Landstar System, Inc. $LSTR Holdings Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Landstar System stake by 183.7% in the third quarter, bringing its holdings to 83,191 shares valued at about $14 million. Institutional investors collectively own 97.95% of the company.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, but earnings per share of $1.44 missed estimates by $0.05. The company also raised its quarterly dividend to $0.44, or $1.76 annually.
• LSTR shares opened at $168.36, while analysts maintain a consensus “Hold” rating and an average price target of $191.14; several firms recently lowered their targets or downgraded the stock.

Assenagon Asset Management S.A. grew its stake in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 183.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,191 shares of the transportation company's stock after acquiring an additional 53,867 shares during the quarter. Assenagon Asset Management S.A. owned about 0.25% of Landstar System worth $14,030,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LSTR. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Landstar System in the 2nd quarter worth approximately $35,000. Trust Co. of Vermont bought a new position in Landstar System in the second quarter worth approximately $41,000. Elevation Wealth Partners LLC boosted its stake in shares of Landstar System by 41.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company's stock worth $46,000 after acquiring an additional 66 shares during the last quarter. Essential Partners LLC boosted its stake in shares of Landstar System by 58.3% during the 1st quarter. Essential Partners LLC now owns 277 shares of the transportation company's stock worth $44,000 after acquiring an additional 102 shares during the last quarter. Finally, Westpac Banking Corp purchased a new position in shares of Landstar System during the 2nd quarter worth $65,000. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Price Performance

LSTR stock opened at $168.36 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82. The company's fifty day moving average price is $174.72 and its 200-day moving average price is $186.79. Landstar System, Inc. has a one year low of $121.11 and a one year high of $228.46. The company has a market capitalization of $5.71 billion, a PE ratio of 33.92 and a beta of 0.90.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its 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). The company had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.34 billion. Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The business's revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 earnings per share. On average, equities analysts anticipate that Landstar System, Inc. will post 5.87 EPS for the current fiscal year.

Landstar System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.0%. This is a positive change from Landstar System's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 18th. Landstar System's payout ratio is presently 45.60%.

Analyst Upgrades and Downgrades

LSTR has been the topic of a number of recent research reports. Robert W. Baird decreased their target price on Landstar System from $225.00 to $215.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Wall Street Zen lowered Landstar System from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. Truist Financial reduced their price target on Landstar System from $185.00 to $175.00 and set a "hold" rating for the company in a research report on Wednesday, October 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Landstar System in a research note on Friday, September 11th. Finally, Zacks Research downgraded Landstar System from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $191.14.

Landstar System Profile

Landstar System, Inc NASDAQ: LSTR is an asset-light transportation and logistics company headquartered in Jacksonville, Florida. Through a network of independent owner-operators, agents and third-party capacity providers, the company arranges the movement of freight for commercial and industrial customers.

Landstar's services include truckload transportation, specialized and heavy-haul freight, expedited and time-critical shipping, less-than-truckload transportation, intermodal services and logistics management.

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