Bank of America Corp DE Trims Stock Position in Landstar System, Inc. (NASDAQ:LSTR)

Bank of America Corp DE decreased its position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 12.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 297,383 shares of the transportation company's stock after selling 43,808 shares during the period. Bank of America Corp DE owned 0.84% of Landstar System worth $51,108,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Landstar System by 16.1% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,764,603 shares of the transportation company's stock valued at $646,985,000 after purchasing an additional 521,695 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Landstar System during the fourth quarter worth $63,816,000. Norges Bank acquired a new position in shares of Landstar System during the 4th quarter valued at about $54,088,000. Corient Private Wealth LLC boosted its position in shares of Landstar System by 1,207.3% during the 4th quarter. Corient Private Wealth LLC now owns 293,899 shares of the transportation company's stock valued at $50,509,000 after acquiring an additional 271,417 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in shares of Landstar System by 116.4% during the 4th quarter. Lord Abbett & CO. LLC now owns 274,671 shares of the transportation company's stock valued at $47,205,000 after acquiring an additional 147,756 shares during the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Price Performance

Landstar System stock traded up $0.50 during trading hours on Friday, hitting $145.09. The stock had a trading volume of 472,605 shares, compared to its average volume of 292,597. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.96 and a quick ratio of 2.21. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 26.28 and a beta of 0.92. Landstar System, Inc. has a 1-year low of $128.99 and a 1-year high of $196.86. The stock's fifty day moving average is $141.22 and its two-hundred day moving average is $162.20.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its earnings results on Tuesday, May 13th. The transportation company reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.07). The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.13 billion. Landstar System had a net margin of 4.07% and a return on equity of 19.56%. As a group, analysts predict that Landstar System, Inc. will post 6.1 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Thursday, June 5th will be paid a dividend of $0.40 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.10%. This is a positive change from Landstar System's previous quarterly dividend of $0.36. Landstar System's dividend payout ratio (DPR) is presently 31.68%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on LSTR shares. Susquehanna lowered their price target on shares of Landstar System from $130.00 to $120.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Truist Financial reduced their price objective on Landstar System from $150.00 to $135.00 and set a "hold" rating for the company in a research note on Thursday, April 24th. Jefferies Financial Group cut their price target on Landstar System from $170.00 to $150.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Benchmark restated a "hold" rating on shares of Landstar System in a research note on Monday, April 14th. Finally, TD Cowen cut their price target on Landstar System from $161.00 to $145.00 and set a "hold" rating for the company in a research note on Thursday, April 3rd. One analyst has rated the stock with a sell rating and thirteen have given a hold rating to the company. Based on data from MarketBeat.com, Landstar System presently has a consensus rating of "Hold" and a consensus target price of $153.08.

Landstar System Profile

Landstar System, Inc provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. It operates through two segments: Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage, as well as offers transportation services to other transportation companies, such as third party logistics and less-than-truckload services.