Hsbc Holdings PLC Acquires 21,363 Shares of Landstar System, Inc. $LSTR

Key Points

• HSBC Holdings increased its Landstar System stake by 244.1% in the second quarter, acquiring 21,363 shares and bringing its total holdings to 30,115 shares valued at approximately $6.24 million.
• Institutional ownership remains very high at 97.95%, with BlackRock, Boston Partners, First Trust Advisors, AQR Capital Management and Corient Private Wealth also increasing or initiating positions.
• Analysts maintain a consensus “Hold” rating with a $196 target price. Landstar’s latest quarter showed revenue growth of 18.2% year over year, though earnings per share of $1.44 missed estimates, while the company raised its quarterly dividend to $0.44.

Hsbc Holdings PLC boosted its stake in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 244.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,115 shares of the transportation company's stock after acquiring an additional 21,363 shares during the period. Hsbc Holdings PLC owned 0.09% of Landstar System worth $6,242,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Landstar System in the second quarter worth $698,683,000. Boston Partners increased its holdings in Landstar System by 24.1% in 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 during the period. First Trust Advisors LP lifted its holdings in shares of Landstar System by 19.1% during the 1st quarter. First Trust Advisors LP now owns 1,118,554 shares of the transportation company's stock worth $179,315,000 after acquiring an additional 179,294 shares during the period. AQR Capital Management LLC increased its stake in Landstar System by 185.5% in the fourth quarter. AQR Capital Management LLC now owns 987,087 shares of the transportation company's stock valued at $141,844,000 after acquiring an additional 641,319 shares during the last quarter. Finally, Corient Private Wealth LLC raised its position in Landstar System by 99.5% during the fourth quarter. Corient Private Wealth LLC now owns 742,215 shares of the transportation company's stock valued at $105,877,000 after purchasing an additional 370,253 shares in the last quarter. 97.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LSTR has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on Landstar System from $147.00 to $168.00 and gave the company a "sell" rating in a report on Thursday, July 16th. UBS Group reaffirmed a "neutral" rating and issued a $195.00 price objective on shares of Landstar System in a research note on Wednesday, July 29th. Robert W. Baird lowered their target price on Landstar System from $225.00 to $215.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Stifel Nicolaus increased their target price on shares of Landstar System from $186.00 to $197.00 and gave the stock a "hold" rating in a report on Wednesday, July 29th. Finally, Janney Montgomery Scott set a $182.00 price target on shares of Landstar System in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $196.00.

Insider Transactions at Landstar System

In other news, CFO James 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 completion of the transaction, the chief financial officer owned 15,122 shares of the company's stock, valued at approximately $3,299,166.74. This trade represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.74% of the company's stock.

Landstar System Price Performance

Landstar System stock opened at $173.57 on Thursday. The stock has a 50-day moving average price of $190.17 and a two-hundred day moving average price of $183.62. Landstar System, Inc. has a 12 month low of $119.32 and a 12 month high of $228.46. The company has a market capitalization of $5.89 billion, a PE ratio of 44.97 and a beta of 0.90. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its quarterly 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 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 quarter last year, the firm posted $1.20 earnings per share. The business's revenue for the quarter was up 18.2% on a year-over-year basis. Analysts expect that Landstar System, Inc. will post 5.84 EPS for the current year.

Landstar System Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th were given a $0.44 dividend. This is an increase from Landstar System's previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, August 18th. This represents a $1.76 annualized dividend and a yield of 1.0%. Landstar System's dividend payout ratio is currently 45.60%.

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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