Legal & General Group Plc Takes $10.52 Million Position in Landstar System, Inc. $LSTR

Key Points

• Legal & General Group Plc acquired 50,877 Landstar System shares worth approximately $10.52 million in the second quarter, joining other major institutions that have increased their holdings. Institutional investors collectively own 97.95% of the company.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year and above analyst expectations, but earnings per share of $1.44 fell short of the $1.49 consensus estimate.
• The company raised its quarterly dividend from $0.40 to $0.44 per share, implying an annualized dividend of $1.76 and a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $196.

Legal & General Group Plc acquired a new position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 50,877 shares of the transportation company's stock, valued at approximately $10,522,000. Legal & General Group Plc owned about 0.15% of Landstar System at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Landstar System in the second quarter valued at $698,683,000. Boston Partners increased its holdings in shares of Landstar System by 24.1% in the 3rd quarter. Boston Partners now owns 1,761,526 shares of the transportation company's stock valued at $216,242,000 after acquiring an additional 341,808 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Landstar System by 19.1% in the 1st quarter. First Trust Advisors LP now owns 1,118,554 shares of the transportation company's stock valued at $179,315,000 after acquiring an additional 179,294 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Landstar System by 185.5% during the 4th quarter. AQR Capital Management LLC now owns 987,087 shares of the transportation company's stock worth $141,844,000 after acquiring an additional 641,319 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its stake in Landstar System by 99.5% during the fourth quarter. Corient Private Wealth LLC now owns 742,215 shares of the transportation company's stock worth $105,877,000 after purchasing an additional 370,253 shares during the last quarter. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Stock Performance

NASDAQ LSTR opened at $180.63 on Tuesday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.05. Landstar System, Inc. has a 52-week low of $119.32 and a 52-week high of $228.46. The business's 50-day moving average price is $194.71 and its 200 day moving average price is $182.18. The firm has a market cap of $6.13 billion, a P/E ratio of 46.80 and a beta of 0.90.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The transportation company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.05). Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The company had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.34 billion. During the same period in the prior year, the company earned $1.20 earnings per share. The firm's revenue was up 18.2% on a year-over-year basis. On average, equities research analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current year.

Landstar System Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Zacks Research raised Landstar System from a "hold" rating to a "strong-buy" rating in a report on Monday, August 3rd. Morgan Stanley restated an "underweight" rating and set a $145.00 price objective on shares of Landstar System in a research report on Monday, July 6th. Wolfe Research upgraded shares of Landstar System from a "peer perform" rating to an "outperform" rating and set a $214.00 target price for the company in a report on Tuesday, August 4th. Stifel Nicolaus boosted their price target on shares of Landstar System from $186.00 to $197.00 and gave the company a "hold" rating in a research report on Wednesday, July 29th. Finally, The Goldman Sachs Group raised their price objective on Landstar System from $147.00 to $168.00 and gave the stock a "sell" rating in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $196.00.

Insider Activity at Landstar System

In other news, CFO James P. Todd sold 1,200 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $218.17, for a total transaction of $261,804.00. Following the completion of the sale, the chief financial officer owned 15,122 shares in the company, valued at $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diana M. Murphy sold 11,246 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $221.28, for a total value of $2,488,514.88. Following the sale, the director directly owned 18,853 shares of the company's stock, valued at approximately $4,171,791.84. This represents a 37.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is owned by corporate insiders.

Landstar System 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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