Clearbridge Investments LLC Takes $11.09 Million Position in Landstar System, Inc. $LSTR

Key Points

• Clearbridge Investments opened a new position in Landstar System in the fourth quarter, buying 77,171 shares valued at about $11.1 million and representing 0.22% of the company.
• Landstar has seen heavy institutional ownership and buying, with hedge funds and institutions holding 97.95% of shares; meanwhile, director Diana M. Murphy sold 11,246 shares for about $2.49 million.
• The company reported better-than-expected quarterly earnings of $1.16 per share on $1.17 billion in revenue, and its board also authorized a share repurchase program while it continues paying a quarterly dividend of $0.40 per share.

Clearbridge Investments LLC bought a new stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 77,171 shares of the transportation company's stock, valued at approximately $11,089,000. Clearbridge Investments LLC owned 0.22% of Landstar System as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. M&T Bank Corp lifted its stake in shares of Landstar System by 151,424.4% in the 4th quarter. M&T Bank Corp now owns 6,294,325 shares of the transportation company's stock valued at $904,495,000 after purchasing an additional 6,290,171 shares during the period. Boston Partners increased its position in Landstar System by 24.1% during the 3rd quarter. Boston Partners now owns 1,761,526 shares of the transportation company's stock valued at $216,242,000 after buying an additional 341,808 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Landstar System by 31.8% in the 3rd quarter. First Trust Advisors LP now owns 964,297 shares of the transportation company's stock worth $118,184,000 after purchasing an additional 232,682 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Landstar System by 2.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 746,506 shares of the transportation company's stock worth $91,492,000 after purchasing an additional 21,163 shares in the last quarter. Finally, Reinhart Partners LLC. increased its holdings in shares of Landstar System by 13.7% in the 4th quarter. Reinhart Partners LLC. now owns 661,078 shares of the transportation company's stock worth $94,999,000 after purchasing an additional 79,785 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Insider Activity

In other news, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction dated 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 sale, the director directly owned 18,853 shares of the company's stock, valued at approximately $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.74% of the company's stock.

Landstar System Price Performance

NASDAQ LSTR opened at $218.92 on Thursday. The business's fifty day moving average is $185.09 and its 200 day moving average is $161.35. Landstar System, Inc. has a fifty-two week low of $119.32 and a fifty-two week high of $228.46. The company has a market capitalization of $7.43 billion, a PE ratio of 60.48 and a beta of 0.88. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.88 and a current ratio of 1.88.

Landstar System (NASDAQ:LSTR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The transportation company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.11 by $0.05. Landstar System had a return on equity of 19.49% and a net margin of 2.62%.The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the business earned $0.95 earnings per share. The business's revenue was up 1.6% on a year-over-year basis. Sell-side analysts predict that Landstar System, Inc. will post 5.57 earnings per share for the current year.

Landstar System announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 28th that permits the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization permits the transportation company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Landstar System Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 19th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Tuesday, May 19th. Landstar System's payout ratio is presently 44.20%.

Wall Street Analyst Weigh In

LSTR has been the topic of a number of research reports. Susquehanna raised their price target on Landstar System from $185.00 to $195.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 29th. Stifel Nicolaus raised their price target on Landstar System from $147.00 to $175.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Wells Fargo & Company raised their price target on Landstar System from $200.00 to $240.00 and gave the stock an "overweight" rating in a research note on Friday, June 5th. Robert W. Baird set a $193.00 price target on Landstar System in a research note on Wednesday, April 29th. Finally, Truist Financial raised their price target on Landstar System from $145.00 to $190.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Landstar System presently has an average rating of "Hold" and a consensus price target of $183.00.

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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