Jacobs Levy Equity Management Inc. Decreases Stock Holdings in Landstar System, Inc. $LSTR

Key Points

• Jacobs Levy Equity Management Inc. reduced its stake in Landstar System by 3.4%, now holding 423,430 shares worth approximately $63.6 million as of the end of the first quarter.
• Other hedge funds have increased their positions, with Kayne Anderson Rudnick boosting its holdings by 8.5% and now owning over $613 million in Landstar stock.
• Landstar System's quarterly earnings showed a slight decline in revenue year-over-year, reporting $1.20 EPS, exceeding analysts' expectations of $1.16.

Jacobs Levy Equity Management Inc. reduced its position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 423,430 shares of the transportation company's stock after selling 15,029 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.21% of Landstar System worth $63,599,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Landstar System by 8.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,083,704 shares of the transportation company's stock valued at $613,372,000 after acquiring an additional 319,101 shares during the period. Victory Capital Management Inc. boosted its position in shares of Landstar System by 2.1% in the first quarter. Victory Capital Management Inc. now owns 1,654,910 shares of the transportation company's stock valued at $248,567,000 after acquiring an additional 33,399 shares during the period. Northern Trust Corp boosted its position in shares of Landstar System by 9.1% in the first quarter. Northern Trust Corp now owns 734,256 shares of the transportation company's stock valued at $110,285,000 after acquiring an additional 61,477 shares during the period. Invesco Ltd. lifted its position in Landstar System by 1.9% during the first quarter. Invesco Ltd. now owns 462,357 shares of the transportation company's stock valued at $69,446,000 after purchasing an additional 8,623 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its position in Landstar System by 2.7% during the first quarter. Raymond James Financial Inc. now owns 381,473 shares of the transportation company's stock valued at $57,297,000 after purchasing an additional 10,147 shares during the last quarter. 97.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

LSTR has been the subject of several research analyst reports. UBS Group dropped their target price on shares of Landstar System from $154.00 to $149.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Evercore ISI dropped their price objective on shares of Landstar System from $135.00 to $132.00 and set an "in-line" rating for the company in a report on Wednesday, July 30th. Baird R W raised shares of Landstar System to a "strong-buy" rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. dropped their price objective on shares of Landstar System from $139.00 to $138.00 and set a "neutral" rating for the company in a report on Tuesday, July 8th. Finally, Stifel Nicolaus dropped their price objective on shares of Landstar System from $140.00 to $131.00 and set a "hold" rating for the company in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $145.17.

Landstar System Trading Down 1.4%

Shares of LSTR traded down $1.79 during mid-day trading on Wednesday, reaching $129.15. The company's stock had a trading volume of 113,865 shares, compared to its average volume of 370,258. The stock has a market cap of $4.48 billion, a PE ratio of 26.97 and a beta of 0.84. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.06. Landstar System, Inc. has a 52 week low of $123.43 and a 52 week high of $196.86. The company's fifty day moving average price is $134.98 and its two-hundred day moving average price is $139.93.

Landstar System (NASDAQ:LSTR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The transportation company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.04. Landstar System had a net margin of 3.51% and a return on equity of 17.49%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the business posted $1.48 EPS. The business's quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Landstar System, Inc. will post 6.1 earnings per share for the current fiscal year.

Landstar System Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 9th. Shareholders of record on Tuesday, August 19th were given a $0.40 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.2%. Landstar System's payout ratio is presently 33.54%.

About Landstar System

Landstar System, Inc provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. It operates through two segments: Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage, as well as offers transportation services to other transportation companies, such as third party logistics and less-than-truckload services.