Bank of Nova Scotia Buys New Holdings in Landstar System, Inc. $LSTR

Key Points

• Bank of Nova Scotia acquired 11,102 shares of Landstar System during the second quarter, valued at approximately $2.3 million. Institutional investors collectively own 97.95% of the company.
• Landstar’s latest quarterly revenue rose 18.2% year over year to $1.43 billion, exceeding expectations, although earnings per share of $1.44 fell short of the $1.49 consensus estimate.
• The company increased its quarterly dividend from $0.40 to $0.44 per share, while analysts maintain an overall “Hold” rating with an average price target of $196.

Bank of Nova Scotia purchased a new position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 11,102 shares of the transportation company's stock, valued at approximately $2,296,000.

A number of other large investors have also bought and sold shares of the stock. Integrated Wealth Concepts LLC grew its holdings in shares of Landstar System by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 3,767 shares of the transportation company's stock worth $566,000 after purchasing an additional 336 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Landstar System by 57.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 138,009 shares of the transportation company's stock valued at $20,729,000 after buying an additional 50,142 shares during the last quarter. Empowered Funds LLC boosted its position in Landstar System by 38.3% during the 1st quarter. Empowered Funds LLC now owns 4,687 shares of the transportation company's stock valued at $704,000 after buying an additional 1,298 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Landstar System by 13.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,341 shares of the transportation company's stock valued at $21,380,000 after buying an additional 16,698 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in Landstar System by 132.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company's stock worth $37,000 after acquiring an additional 142 shares during the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

Landstar System Trading Up 1.8%

LSTR opened at $181.63 on Thursday. 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, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. The stock has a market cap of $6.16 billion, a PE ratio of 47.05 and a beta of 0.90. The business has a 50 day moving average of $196.33 and a 200-day moving average of $181.78.

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 for the quarter, missing the consensus estimate of $1.49 by ($0.05). Landstar System had a return on equity of 20.84% and a net margin of 2.64%.The firm had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the previous year, the company earned $1.20 earnings per share. Landstar System's revenue for the quarter was up 18.2% on a year-over-year basis. Equities research analysts predict that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Tuesday, August 18th will be given a dividend of $0.44 per share. This is a positive change from Landstar System's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.76 annualized dividend and a yield of 1.0%. Landstar System's payout ratio is currently 45.60%.

Insider Buying and Selling

In related 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 value of $2,488,514.88. Following the completion of the sale, the director owned 18,853 shares of the company's stock, valued at $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James P. Todd sold 1,200 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $218.17, for a total transaction of $261,804.00. Following the sale, the chief financial officer directly owned 15,122 shares of the company's stock, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on LSTR shares. Truist Financial upped their price objective on shares of Landstar System from $190.00 to $205.00 and gave the company a "hold" rating in a research note on Wednesday, July 15th. Morgan Stanley reissued an "underweight" rating and issued a $145.00 target price on shares of Landstar System in a research note on Monday, July 6th. Wolfe Research upgraded Landstar System from a "peer perform" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Tuesday, August 4th. Evercore set a $181.00 price target on Landstar System in a research report on Wednesday, April 29th. Finally, Susquehanna increased their price objective on Landstar System from $195.00 to $230.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Two investment 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 stock. According to data from MarketBeat, Landstar System currently has an average rating of "Hold" and an average price target of $196.00.

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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