Canada Pension Plan Investment Board Purchases Shares of 15,000 Landstar System, Inc. $LSTR

Key Points

• Canada Pension Plan Investment Board acquired 15,000 Landstar System shares worth approximately $3.1 million during the second quarter. Institutional investors and hedge funds now own 97.95% of the company.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, but earnings per share of $1.44 fell short of analysts’ $1.49 estimate.
• The company raised its quarterly dividend from $0.40 to $0.44 per share, equivalent to $1.76 annually and a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $196.

Canada Pension Plan Investment Board purchased a new stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 15,000 shares of the transportation company's stock, valued at approximately $3,102,000.

A number of other institutional investors and hedge funds have also modified their holdings of LSTR. Legal & General Group Plc bought a new stake in shares of Landstar System during the 2nd quarter worth $10,522,000. The Manufacturers Life Insurance Company bought a new position in Landstar System in the 2nd quarter worth $4,854,000. Cibc World Market Inc. acquired a new position in Landstar System during the 2nd quarter worth $3,225,000. Sanctuary Advisors LLC acquired a new position in Landstar System during the 2nd quarter worth $1,412,000. Finally, Twin Tree Management LP bought a new stake in Landstar System during the second quarter valued at about $121,000. 97.95% of the stock is currently owned by institutional investors and hedge funds.

Landstar System Price Performance

Shares of LSTR opened at $180.03 on Monday. The company has a 50-day simple moving average of $195.27 and a 200-day simple moving average of $182.05. The firm has a market capitalization of $6.11 billion, a P/E ratio of 46.64 and a beta of 0.90. 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, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its 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 net margin of 2.64% and a return on equity of 20.84%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The firm's quarterly revenue was up 18.2% on a year-over-year basis. On average, equities research analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current year.

Landstar System Increases Dividend

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

Insider Activity at Landstar System

In related news, Director Diana M. Murphy sold 11,246 shares of the firm's 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 transaction, the director directly owned 18,853 shares of the company's stock, valued at $4,171,791.84. This trade 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 this hyperlink. Also, CFO James P. Todd sold 1,200 shares of Landstar System stock in a transaction on Monday, June 15th. The stock was sold at an average price of $218.17, for a total transaction of $261,804.00. Following the sale, the chief financial officer owned 15,122 shares in the company, valued at $3,299,166.74. This represents a 7.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Zacks Research raised Landstar System from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Truist Financial increased their target price on 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 reaffirmed an "underweight" rating and issued a $145.00 target price on shares of Landstar System in a report on Monday, July 6th. 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 research report on Wednesday, July 29th. Finally, Susquehanna lifted their price target on Landstar System from $195.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $196.00.

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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