Bank of Nova Scotia Makes New $4.12 Million Investment in Landstar System, Inc. $LSTR

Bank of Nova Scotia acquired a new stake in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,695 shares of the transportation company's stock, valued at approximately $4,119,000. Bank of Nova Scotia owned 0.08% of Landstar System at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Sei Investments Co. increased its position in shares of Landstar System by 22.6% during the 1st quarter. Sei Investments Co. now owns 93,369 shares of the transportation company's stock valued at $14,965,000 after purchasing an additional 17,186 shares during the last quarter. Walleye Capital LLC bought a new stake in Landstar System in the first quarter worth $13,765,000. State of Wyoming boosted its stake in Landstar System by 251.5% during the first quarter. State of Wyoming now owns 1,603 shares of the transportation company's stock worth $257,000 after buying an additional 1,147 shares during the period. NewEdge Wealth LLC boosted its stake in Landstar System by 11.1% during the first quarter. NewEdge Wealth LLC now owns 18,184 shares of the transportation company's stock worth $2,915,000 after buying an additional 1,821 shares during the period. Finally, First Citizens Bank & Trust Co. increased its position in Landstar System by 1.5% during the first quarter. First Citizens Bank & Trust Co. now owns 4,710 shares of the transportation company's stock valued at $755,000 after acquiring an additional 68 shares during the last quarter. 97.95% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Diana M. Murphy sold 11,246 shares of the stock in a transaction that occurred 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 transaction, the director owned 18,853 shares of the company's stock, valued at $4,171,791.84. This represents a 37.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James P. Todd sold 1,200 shares of the firm'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 transaction, the chief financial officer owned 15,122 shares in the company, valued at $3,299,166.74. The trade was a 7.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of Landstar System from $175.00 to $186.00 and gave the stock a "hold" rating in a report on Monday, July 13th. Truist Financial upped their price target on shares of Landstar System from $190.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, July 15th. The Goldman Sachs Group increased their price objective on shares of Landstar System from $147.00 to $168.00 and gave the stock a "sell" rating in a research report on Thursday, July 16th. Barclays raised their price objective on shares of Landstar System from $155.00 to $190.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 25th. Finally, Susquehanna boosted their target price on Landstar System from $195.00 to $230.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $192.67.

Landstar System Stock Down 3.3%

Shares of LSTR opened at $185.32 on Wednesday. The firm has a fifty day moving average price of $208.49 and a 200-day moving average price of $177.83. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $6.29 billion, a P/E ratio of 51.19 and a beta of 0.89. Landstar System, Inc. has a 12-month low of $119.32 and a 12-month high of $228.46.

Landstar System (NASDAQ:LSTR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The transportation company reported $1.44 earnings per share for the quarter, missing analysts' consensus estimates of $1.49 by ($0.05). The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The company's quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.20 EPS. Equities research analysts expect that Landstar System, Inc. will post 5.73 earnings per share for the current year.

Landstar System announced that its board has authorized a stock repurchase plan on Tuesday, April 28th that permits the company to repurchase 1,115,195,000,000 shares. This repurchase authorization permits the transportation company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Landstar System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.44 per share. This is a boost from Landstar System's previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 18th. Landstar System's payout ratio is presently 44.20%.

About Landstar System

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.

Want to see what other hedge funds are holding LSTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Landstar System, Inc. (NASDAQ:LSTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.