Burgundy Asset Management Ltd. Raises Stock Position in Landstar System, Inc. $LSTR

Key Points

• Burgundy Asset Management increased its stake in Landstar System by 19.2% to 85,380 shares (about $11.3 million), representing roughly 0.25% of the company.
• Several other large institutions also boosted or initiated positions—Norges Bank bought a new stake (~$40.2M) and Fenimore Asset Management raised its holding by 231.3%—leaving institutional ownership at 97.95%.
• Landstar pays a quarterly dividend of $0.40 ($1.60 annualized, ~1.0% yield), has a market cap of $5.6B and a P/E of 49.7, and the consensus analyst rating is a "Hold" with a $153 price target.

Burgundy Asset Management Ltd. raised its position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 19.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,380 shares of the transportation company's stock after purchasing an additional 13,780 shares during the period. Burgundy Asset Management Ltd. owned about 0.25% of Landstar System worth $11,298,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of LSTR. Norges Bank bought a new stake in Landstar System during the second quarter valued at about $40,190,000. Fenimore Asset Management Inc raised its position in Landstar System by 231.3% during the 3rd quarter. Fenimore Asset Management Inc now owns 341,130 shares of the transportation company's stock worth $41,809,000 after buying an additional 238,173 shares during the last quarter. Clarkston Capital Partners LLC acquired a new position in Landstar System during the second quarter valued at $27,217,000. Boston Partners lifted its holdings in shares of Landstar System by 14.2% in the 2nd quarter. Boston Partners now owns 1,419,718 shares of the transportation company's stock valued at $197,310,000 after buying an additional 176,601 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position in Landstar System by 80.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 358,754 shares of the transportation company's stock worth $49,874,000 after purchasing an additional 159,541 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Trading Up 0.7%

Shares of LSTR stock opened at $164.51 on Thursday. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 49.70 and a beta of 0.82. The firm has a 50-day moving average price of $151.94 and a 200 day moving average price of $138.19. Landstar System, Inc. has a twelve month low of $119.32 and a twelve month high of $166.11.

Landstar System Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, February 18th. Landstar System's dividend payout ratio is presently 48.34%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. TD Cowen reissued a "hold" rating on shares of Landstar System in a research note on Friday, January 9th. Benchmark reiterated a "hold" rating on shares of Landstar System in a report on Thursday, January 29th. Stifel Nicolaus increased their price objective on shares of Landstar System from $140.00 to $147.00 and gave the stock a "hold" rating in a research report on Wednesday, January 14th. Wall Street Zen upgraded shares of Landstar System from a "sell" rating to a "hold" rating in a research note on Saturday, December 27th. Finally, Barclays upped their price target on Landstar System from $130.00 to $155.00 and gave the company an "equal weight" rating in a report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat.com, Landstar System presently has an average rating of "Hold" and a consensus price target of $153.00.

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.

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