Assenagon Asset Management S.A. Makes New Investment in Landstar System, Inc. $LSTR

Key Points

• Assenagon Asset Management acquired 29,324 Landstar System shares worth approximately $6.1 million, while institutional investors collectively own 97.95% of the company.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, but EPS of $1.44 missed analysts’ $1.49 estimate. Analysts maintain a consensus “Hold” rating with an average price target of $196.
• The company raised its quarterly dividend to $0.44 per share, equivalent to a 1.0% yield, and authorized repurchases of up to 3.3% of its outstanding stock.

Assenagon Asset Management S.A. acquired a new position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 29,324 shares of the transportation company's stock, valued at approximately $6,064,000. Assenagon Asset Management S.A. owned 0.09% of Landstar System at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in Landstar System during the fourth quarter worth $25,000. Quarry LP acquired a new stake in shares of Landstar System in the third quarter valued at about $25,000. Global Retirement Partners LLC increased its stake in Landstar System by 320.0% during the 4th quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company's stock worth $27,000 after buying an additional 144 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Landstar System by 132.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company's stock worth $37,000 after purchasing an additional 142 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Landstar System by 1,490.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 318 shares of the transportation company's stock worth $39,000 after buying an additional 298 shares in the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Janney Montgomery Scott set a $182.00 price target on Landstar System in a research report on Wednesday, July 29th. The Goldman Sachs Group upped their target price on Landstar System from $147.00 to $168.00 and gave the company a "sell" rating in a report on Thursday, July 16th. Truist Financial lifted 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. Stephens upgraded Landstar System to a "strong-buy" rating in a report on Wednesday, July 8th. Finally, Barclays boosted their price target on shares of Landstar System from $155.00 to $190.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $196.00.

Landstar System Trading Down 0.3%

Shares of NASDAQ LSTR opened at $177.74 on Wednesday. The stock has a market capitalization of $6.03 billion, a PE ratio of 46.05 and a beta of 0.90. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $203.84 and a 200-day simple moving average of $179.47. Landstar System, Inc. has a twelve month low of $119.32 and a twelve month high of $228.46.

Landstar System (NASDAQ:LSTR - Get Free Report) last issued 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). The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Landstar System had a return on equity of 20.84% and a net margin of 2.64%.The firm's revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 EPS. On average, equities analysts forecast that Landstar System, Inc. will post 5.8 earnings per share for the current year.

Landstar System Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Tuesday, August 18th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.0%. This is a boost from Landstar System's previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 18th. Landstar System's dividend payout ratio (DPR) is 41.45%.

Landstar System declared that its Board of Directors has approved a share repurchase program on Tuesday, April 28th that permits the company to buyback 1,115,195,000,000 shares. This buyback authorization permits the transportation company to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Diana M. Murphy sold 11,246 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the completion of the transaction, the director directly owned 18,853 shares of the company's stock, valued at $4,171,791.84. The trade was a 37.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James P. Todd sold 1,200 shares of the company's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $218.17, for a total value of $261,804.00. Following the sale, the chief financial officer owned 15,122 shares in the company, valued at approximately $3,299,166.74. This trade represents a 7.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.74% of the company's stock.

Landstar System Company 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.

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