Fenimore Asset Management Inc Has $69.86 Million Stock Position in Landstar System, Inc. $LSTR

Key Points

• Fenimore Asset Management increased its stake in Landstar by 42.5% to 486,165 shares valued at $69.86 million, making it Fenimore's 29th largest holding while institutional investors own about 97.95% of the company.
• Landstar reported an earnings beat (EPS $1.16 vs. $1.11 est.) on $1.17B revenue and its board approved a share repurchase program to buy up to 3.3% of outstanding stock, plus a quarterly dividend of $0.40 (0.9% yield).
• Equity analysts are mostly cautious—the consensus rating is Hold with a consensus target price of $178.45, after several firms recently raised their price targets.

Fenimore Asset Management Inc lifted its holdings in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 42.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 486,165 shares of the transportation company's stock after buying an additional 145,035 shares during the period. Landstar System comprises about 1.5% of Fenimore Asset Management Inc's portfolio, making the stock its 29th biggest holding. Fenimore Asset Management Inc owned about 1.42% of Landstar System worth $69,862,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. M&T Bank Corp raised its holdings in shares of Landstar System by 151,424.4% during the 4th quarter. M&T Bank Corp now owns 6,294,325 shares of the transportation company's stock worth $904,495,000 after buying an additional 6,290,171 shares in the last quarter. Boston Partners raised its holdings in shares of Landstar System by 24.1% during the 3rd quarter. Boston Partners now owns 1,761,526 shares of the transportation company's stock worth $216,242,000 after buying an additional 341,808 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Landstar System by 31.8% during the 3rd quarter. First Trust Advisors LP now owns 964,297 shares of the transportation company's stock worth $118,184,000 after buying an additional 232,682 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Landstar System by 2.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 746,506 shares of the transportation company's stock worth $91,492,000 after buying an additional 21,163 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Landstar System by 4.3% during the 3rd quarter. Northern Trust Corp now owns 646,691 shares of the transportation company's stock worth $79,258,000 after buying an additional 26,905 shares in the last quarter. Institutional investors and hedge funds own 97.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Evercore set a $181.00 price target on Landstar System in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on Landstar System from $161.00 to $179.00 and gave the stock a "neutral" rating in a report on Wednesday. Susquehanna boosted their price target on Landstar System from $185.00 to $195.00 and gave the stock a "neutral" rating in a report on Wednesday. TD Cowen upped their target price on Landstar System from $150.00 to $175.00 and gave the stock a "hold" rating in a report on Wednesday. Finally, Stifel Nicolaus upped their target price on Landstar System from $147.00 to $175.00 and gave the stock a "hold" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Landstar System presently has an average rating of "Hold" and a consensus target price of $178.45.

Landstar System Price Performance

Shares of LSTR opened at $181.56 on Friday. Landstar System, Inc. has a 12-month low of $119.32 and a 12-month high of $195.84. The business has a 50-day simple moving average of $162.01 and a two-hundred day simple moving average of $148.35. The company has a quick ratio of 1.75, a current ratio of 1.88 and a debt-to-equity ratio of 0.05. The stock has a market cap of $6.17 billion, a PE ratio of 50.15 and a beta of 0.85.

Landstar System (NASDAQ:LSTR - Get Free Report) last issued its earnings results on Tuesday, April 28th. The transportation company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. Analysts anticipate that Landstar System, Inc. will post 5.55 earnings per share for the current fiscal year.

Landstar System announced that its board has approved a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Landstar System Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 19th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Landstar System's dividend payout ratio is presently 44.20%.

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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