Adage Capital Partners GP L.L.C. Purchases 30,000 Shares of Landstar System, Inc. $LSTR

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. raised its position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 39.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,000 shares of the transportation company's stock after acquiring 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.

A number of other hedge funds also recently bought and sold shares of LSTR. Kayne Anderson Rudnick Investment Management LLC increased its holdings in Landstar System by 8.5% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,083,704 shares of the transportation company's stock valued at $613,372,000 after purchasing an additional 319,101 shares during the period. Reinhart Partners LLC. bought a new stake in Landstar System during the 1st quarter valued at approximately $42,887,000. Nuveen LLC bought a new stake in Landstar System during the 1st quarter valued at approximately $34,540,000. Ameriprise Financial Inc. boosted its position in Landstar System by 120.7% during the 4th quarter. Ameriprise Financial Inc. now owns 165,297 shares of the transportation company's stock valued at $28,408,000 after acquiring an additional 90,391 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Landstar System by 13,120.0% during the 1st quarter. GAMMA Investing LLC now owns 67,290 shares of the transportation company's stock valued at $10,107,000 after acquiring an additional 66,781 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Stock Performance

LSTR traded down $1.55 during mid-day trading on Wednesday, reaching $129.39. 203,311 shares of the company traded hands, compared to its average volume of 370,675. The stock has a market capitalization of $4.48 billion, a P/E ratio of 27.13 and a beta of 0.84. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.06. The company's fifty day moving average price is $134.98 and its 200-day moving average price is $139.93. Landstar System, Inc. has a 52-week low of $123.43 and a 52-week high of $196.86.

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

Landstar System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 19th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, August 19th. Landstar System's dividend payout ratio is 33.54%.

Analyst Ratings Changes

Several research firms have weighed in on LSTR. Wall Street Zen cut Landstar System from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Baird R W raised Landstar System to a "strong-buy" rating in a research report on Tuesday, July 1st. TD Cowen dropped their price target on Landstar System from $141.00 to $135.00 and set a "hold" rating on the stock in a research report on Wednesday, July 30th. Stifel Nicolaus dropped their price target on Landstar System from $140.00 to $131.00 and set a "hold" rating on the stock in a research report on Thursday, July 31st. Finally, UBS Group dropped their price target on Landstar System from $154.00 to $149.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $145.17.

Landstar System Company 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.