Bank of America Corp DE Sells 43,808 Shares of Landstar System, Inc. (NASDAQ:LSTR)

Bank of America Corp DE reduced its stake in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Landstar System by 16.1% in the fourth 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 buying an additional 521,695 shares during the period. Victory Capital Management Inc. boosted its holdings in Landstar System by 0.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,621,511 shares of the transportation company's stock valued at $278,673,000 after acquiring an additional 11,146 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Landstar System by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 817,938 shares of the transportation company's stock valued at $140,602,000 after acquiring an additional 4,392 shares during the last quarter. Northern Trust Corp boosted its position in shares of Landstar System by 15.6% in the 4th quarter. Northern Trust Corp now owns 672,779 shares of the transportation company's stock worth $115,624,000 after purchasing an additional 90,672 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Landstar System by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 617,835 shares of the transportation company's stock worth $106,184,000 after purchasing an additional 9,190 shares during the last quarter. 97.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on LSTR shares. Truist Financial reduced their target price on Landstar System from $150.00 to $135.00 and set a "hold" rating on the stock in a report on Thursday, April 24th. Evercore ISI dropped their target price on Landstar System from $137.00 to $136.00 and set an "in-line" rating on the stock in a report on Wednesday, May 14th. Susquehanna dropped their target price on Landstar System from $130.00 to $120.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. TD Cowen dropped their price objective on Landstar System from $161.00 to $145.00 and set a "hold" rating on the stock in a research note on Thursday, April 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Landstar System from $177.00 to $147.00 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating and thirteen have issued a hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $150.42.

Landstar System Price Performance

NASDAQ:LSTR traded down $0.88 during trading hours on Monday, reaching $144.21. 297,857 shares of the company were exchanged, compared to its average volume of 292,920. The company has a market capitalization of $5.04 billion, a P/E ratio of 26.13 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 company has a debt-to-equity ratio of 0.07, a current ratio of 1.96 and a quick ratio of 2.21. The business has a 50 day moving average of $141.09 and a 200 day moving average of $161.77.

Landstar System (NASDAQ:LSTR - Get Free Report) last issued its earnings results on Tuesday, May 13th. The transportation company reported $0.85 earnings per share for the quarter, missing analysts' consensus estimates of $0.92 by ($0.07). The business 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%. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.32 EPS. Research analysts forecast that Landstar System, Inc. will post 6.1 EPS for the current year.

Landstar System Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Thursday, June 5th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.11%. This is a boost from Landstar System's previous quarterly dividend of $0.36. The ex-dividend date is Thursday, June 5th. Landstar System's dividend payout ratio is presently 31.68%.

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.