Bank of New York Mellon Corp Acquires New Shares in Landstar System, Inc. $LSTR

Bank of New York Mellon Corp acquired a new position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 331,255 shares of the transportation company's stock, valued at approximately $68,507,000. Bank of New York Mellon Corp owned approximately 0.98% of Landstar System as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of LSTR. Los Angeles Capital Management LLC bought a new stake in shares of Landstar System in the fourth quarter worth approximately $25,000. Quarry LP bought a new position in Landstar System during the third quarter valued at approximately $25,000. Global Retirement Partners LLC boosted its holdings in Landstar System by 320.0% in the fourth quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company's stock worth $27,000 after purchasing an additional 144 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Landstar System by 132.7% in 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 during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Landstar System by 1,490.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 318 shares of the transportation company's stock worth $39,000 after purchasing an additional 298 shares during the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Insider Buying and Selling at Landstar System

In other Landstar System news, Director Diana M. Murphy sold 11,246 shares of Landstar System 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 sale, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James P. Todd sold 1,200 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $218.17, for a total value of $261,804.00. Following the completion of the sale, the chief financial officer owned 15,122 shares of the company's stock, valued at $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.74% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays increased their price target on Landstar System from $155.00 to $190.00 and gave the company an "equal weight" rating in a report on Thursday, June 25th. Susquehanna boosted their price target on Landstar System from $195.00 to $230.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Wall Street Zen raised shares of Landstar System from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Wolfe Research raised Landstar System from a "peer perform" rating to an "outperform" rating and set a $214.00 target price on the stock in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Landstar System from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 16th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $196.00.

Landstar System Price Performance

LSTR stock opened at $178.48 on Wednesday. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. The firm has a market capitalization of $6.06 billion, a P/E ratio of 46.24 and a beta of 0.90. The company has a fifty day simple moving average of $196.86 and a two-hundred day simple moving average of $181.64. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.05.

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 analysts' consensus estimates of $1.49 by ($0.05). The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Landstar System had a return on equity of 20.84% and a net margin of 2.64%.Landstar System's revenue was up 18.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. Analysts anticipate that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System declared that its Board of Directors has initiated a share buyback plan on Tuesday, April 28th that authorizes the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization authorizes the transportation company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Landstar System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, August 18th. This is an increase from Landstar System's previous quarterly dividend of $0.40. Landstar System's dividend payout ratio (DPR) is 45.60%.

Landstar System 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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