Cibc World Market Inc. Acquires Shares of 15,595 Landstar System, Inc. $LSTR

Key Points

• Cibc World Market acquired 15,595 shares of Landstar System during the second quarter, valued at approximately $3.23 million. Institutional investors collectively 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. Shares recently opened at $181.63, while analysts maintain a consensus “Hold” rating with an average price target of $196.
• The company increased its quarterly dividend from $0.40 to $0.44 per share, equating to an annualized dividend of $1.76 and a 1.0% yield.

Cibc World Market Inc. bought a new position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,595 shares of the transportation company's stock, valued at approximately $3,225,000.

Several other hedge funds have also made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in Landstar System by 9.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,767 shares of the transportation company's stock worth $566,000 after purchasing an additional 336 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Landstar System by 57.1% in the first quarter. Goldman Sachs Group Inc. now owns 138,009 shares of the transportation company's stock valued at $20,729,000 after purchasing an additional 50,142 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Landstar System by 38.3% in the first quarter. Empowered Funds LLC now owns 4,687 shares of the transportation company's stock worth $704,000 after buying an additional 1,298 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Landstar System by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,341 shares of the transportation company's stock valued at $21,380,000 after buying an additional 16,698 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Landstar System by 132.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company's stock valued at $37,000 after buying an additional 142 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Stock Performance

Shares of LSTR stock opened at $181.63 on Thursday. Landstar System, Inc. has a fifty-two week low of $119.32 and a fifty-two week high of $228.46. The stock's 50-day moving average is $196.33 and its two-hundred day moving average is $181.78. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.82 and a quick ratio of 1.82. The firm has a market cap of $6.16 billion, a P/E ratio of 47.05 and a beta of 0.90.

Landstar System (NASDAQ:LSTR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The transportation company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.05). The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The firm's quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Analysts predict that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.0%. This is a boost from Landstar System's previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 18th. Landstar System's dividend payout ratio is presently 45.60%.

Analysts Set New Price Targets

Several brokerages recently issued reports on LSTR. Zacks Research raised Landstar System from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Susquehanna upped their target price on Landstar System from $195.00 to $230.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Janney Montgomery Scott set a $182.00 price target on shares of Landstar System in a research report on Wednesday, July 29th. Truist Financial raised their price target on shares of Landstar System from $190.00 to $205.00 and gave the stock a "hold" rating in a report on Wednesday, July 15th. Finally, Barclays boosted their price objective on shares of Landstar System from $155.00 to $190.00 and gave the company an "equal weight" rating in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Landstar System presently has a consensus rating of "Hold" and an average price target of $196.00.

Insider Buying and Selling

In other Landstar System news, Director Diana M. Murphy sold 11,246 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $221.28, for a total value of $2,488,514.88. Following the completion of the sale, the director directly owned 18,853 shares of the company's stock, valued at $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James P. Todd sold 1,200 shares of the firm's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $218.17, for a total transaction of $261,804.00. Following the transaction, 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. The SEC filing for this sale provides additional information. 0.74% of the stock is owned by insiders.

Landstar System Profile

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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