gerdin Family Investments, LP), indicating significant related-party holdings.
• Angela K. Janssen's beneficial ownership includes shares owned by her husband.

Stakeholder Impact

• Shareholders: The filing confirms a high level of insider ownership by the founding family, which can be viewed positively for long-term strategic alignment and stability. However, it also implies limited float and potential for reduced influence for minority shareholders.
• Management: The significant ownership by key family members reinforces their control and influence over the company's direction and operations.

Key Dates

Recommendation

The filing is a routine disclosure of beneficial ownership by key family members and trusts, confirming their substantial stakes in Heartland Express. While significant insider ownership can be a positive signal for long-term alignment, this particular amendment does not present new information that would fundamentally alter the investment thesis or warrant a change in recommendation from a seasoned investor's perspective. It primarily updates the exact percentages and clarifies the complex ownership structure.

Keywords

Heartland Express, HLI, Schedule 13G, beneficial ownership, insider ownership, Gerdin family, common stock, SEC filing, institutional ownership, trucking, transportation