SG Americas Securities LLC boosted its holdings in Landstar System, Inc. (NASDAQ:LSTR – Free Report) by 992.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 231,069 shares of the transportation company’s stock after acquiring an additional 209,912 shares during the period. SG Americas Securities LLC owned 0.68% of Landstar System worth $37,043,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the business. Evolve Private Wealth LLC purchased a new stake in Landstar System in the first quarter valued at $243,000. Rockefeller Capital Management L.P. grew its holdings in shares of Landstar System by 623.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,114 shares of the transportation company’s stock worth $160,000 after purchasing an additional 960 shares during the period. River Road Asset Management LLC acquired a new stake in shares of Landstar System during the 4th quarter worth about $18,082,000. Virtu Financial LLC acquired a new stake in shares of Landstar System during the 4th quarter worth about $351,000. Finally, Corient Private Wealth LLC raised its holdings in Landstar System by 99.5% in the 4th quarter. Corient Private Wealth LLC now owns 742,215 shares of the transportation company’s stock valued at $105,877,000 after buying an additional 370,253 shares during the period. 97.95% of the stock is currently owned by hedge funds and other institutional investors.
Landstar System Stock Down 0.7%
Shares of LSTR opened at $207.50 on Wednesday. The stock has a market capitalization of $7.04 billion, a PE ratio of 57.32 and a beta of 0.88. Landstar System, Inc. has a 1 year low of $119.32 and a 1 year high of $228.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.88 and a current ratio of 1.88. The company’s 50-day simple moving average is $193.75 and its 200-day simple moving average is $166.58.
Landstar System Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 19th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $1.60 annualized dividend and a dividend yield of 0.8%. Landstar System’s payout ratio is 44.20%.
Landstar System declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 28th that authorizes the company to repurchase 1,115,195,000,000 shares. This repurchase authorization authorizes the transportation company to buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Landstar System from $161.00 to $179.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Stifel Nicolaus increased their price objective on shares of Landstar System from $147.00 to $175.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Truist Financial lifted their target price on shares of Landstar System from $145.00 to $190.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. UBS Group boosted their target price on Landstar System from $147.00 to $185.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen cut Landstar System from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Two research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, Landstar System presently has an average rating of “Hold” and a consensus target price of $185.91.
Read Our Latest Stock Analysis on LSTR
Insider Buying and Selling at Landstar System
In related news, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction on Friday, June 5th. The stock was sold at an average price of $221.28, for a total value of $2,488,514.88. Following the completion of the transaction, the director directly owned 18,853 shares in the company, valued at approximately $4,171,791.84. This trade represents a 37.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James P. Todd sold 1,200 shares of Landstar System stock in a transaction on Monday, June 15th. The shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the completion of the transaction, the chief financial officer owned 15,122 shares of the company’s stock, valued at approximately $3,299,166.74. This trade represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.74% of the company’s stock.
About Landstar System
Landstar System, Inc provides integrated transportation management solutions through a network of independent agents and third-party capacity providers. The company specializes in truckload brokerage, intermodal, air and ocean freight, expedited and heavy-haul services, along with value-added offerings such as cargo insurance, customs brokerage and supply chain management. Landstar’s proprietary technology platform enables real-time load matching, shipment tracking and data analytics to optimize fleet utilization and improve customer service.
Founded in 1968 and headquartered in Jacksonville, Florida, Landstar pioneered an asset-light brokerage model that has evolved into a global logistics operation.
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