Bank of America Corp DE Buys Shares of 248,247 Landstar System, Inc. $LSTR

Key Points

• Bank of America acquired 248,247 Landstar System shares in the second quarter, worth approximately $51.3 million and representing about 0.73% of the company. Institutional investors collectively own 97.95% of Landstar’s stock.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, but earnings per share of $1.44 fell short of analysts’ $1.49 estimate. Analysts expect full-year EPS of $5.84.
• Landstar increased its quarterly dividend from $0.40 to $0.44 per share, equal to a $1.76 annualized payout and a 1.0% yield. Analysts’ consensus rating remains Hold, with an average price target of $196.

Bank of America Corp DE purchased a new stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 248,247 shares of the transportation company's stock, valued at approximately $51,340,000. Bank of America Corp DE owned approximately 0.73% of Landstar System as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of LSTR. Elevation Wealth Partners LLC raised its stake in Landstar System by 41.8% in the second quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company's stock worth $46,000 after buying an additional 66 shares in the last quarter. First Citizens Bank & Trust Co. raised its position in shares of Landstar System by 1.5% in the 1st quarter. First Citizens Bank & Trust Co. now owns 4,710 shares of the transportation company's stock worth $755,000 after acquiring an additional 68 shares in the last quarter. Petros Family Wealth LLC lifted its stake in shares of Landstar System by 4.9% during the 1st quarter. Petros Family Wealth LLC now owns 1,548 shares of the transportation company's stock worth $248,000 after purchasing an additional 73 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Landstar System by 1.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 6,987 shares of the transportation company's stock valued at $1,120,000 after purchasing an additional 91 shares in the last quarter. Finally, State of Michigan Retirement System grew its stake in Landstar System by 1.2% in the first quarter. State of Michigan Retirement System now owns 8,170 shares of the transportation company's stock valued at $1,310,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Price Performance

Shares of NASDAQ LSTR opened at $170.29 on Monday. Landstar System, Inc. has a fifty-two week low of $119.32 and a fifty-two week high of $228.46. The company has a market cap of $5.78 billion, a PE ratio of 44.12 and a beta of 0.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82. The business has a 50-day simple moving average of $185.32 and a two-hundred day simple moving average of $184.52.

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

Landstar System Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th were paid a dividend of $0.44 per share. The ex-dividend date was Tuesday, August 18th. This is an increase 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%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on LSTR shares. Barclays boosted their target price on shares of Landstar System from $155.00 to $190.00 and gave the stock an "equal weight" rating in a report on Thursday, June 25th. Stephens raised shares of Landstar System to a "strong-buy" rating in a research report on Wednesday, July 8th. Janney Montgomery Scott set a $182.00 price objective on shares of Landstar System in a research note on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on shares of Landstar System from $198.00 to $204.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Finally, UBS Group reissued a "neutral" rating and set a $195.00 target price on shares of Landstar System in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock 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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