19,478 Shares in Landstar System, Inc. $LSTR Acquired by J. Goldman & Co LP

Key Points

• J. Goldman & Co. LP acquired 19,478 Landstar System shares worth approximately $4.03 million, while institutional investors collectively owned 97.95% of the company at the end of the quarter.
• Analyst sentiment remains mixed: Landstar has an average “Hold” rating and a consensus price target of $196, despite some recent upgrades to “Buy” and “Strong Buy.”
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, but EPS of $1.44 fell short of estimates. The company also raised its quarterly dividend to $0.44 per share and authorized a buyback of up to 3.3% of outstanding shares.

J. Goldman & Co LP bought a new stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,478 shares of the transportation company's stock, valued at approximately $4,028,000. J. Goldman & Co LP owned about 0.06% of Landstar System at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LSTR. Hsbc Holdings PLC acquired a new position in shares of Landstar System in the 2nd quarter worth approximately $6,242,000. Canada Pension Plan Investment Board acquired a new stake in shares of Landstar System during the second quarter worth $3,102,000. Legal & General Group Plc acquired a new stake in shares of Landstar System during the second quarter worth $10,522,000. The Manufacturers Life Insurance Company bought a new position in Landstar System during the second quarter worth $4,854,000. Finally, Cibc World Market Inc. acquired a new stake in Landstar System during the 2nd quarter worth about $3,225,000. Institutional investors and hedge funds own 97.95% of the company's stock.

Insider Activity

In related news, Director Diana M. Murphy sold 11,246 shares of the company's stock in a transaction dated 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 owned 18,853 shares in the company, valued at $4,171,791.84. This represents a 37.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James P. Todd sold 1,200 shares of the firm's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $218.17, for a total transaction of $261,804.00. Following the completion of the transaction, the chief financial officer directly owned 15,122 shares in the company, valued at approximately $3,299,166.74. The trade was a 7.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.74% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LSTR shares. Evercore set a $181.00 price objective on Landstar System in a research note on Wednesday, April 29th. Stifel Nicolaus raised their target price on Landstar System from $186.00 to $197.00 and gave the stock a "hold" rating in a research note on Wednesday, July 29th. Wall Street Zen raised Landstar System from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Janney Montgomery Scott set a $182.00 price target on Landstar System in a report on Wednesday, July 29th. Finally, Stephens upgraded shares of Landstar System to a "strong-buy" rating in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $196.00.

Landstar System Price Performance

Shares of NASDAQ:LSTR opened at $178.48 on Wednesday. Landstar System, Inc. has a twelve month low of $119.32 and a twelve month high of $228.46. The stock's 50 day moving average is $196.86 and its 200-day moving average is $181.64. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $6.06 billion, a price-to-earnings ratio of 46.24 and a beta of 0.90.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The transportation company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.05). Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the business posted $1.20 EPS. The business's revenue for the quarter was up 18.2% compared to the same quarter last year. Sell-side analysts forecast that Landstar System, Inc. will post 5.84 EPS for the current fiscal year.

Landstar System declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that authorizes the company to buyback 1,115,195,000,000 outstanding shares. This buyback authorization authorizes the transportation company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Landstar System Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This is a boost from Landstar System's previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 1.0%. Landstar System's payout ratio is presently 45.60%.

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.

Want to see what other hedge funds are holding LSTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Landstar System, Inc. (NASDAQ:LSTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source