Hsbc Holdings PLC Sells 13,939 Shares of Landstar System, Inc. $LSTR

Key Points

• HSBC Holdings PLC sharply reduced its position in Landstar System, selling 13,939 shares in the fourth quarter and cutting its stake by 83.9% to 2,669 shares worth about $384,000.
• Several analysts have recently adjusted their views on LSTR, with ratings ranging from Sell to Strong Buy, but the consensus remains Hold with an average price target of $192.42.
• Landstar reported better-than-expected quarterly results, including EPS of $1.16 versus the $1.11 consensus, while also maintaining a dividend and launching a stock repurchase program.

Hsbc Holdings PLC lessened its stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 83.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,669 shares of the transportation company's stock after selling 13,939 shares during the period. Hsbc Holdings PLC's holdings in Landstar System were worth $384,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new position in shares of Landstar System during the fourth quarter worth approximately $25,000. Quarry LP purchased a new stake in shares of Landstar System in the third quarter valued at approximately $25,000. Global Retirement Partners LLC boosted its holdings in shares of Landstar System by 320.0% in the fourth quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company's stock valued at $27,000 after purchasing an additional 144 shares during the period. Geneos Wealth Management Inc. grew its stake in Landstar System by 132.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company's stock worth $37,000 after purchasing an additional 142 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in Landstar System by 1,490.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 318 shares of the transportation company's stock worth $39,000 after purchasing an additional 298 shares in the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LSTR shares. Wall Street Zen raised shares of Landstar System from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. Stephens raised shares of Landstar System to a "strong-buy" rating in a research note on Wednesday, July 8th. Susquehanna upped their target price on Landstar System from $195.00 to $230.00 and gave the stock a "neutral" rating in a report on Tuesday. UBS Group increased their target price on Landstar System from $147.00 to $185.00 and gave the company a "neutral" rating in a research report on Wednesday, April 29th. Finally, Wells Fargo & Company lifted their price target on Landstar System from $200.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $192.42.

Insider Activity

In related news, CFO James P. Todd sold 1,200 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the completion of the sale, the chief financial officer owned 15,122 shares of the company's stock, valued at approximately $3,299,166.74. The trade was a 7.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the transaction, the director owned 18,853 shares of the company's stock, valued at $4,171,791.84. This represents a 37.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.74% of the company's stock.

Landstar System Price Performance

Shares of LSTR opened at $211.56 on Friday. The firm has a market capitalization of $7.18 billion, a PE ratio of 58.44 and a beta of 0.89. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.88. Landstar System, Inc. has a 1-year low of $119.32 and a 1-year high of $228.46. The company's fifty day moving average price is $204.78 and its 200-day moving average price is $174.86.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its quarterly 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 net margin of 2.62% and a return on equity of 19.49%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm posted $0.95 EPS. Landstar System's revenue for the quarter was up 1.6% compared to the same quarter last year. On average, equities research analysts predict that Landstar System, Inc. will post 5.73 EPS for the current year.

Landstar System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 19th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, May 19th. Landstar System's dividend payout ratio is presently 44.20%.

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

Landstar System Company 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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