Landstar System, Inc. $LSTR Stake Decreased by Corient Private Wealth LP

Key Points

• Corient Private Wealth cut its Landstar System stake by 28.2% in the second quarter, selling 85,919 shares and retaining 218,495 shares worth approximately $45.2 million. Institutional investors collectively own 97.95% of the company.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and an average price target of $196. Price targets range from $178 to $240.
• 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 per share, representing a 1.0% annualized yield.

Corient Private Wealth LP cut its holdings in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 28.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,495 shares of the transportation company's stock after selling 85,919 shares during the period. Corient Private Wealth LP owned approximately 0.64% of Landstar System worth $45,187,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. HighTower Advisors LLC raised its stake in Landstar System by 18.5% during the 2nd quarter. HighTower Advisors LLC now owns 6,851 shares of the transportation company's stock valued at $1,417,000 after acquiring an additional 1,070 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Landstar System in the second quarter worth $455,000. California State Teachers Retirement System grew its stake in shares of Landstar System by 20,011.2% in the second quarter. California State Teachers Retirement System now owns 8,234,347 shares of the transportation company's stock worth $1,702,945,000 after purchasing an additional 8,193,403 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of Landstar System by 31.0% during the second quarter. HB Wealth Management LLC now owns 3,253 shares of the transportation company's stock valued at $673,000 after purchasing an additional 770 shares during the period. Finally, AlphaGrep UK Ltd acquired a new position in shares of Landstar System during the second quarter valued at $303,000. 97.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

LSTR has been the subject of several research analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $195.00 price objective on shares of Landstar System in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on shares of Landstar System from $198.00 to $204.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. TD Cowen dropped their price target on shares of Landstar System from $182.00 to $178.00 and set a "hold" rating on the stock in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of Landstar System from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Wells Fargo & Company upped their price target on shares of Landstar System from $200.00 to $240.00 and gave the stock an "overweight" rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $196.00.

Landstar System Price Performance

Shares of Landstar System stock opened at $172.78 on Friday. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The stock has a market cap of $5.86 billion, a PE ratio of 44.76 and a beta of 0.90. The company's 50-day moving average price is $188.78 and its two-hundred day moving average price is $183.69.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. As a group, sell-side analysts anticipate that Landstar System, Inc. will post 5.84 EPS for the current fiscal year.

Landstar System Increases Dividend

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

Insider Transactions at Landstar System

In other Landstar System news, CFO James Todd sold 1,200 shares of Landstar System stock in a transaction that occurred 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 transaction, the chief financial officer owned 15,122 shares in the company, valued at approximately $3,299,166.74. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.74% of the company's stock.

Landstar System Profile

Landstar System, Inc is a transportation services company that provides integrated logistics solutions primarily through an asset-light network of independent freight agents and third-party capacity providers. The company's operations connect shippers with transportation services without relying primarily on a company-owned fleet of trucks.

Landstar arranges a broad range of freight transportation, including truckload, less-than-truckload, expedited, heavy-haul and specialized shipments.

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