7,182 Shares in Landstar System, Inc. $LSTR Acquired by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP acquired 7,182 shares of Landstar System in the second quarter, valued at approximately $1.49 million. Institutional investors and hedge funds collectively own 97.95% of the company.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, though earnings of $1.44 per share missed analysts’ $1.49 estimate. The stock recently traded at $169.14, down 2.1%.
• The company raised its quarterly dividend from $0.40 to $0.44 per share, equal to an annualized $1.76 payout and a 1.0% yield. Analysts maintain an average “Hold” rating with a consensus price target of $196.

Engineers Gate Manager LP bought a new stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,182 shares of the transportation company's stock, valued at approximately $1,485,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Landstar System during the 2nd quarter worth $35,000. Trust Co. of Vermont acquired a new stake in Landstar System during the second quarter worth about $41,000. Essential Partners LLC increased its position in Landstar System by 58.3% during the first quarter. Essential Partners LLC now owns 277 shares of the transportation company's stock worth $44,000 after purchasing an additional 102 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in Landstar System by 41.8% during the second quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company's stock worth $46,000 after purchasing an additional 66 shares during the period. Finally, Westpac Banking Corp purchased a new position in Landstar System during the second quarter worth about $65,000. 97.95% of the stock is owned by institutional investors and hedge funds.

Landstar System Trading Down 2.1%

LSTR opened at $169.14 on Thursday. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. 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 business has a fifty day simple moving average of $186.83 and a 200-day simple moving average of $184.42. The firm has a market cap of $5.74 billion, a P/E ratio of 43.82 and a beta of 0.90.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its 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 return on equity of 20.84% and a net margin of 2.64%.The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted $1.20 EPS. Landstar System's revenue was up 18.2% on a year-over-year basis. On average, equities analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current year.

Landstar System Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th were given a dividend of $0.44 per share. 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%. The ex-dividend date of this dividend was Tuesday, August 18th. Landstar System's dividend payout ratio is currently 45.60%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Landstar System from $198.00 to $204.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Truist Financial increased their price target on Landstar System from $190.00 to $205.00 and gave the stock a "hold" rating in a report on Wednesday, July 15th. Wells Fargo & Company raised their price objective on Landstar System from $200.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Robert W. Baird reduced their price objective on shares of Landstar System from $225.00 to $215.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Finally, Susquehanna upped their target price on shares of Landstar System from $195.00 to $230.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Landstar System has an average rating of "Hold" and an average target price of $196.00.

About Landstar System

Landstar System, Inc is a transportation services company that provides integrated logistics solutions primarily through an asset-light network of independent freight agents and third-party capacity providers. The company's operations connect shippers with transportation services without relying primarily on a company-owned fleet of trucks.

Landstar arranges a broad range of freight transportation, including truckload, less-than-truckload, expedited, heavy-haul and specialized shipments.

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