Landstar System, Inc. (NASDAQ:LSTR) Shareholders to Receive $0.44 Quarterly Dividend

Key Points

• Landstar System declared a quarterly dividend of $0.44 per share, payable December 8 to shareholders of record November 17. The annualized dividend is $1.76, yielding approximately 1.0%.
• The dividend appears well covered, with a current payout ratio of 27.8% and an expected future payout ratio of 23.4% based on projected earnings.
• Landstar reported quarterly revenue of $1.51 billion, up 25.4% year over year, but earnings per share of $1.42 fell short of analysts’ $1.67 estimate. Institutional investors own approximately 97.95% of the company’s shares.

Landstar System, Inc. (NASDAQ:LSTR - Get Free Report) declared a quarterly dividend on Tuesday, October 27th. Investors of record on Tuesday, November 17th will be paid a dividend of $0.44 per share by the transportation company on Tuesday, December 8th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, November 17th.

Landstar System has a payout ratio of 27.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Landstar System to earn $7.52 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 23.4%.

Landstar System Stock Performance

Shares of LSTR stock opened at $168.78 on Wednesday. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 43.73 and a beta of 0.90. Landstar System has a 52 week low of $121.11 and a 52 week high of $228.46. The firm's 50-day simple moving average is $172.65 and its two-hundred day simple moving average is $176.75.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its earnings results on Tuesday, October 27th. The transportation company reported $1.42 earnings per share for the quarter, missing analysts' consensus estimates of $1.67 by ($0.25). The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. Analysts forecast that Landstar System will post 5.87 earnings per share for the current year.

Institutional Investors Weigh In On Landstar System

Hedge funds and other institutional investors have recently modified their holdings of the stock. Walleye Capital LLC purchased a new position in shares of Landstar System in the second quarter valued at about $21,043,000. Bank of America Corp DE boosted its holdings in shares of Landstar System by 13.4% during the first quarter. Bank of America Corp DE now owns 250,112 shares of the transportation company's stock worth $40,095,000 after purchasing an additional 29,595 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Landstar System during the second quarter worth about $6,064,000. Engineers Gate Manager LP bought a new stake in shares of Landstar System in the second quarter worth about $1,485,000. Finally, Hsbc Holdings PLC grew its stake in shares of Landstar System by 244.1% in the second quarter. Hsbc Holdings PLC now owns 30,115 shares of the transportation company's stock worth $6,242,000 after purchasing an additional 21,363 shares during the last quarter. 97.95% of the stock is currently owned by institutional investors.

About Landstar System

Landstar System, Inc NASDAQ: LSTR is an asset-light transportation and logistics company headquartered in Jacksonville, Florida. Through a network of independent owner-operators, agents and third-party capacity providers, the company arranges the movement of freight for commercial and industrial customers.

Landstar's services include truckload transportation, specialized and heavy-haul freight, expedited and time-critical shipping, less-than-truckload transportation, intermodal services and logistics management.

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