Cigna Investments Inc. New reduced its stake in Landstar System, Inc. (NASDAQ:LSTR) by 0.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 9,692 shares of the transportation company’s stock after selling 52 shares during the period. Cigna Investments Inc. New’s holdings in Landstar System were worth $830,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Algert Global LLC purchased a new position in Landstar System during the second quarter valued at $2,293,000. TD Asset Management Inc. boosted its position in Landstar System by 9.5% in the second quarter. TD Asset Management Inc. now owns 21,959 shares of the transportation company’s stock valued at $1,880,000 after buying an additional 1,900 shares during the last quarter. Retirement Systems of Alabama boosted its position in Landstar System by 4.3% in the second quarter. Retirement Systems of Alabama now owns 110,863 shares of the transportation company’s stock valued at $9,490,000 after buying an additional 4,605 shares during the last quarter. IFP Advisors Inc boosted its position in Landstar System by 2.9% in the second quarter. IFP Advisors Inc now owns 1,646 shares of the transportation company’s stock valued at $141,000 after buying an additional 47 shares during the last quarter. Finally, Texas Permanent School Fund boosted its position in Landstar System by 1.2% in the second quarter. Texas Permanent School Fund now owns 30,610 shares of the transportation company’s stock valued at $2,620,000 after buying an additional 364 shares during the last quarter. 97.12% of the stock is currently owned by hedge funds and other institutional investors.
Landstar System, Inc. (NASDAQ LSTR) opened at 84.00 on Friday. The company has a 50-day moving average price of $85.70 and a 200-day moving average price of $85.27. Landstar System, Inc. has a 1-year low of $65.05 and a 1-year high of $90.80. The company has a market cap of $3.52 billion, a PE ratio of 24.26 and a beta of 0.75.
Landstar System (NASDAQ:LSTR) last announced its quarterly earnings results on Wednesday, July 26th. The transportation company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $870.34 million for the quarter, compared to the consensus estimate of $859.30 million. Landstar System had a net margin of 4.37% and a return on equity of 26.11%. Landstar System’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 EPS. On average, analysts expect that Landstar System, Inc. will post $3.55 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 14th will be issued a $0.10 dividend. This is an increase from Landstar System’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Thursday, August 10th. Landstar System’s payout ratio is currently 11.56%.
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A number of research analysts recently commented on LSTR shares. Morgan Stanley increased their target price on Landstar System from $66.00 to $68.00 and gave the company an “underweight” rating in a research note on Monday, August 7th. Zacks Investment Research cut Landstar System from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Stifel Nicolaus raised Landstar System from a “hold” rating to a “buy” rating and increased their target price for the company from $87.00 to $95.00 in a research note on Monday, July 31st. Deutsche Bank AG cut Landstar System from a “buy” rating to a “hold” rating and reduced their target price for the company from $97.00 to $87.00 in a research note on Monday, July 31st. Finally, BidaskClub cut Landstar System from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $84.86.
About Landstar System
Landstar System, Inc (Landstar) is an asset-light provider of integrated transportation management solutions. The Company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to enterprise solutions to manage customer’s transportation needs.
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