Perigon Wealth Management LLC purchased a new position in shares of Landstar System, Inc. (NASDAQ:LSTR – Free Report) during the second quarter, Holdings Channel reports. The fund purchased 3,088 shares of the transportation company’s stock, valued at approximately $639,000.
A number of other large investors also recently added to or reduced their stakes in LSTR. Los Angeles Capital Management LLC purchased a new position in shares of Landstar System during the fourth quarter worth $25,000. Quarry LP purchased a new stake in shares of Landstar System in the 3rd quarter valued at $25,000. Global Retirement Partners LLC lifted its stake in Landstar System by 320.0% during the 4th quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company’s stock worth $27,000 after acquiring an additional 144 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Landstar System during the 2nd quarter worth about $35,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Landstar System by 132.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock valued at $37,000 after acquiring an additional 142 shares during the period. 97.95% of the stock is currently owned by institutional investors and hedge funds.
Landstar System Trading Down 0.6%
LSTR opened at $185.02 on Thursday. The business has a fifty day moving average price of $200.01 and a 200 day moving average price of $180.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.82 and a quick ratio of 1.82. Landstar System, Inc. has a 12 month low of $119.32 and a 12 month high of $228.46. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 47.93 and a beta of 0.90.
Landstar System declared that its board has initiated a stock buyback program on Tuesday, April 28th that allows the company to buyback 1,115,195,000,000 shares. This buyback authorization allows the transportation company to purchase up to 3.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
Landstar System Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.44 per share. This is a boost from Landstar System’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 18th. This represents a $1.76 annualized dividend and a yield of 1.0%. Landstar System’s dividend payout ratio (DPR) is presently 45.60%.
Insider Activity at Landstar System
In other Landstar System news, CFO James P. Todd sold 1,200 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly owned 15,122 shares of the company’s stock, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Diana M. Murphy sold 11,246 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the completion of the sale, the director owned 18,853 shares in the company, valued at $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.74% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Susquehanna lifted their target price on Landstar System from $195.00 to $230.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Morgan Stanley reissued an “underweight” rating and issued a $145.00 price objective on shares of Landstar System in a research note on Monday, July 6th. Stephens upgraded shares of Landstar System to a “strong-buy” rating in a report on Wednesday, July 8th. Zacks Research upgraded shares of Landstar System from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Finally, Barclays upped their target price on shares of Landstar System from $155.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $196.00.
Get Our Latest Report on Landstar System
Landstar System Profile
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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