Landstar System, Inc. $LSTR Shares Bought by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its ownership of Landstar System, Inc. by 39%, acquiring an additional 30,000 shares to hold approximately 107,000 shares valued at around $16 million.
• The company recently reported earnings of $1.20 per share, exceeding analysts' expectations, with a slight decline in quarterly revenue of 1.1% year-over-year.
• A quarterly dividend of $0.40 was declared, which will be distributed to investors on September 9th, representing an annual yield of 1.2%.

Adage Capital Partners GP L.L.C. lifted its position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 39.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,000 shares of the transportation company's stock after buying an additional 30,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.31% of Landstar System worth $16,071,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Colonial Trust Co SC boosted its stake in Landstar System by 61.7% during the 4th quarter. Colonial Trust Co SC now owns 186 shares of the transportation company's stock worth $32,000 after purchasing an additional 71 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Landstar System by 35.3% in the first quarter. First Horizon Advisors Inc. now owns 322 shares of the transportation company's stock worth $48,000 after buying an additional 84 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Landstar System by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,099 shares of the transportation company's stock worth $465,000 after acquiring an additional 85 shares during the last quarter. State of Michigan Retirement System boosted its position in Landstar System by 1.2% during the first quarter. State of Michigan Retirement System now owns 8,470 shares of the transportation company's stock worth $1,272,000 after acquiring an additional 100 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in Landstar System by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 9,900 shares of the transportation company's stock valued at $1,487,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Analyst Ratings Changes

LSTR has been the topic of a number of research reports. Zacks Research raised shares of Landstar System from a "strong sell" rating to a "hold" rating in a research note on Monday. Susquehanna set a $123.00 price objective on Landstar System and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Robert W. Baird assumed coverage on Landstar System in a research note on Tuesday, July 1st. They set an "outperform" rating and a $166.00 price objective on the stock. Evercore ISI dropped their target price on Landstar System from $135.00 to $132.00 and set an "in-line" rating for the company in a report on Wednesday, July 30th. Finally, Baird R W upgraded Landstar System to a "strong-buy" rating in a report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $145.17.

Landstar System Trading Up 2.1%

LSTR stock traded up $2.69 during midday trading on Thursday, hitting $132.43. 309,793 shares of the company's stock were exchanged, compared to its average volume of 341,838. Landstar System, Inc. has a 1-year low of $123.43 and a 1-year high of $196.86. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $4.59 billion, a PE ratio of 27.76 and a beta of 0.84. The business has a 50-day simple moving average of $134.37 and a two-hundred day simple moving average of $139.70.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The transportation company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.04. The business had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.21 billion. Landstar System had a return on equity of 17.49% and a net margin of 3.51%.The company's revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.48 EPS. On average, sell-side analysts predict that Landstar System, Inc. will post 6.1 EPS for the current fiscal year.

Landstar System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 9th. Shareholders of record on Tuesday, August 19th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, August 19th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.2%. Landstar System's dividend payout ratio (DPR) is currently 33.54%.

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.