Bayforest Capital Ltd Increases Stock Position in Landstar System, Inc. (NASDAQ:LSTR)

Key Points

• Bayforest Capital Ltd increased its stock position in Landstar System, Inc. by 2,700% in Q1, owning 2,632 shares valued at $395,000.
• Analysts have cut their target prices for Landstar System, with a range from $123.00 to $154.00, and the stock is currently rated as a "Hold" by most.
• Landstar System will pay a quarterly dividend of $0.40 on September 9th, reflecting an annualized dividend yield of 1.2%.

Bayforest Capital Ltd increased its position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 2,700.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,632 shares of the transportation company's stock after acquiring an additional 2,538 shares during the period. Bayforest Capital Ltd's holdings in Landstar System were worth $395,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in LSTR. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Landstar System by 16.1% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,764,603 shares of the transportation company's stock worth $646,985,000 after acquiring an additional 521,695 shares during the last quarter. Norges Bank purchased a new position in Landstar System in the 4th quarter worth approximately $54,088,000. Reinhart Partners LLC. purchased a new position in Landstar System in the 1st quarter worth approximately $42,887,000. Lord Abbett & CO. LLC raised its holdings in Landstar System by 116.4% in the 4th quarter. Lord Abbett & CO. LLC now owns 274,671 shares of the transportation company's stock worth $47,205,000 after acquiring an additional 147,756 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Landstar System by 28.9% in the 4th quarter. First Trust Advisors LP now owns 526,000 shares of the transportation company's stock worth $90,398,000 after purchasing an additional 117,961 shares during the period. 97.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on LSTR. UBS Group cut their target price on shares of Landstar System from $154.00 to $149.00 and set a "neutral" rating for the company in a research report on Wednesday. TD Cowen cut their target price on shares of Landstar System from $141.00 to $135.00 and set a "hold" rating for the company in a research report on Wednesday. Jefferies Financial Group cut their target price on shares of Landstar System from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Susquehanna set a $123.00 target price on shares of Landstar System and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Truist Financial cut their target price on shares of Landstar System from $150.00 to $135.00 and set a "hold" rating for the company in a research report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Landstar System currently has an average rating of "Hold" and an average target price of $145.17.

Landstar System Stock Performance

Shares of LSTR stock opened at $133.37 on Friday. Landstar System, Inc. has a 1 year low of $128.99 and a 1 year high of $196.86. The firm has a fifty day moving average price of $139.46 and a 200-day moving average price of $147.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.00 and a quick ratio of 2.03. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 27.96 and a beta of 0.88.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its earnings results on Tuesday, July 29th. The transportation company reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.04. Landstar System had a net margin of 3.51% and a return on equity of 17.49%. The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter in the previous year, the company earned $1.48 EPS. Landstar System's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities analysts predict that Landstar System, Inc. will post 6.1 earnings per share for the current year.

Landstar System Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 19th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, August 19th. Landstar System's payout ratio is presently 31.68%.

Landstar System Company Profile

Landstar System, Inc provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. It operates through two segments: Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage, as well as offers transportation services to other transportation companies, such as third party logistics and less-than-truckload services.

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