Lord Abbett & CO. LLC Reduces Stake in Landstar System, Inc. $LSTR

Key Points

• Lord Abbett & CO. LLC reduced its stake in Landstar System, Inc. by 8.3% to 251,764 shares, valued at approximately $37.82 million.
• The company's recent quarterly earnings report showed an EPS of $1.20, exceeding expectations, but revenue saw a 1.1% decline year-over-year.
• Landstar System announced a quarterly dividend of $0.40 per share, representing an annualized yield of 1.2%.

Lord Abbett & CO. LLC reduced its position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 251,764 shares of the transportation company's stock after selling 22,907 shares during the quarter. Lord Abbett & CO. LLC owned 0.72% of Landstar System worth $37,815,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alpine Bank Wealth Management purchased a new position in Landstar System during the first quarter worth approximately $25,000. Colonial Trust Co SC raised its stake in shares of Landstar System by 61.7% during the 4th quarter. Colonial Trust Co SC now owns 186 shares of the transportation company's stock worth $32,000 after buying an additional 71 shares during the period. Golden State Wealth Management LLC lifted its position in shares of Landstar System by 106.2% during the 1st quarter. Golden State Wealth Management LLC now owns 299 shares of the transportation company's stock valued at $45,000 after buying an additional 154 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Landstar System by 35.3% during the 1st quarter. First Horizon Advisors Inc. now owns 322 shares of the transportation company's stock valued at $48,000 after buying an additional 84 shares in the last quarter. Finally, Allworth Financial LP grew its stake in Landstar System by 58.5% in the 1st quarter. Allworth Financial LP now owns 344 shares of the transportation company's stock valued at $48,000 after acquiring an additional 127 shares during the period. Hedge funds and other institutional investors own 97.95% of the company's stock.

Landstar System Price Performance

Shares of NASDAQ LSTR traded down $3.46 during mid-day trading on Wednesday, reaching $129.03. The company's stock had a trading volume of 430,294 shares, compared to its average volume of 397,728. The stock has a 50-day moving average of $136.79 and a two-hundred day moving average of $142.82. The stock has a market capitalization of $4.47 billion, a P/E ratio of 27.05 and a beta of 0.86. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.00 and a current ratio of 2.00. Landstar System, Inc. has a 1-year low of $123.43 and a 1-year high of $196.86.

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

Landstar System Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, August 19th. Landstar System's payout ratio is currently 33.54%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LSTR shares. Evercore ISI reduced 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 research report on Wednesday, July 30th. Wall Street Zen cut shares of Landstar System from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Susquehanna set a $123.00 price target on shares of Landstar System and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Robert W. Baird began coverage on shares of Landstar System in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $166.00 price target on the stock. Finally, Barclays started coverage on Landstar System in a report on Monday, June 9th. They issued an "equal weight" rating and a $145.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $145.17.

Landstar System Company Profile

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.