California State Teachers Retirement System Buys 8,193,403 Shares of Landstar System, Inc. $LSTR

Key Points

• California State Teachers Retirement System bought 8,193,403 additional Landstar shares in the second quarter, bringing its stake to 8.23 million shares, or approximately 24.26% of the company. Institutional investors collectively own 97.95% of Landstar.
• Analysts maintain a consensus “Hold” rating with an average price target of $196, compared with Landstar’s opening price of $172.78. The stock is down from its 50-day moving average of $188.78.
• Landstar’s latest quarterly revenue rose 18.2% year over year to $1.43 billion, exceeding estimates, though earnings per share of $1.44 missed consensus by $0.05. The company also increased its quarterly dividend to $0.44 per share, or $1.76 annually.

California State Teachers Retirement System increased its stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 20,011.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,234,347 shares of the transportation company's stock after buying an additional 8,193,403 shares during the quarter. California State Teachers Retirement System owned approximately 24.26% of Landstar System worth $1,702,945,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HB Wealth Management LLC raised its position in Landstar System by 31.0% during the second quarter. HB Wealth Management LLC now owns 3,253 shares of the transportation company's stock worth $673,000 after acquiring an additional 770 shares in the last quarter. AlphaGrep UK Ltd bought a new position in shares of Landstar System in the 2nd quarter valued at about $303,000. Syon Capital LLC grew its position in shares of Landstar System by 50.3% in the 2nd quarter. Syon Capital LLC now owns 3,546 shares of the transportation company's stock valued at $733,000 after acquiring an additional 1,186 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of Landstar System during the 2nd quarter worth about $242,000. Finally, Nykredit A S acquired a new position in shares of Landstar System during the 2nd quarter worth about $340,000. 97.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

LSTR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Landstar System from $198.00 to $204.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Susquehanna upped their price objective on Landstar System from $195.00 to $230.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Stephens raised Landstar System to a "strong-buy" rating in a research report on Wednesday, July 8th. Truist Financial raised their price objective on shares of Landstar System from $190.00 to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, July 15th. Finally, Stifel Nicolaus lifted their price objective on shares of Landstar System from $186.00 to $197.00 and gave the stock a "hold" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Landstar System presently has an average rating of "Hold" and a consensus price target of $196.00.

Landstar System Stock Down 0.5%

Shares of NASDAQ LSTR opened at $172.78 on Friday. The stock has a market capitalization of $5.86 billion, a P/E ratio of 44.76 and a beta of 0.90. The stock's fifty day moving average is $188.78 and its 200 day moving average is $183.69. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the company earned $1.20 EPS. The company's revenue for the quarter was up 18.2% compared to the same quarter last year. Sell-side analysts forecast that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

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

Insider Activity

In related news, CFO James Todd sold 1,200 shares of Landstar System stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the transaction, the chief financial officer directly owned 15,122 shares of the company's stock, valued at $3,299,166.74. This trade represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.74% of the company's stock.

Landstar System Company Profile

Landstar System, Inc is a transportation services company that provides integrated logistics solutions primarily through an asset-light network of independent freight agents and third-party capacity providers. The company's operations connect shippers with transportation services without relying primarily on a company-owned fleet of trucks.

Landstar arranges a broad range of freight transportation, including truckload, less-than-truckload, expedited, heavy-haul and specialized shipments.

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