NewEdge Wealth LLC purchased a new position in shares of Landstar System, Inc. (NASDAQ:LSTR – Free Report) in the second quarter, HoldingsChannel.com reports. The fund purchased 18,173 shares of the transportation company’s stock, valued at approximately $3,758,000.
A number of other institutional investors and hedge funds have also modified their holdings of LSTR. Los Angeles Capital Management LLC bought a new position in Landstar System in the fourth quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of Landstar System during the 3rd quarter valued at $25,000. Global Retirement Partners LLC raised its position in shares of Landstar System by 320.0% during the 4th quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company’s stock valued at $27,000 after acquiring an additional 144 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Landstar System in the 2nd quarter valued at $35,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Landstar System by 132.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock valued at $37,000 after purchasing an additional 142 shares during the period. 97.95% of the stock is owned by institutional investors.
Landstar System Price Performance
LSTR stock opened at $182.42 on Friday. The stock has a 50-day moving average price of $199.16 and a two-hundred day moving average price of $181.17. Landstar System, Inc. has a 1 year low of $119.32 and a 1 year high of $228.46. The stock has a market cap of $6.19 billion, a PE ratio of 47.26 and a beta of 0.90. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05.
Landstar System Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.76 annualized dividend and a dividend yield of 1.0%. This is an increase from Landstar System’s previous quarterly dividend of $0.40. Landstar System’s dividend payout ratio (DPR) is 45.60%.
Landstar System announced that its board has initiated a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the company. Weiss Ratings raised Landstar System from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 16th. Robert W. Baird cut their target price on Landstar System from $225.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on Landstar System from $198.00 to $204.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Evercore set a $181.00 target price on Landstar System in a research report on Wednesday, April 29th. Finally, Barclays upped their price target on Landstar System from $155.00 to $190.00 and gave the company 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $196.00.
Check Out Our Latest Analysis on Landstar System
Insider Buying and Selling
In other news, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $221.28, for a total value of $2,488,514.88. Following the sale, the director directly owned 18,853 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Also, CFO James P. Todd sold 1,200 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $218.17, for a total transaction of $261,804.00. Following the completion of the sale, the chief financial officer directly owned 15,122 shares in the company, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.74% of the stock is owned by company insiders.
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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