Wedge Capital Management L L P NC Raises Stake in Landstar System, Inc. $LSTR

Key Points

• Wedge Capital Management L L P NC increased its stake in Landstar System by 25.2% during the second quarter, owning 23,127 shares valued at approximately $3.2 million.
• Landstar System recently reported a $1.20 EPS for the quarter, exceeding analyst estimates by $0.04, although its revenue decreased by 1.1% compared to the previous year.
• A quarterly dividend of $0.40 per share was declared and paid to stockholders, resulting in an annualized dividend yield of 1.3%.

Wedge Capital Management L L P NC lifted its holdings in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 25.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,127 shares of the transportation company's stock after buying an additional 4,656 shares during the period. Wedge Capital Management L L P NC owned approximately 0.07% of Landstar System worth $3,215,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Landstar System by 16.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,609 shares of the transportation company's stock valued at $527,000 after purchasing an additional 510 shares during the period. Reinhart Partners LLC. grew its stake in Landstar System by 49.2% during the 2nd quarter. Reinhart Partners LLC. now owns 426,033 shares of the transportation company's stock valued at $59,229,000 after purchasing an additional 140,500 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Landstar System by 41.2% in the second quarter. Harbor Capital Advisors Inc. now owns 45,346 shares of the transportation company's stock valued at $6,304,000 after purchasing an additional 13,229 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Landstar System by 118.8% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 280 shares of the transportation company's stock worth $39,000 after purchasing an additional 152 shares during the period. Finally, Voya Investment Management LLC grew its holdings in Landstar System by 4.4% during the first quarter. Voya Investment Management LLC now owns 5,193 shares of the transportation company's stock valued at $780,000 after purchasing an additional 219 shares during the last quarter. Institutional investors own 97.95% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. TD Cowen dropped their target price on shares of Landstar System from $141.00 to $135.00 and set a "hold" rating on the stock in a report on Wednesday, July 30th. Baird R W upgraded Landstar System to a "strong-buy" rating in a research report on Tuesday, July 1st. Susquehanna set a $123.00 target price on shares of Landstar System and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Robert W. Baird assumed coverage on Landstar System in a research report on Tuesday, July 1st. They issued an "outperform" rating and a $166.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Landstar System from $139.00 to $138.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $145.17.

Landstar System Price Performance

Shares of LSTR traded down $3.39 on Monday, hitting $121.28. The company's stock had a trading volume of 479,222 shares, compared to its average volume of 363,768. The company has a market capitalization of $4.20 billion, a PE ratio of 25.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.00 and a quick ratio of 2.00. Landstar System, Inc. has a fifty-two week low of $121.05 and a fifty-two week high of $196.86. The company has a 50 day moving average price of $132.04 and a 200 day moving average price of $137.95.

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

Landstar System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 19th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Landstar System's dividend payout ratio (DPR) 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.