Zacks Investment Research lowered shares of Landstar System (NASDAQ:LSTR) from a buy rating to a hold rating in a research report released on Friday morning.
According to Zacks, “Landstar System, Inc. ( LSTR ) is an asset-light provider of integrated transportation management solutions worldwide. The company delivers safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity owners and employees. Landstar System transports a variety of freight, including iron and steel, automotive products, paper, lumber, chemicals, foodstuffs, and military hardware. All Landstar transportation services companies are certified to ISO 9001:2008 quality management system standards and RC14001:2013 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. “
Several other brokerages have also commented on LSTR. Robert W. Baird restated a hold rating and issued a $105.00 price objective on shares of Landstar System in a report on Tuesday. Susquehanna Bancshares raised shares of Landstar System from a neutral rating to a positive rating and upped their target price for the stock from $109.00 to $124.00 in a research note on Monday, January 8th. BidaskClub downgraded shares of Landstar System from a strong-buy rating to a buy rating in a research note on Wednesday, January 3rd. Morgan Stanley upped their target price on shares of Landstar System from $68.00 to $73.00 and gave the stock an underweight rating in a research note on Thursday, October 5th. Finally, Buckingham Research upped their target price on shares of Landstar System from $103.00 to $106.00 and gave the stock a neutral rating in a research note on Friday, October 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $101.17.
Shares of Landstar System (LSTR) traded up $0.55 during mid-day trading on Friday, hitting $108.45. 181,344 shares of the stock traded hands, compared to its average volume of 234,549. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.96 and a current ratio of 1.96. Landstar System has a 52-week low of $80.00 and a 52-week high of $108.55. The firm has a market cap of $4,550.00, a price-to-earnings ratio of 29.96, a P/E/G ratio of 1.88 and a beta of 0.81.
Landstar System (NASDAQ:LSTR) last issued its quarterly earnings data on Wednesday, October 25th. The transportation company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.96 by $0.05. Landstar System had a net margin of 4.36% and a return on equity of 25.53%. The firm had revenue of $943.40 million for the quarter, compared to analyst estimates of $895.31 million. During the same period in the prior year, the business posted $0.86 EPS. The business’s revenue for the quarter was up 19.7% compared to the same quarter last year. analysts forecast that Landstar System will post 3.69 EPS for the current fiscal year.
Landstar System announced that its Board of Directors has authorized a stock repurchase program on Wednesday, December 13th that allows the company to buyback 1,960,000 outstanding shares. This buyback authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a special dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 12th will be paid a dividend of $1.50 per share. This is an increase from Landstar System’s previous special dividend of $1.00. This represents a yield of 0.39%. The ex-dividend date is Thursday, January 11th. Landstar System’s dividend payout ratio is presently 11.05%.
In related news, VP Michael K. Kneller sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $99.00, for a total transaction of $990,000.00. Following the sale, the vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $2,193,147. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James B. Gattoni sold 15,000 shares of the stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $98.72, for a total transaction of $1,480,800.00. Following the completion of the sale, the chief executive officer now directly owns 69,339 shares in the company, valued at $6,845,146.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,805 shares of company stock worth $4,028,128. 1.00% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in LSTR. Advisor Group Inc. increased its position in shares of Landstar System by 64.8% in the 2nd quarter. Advisor Group Inc. now owns 1,523 shares of the transportation company’s stock valued at $130,000 after purchasing an additional 599 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Landstar System by 14.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,824 shares of the transportation company’s stock valued at $156,000 after purchasing an additional 224 shares during the last quarter. Zions Bancorporation purchased a new stake in shares of Landstar System in the 3rd quarter valued at approximately $167,000. PNC Financial Services Group Inc. increased its position in shares of Landstar System by 22.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,000 shares of the transportation company’s stock valued at $171,000 after purchasing an additional 373 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Landstar System in the 2nd quarter valued at approximately $202,000. 97.93% of the stock is currently owned by institutional investors.
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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