NewEdge Wealth LLC Purchases Shares of 18,173 Landstar System, Inc. $LSTR

Key Points

• NewEdge Wealth acquired 18,173 Landstar System shares worth approximately $3.76 million, while institutional investors and hedge funds collectively own 97.95% of the company.
• Analyst sentiment remains mixed, with Landstar holding an average rating of “Hold” and an average price target of $196; recent targets range from $145 to $215.
• Landstar’s latest quarter showed revenue growth of 18.2% year over year to $1.43 billion, though earnings of $1.44 per share missed estimates. The company also raised its quarterly dividend to $0.44 per share and authorized repurchases of up to 3.3% of outstanding shares.

NewEdge Wealth LLC acquired a new position in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 18,173 shares of the transportation company's stock, valued at approximately $3,758,000. NewEdge Wealth LLC owned 0.05% of Landstar System as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the business. Integrated Wealth Concepts LLC raised its position in Landstar System by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 3,767 shares of the transportation company's stock worth $566,000 after purchasing an additional 336 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Landstar System by 57.1% during the first quarter. Goldman Sachs Group Inc. now owns 138,009 shares of the transportation company's stock worth $20,729,000 after purchasing an additional 50,142 shares during the period. Empowered Funds LLC boosted its holdings in Landstar System by 38.3% during the first quarter. Empowered Funds LLC now owns 4,687 shares of the transportation company's stock valued at $704,000 after purchasing an additional 1,298 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Landstar System by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,341 shares of the transportation company's stock valued at $21,380,000 after purchasing an additional 16,698 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Landstar System by 132.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company's stock valued at $37,000 after purchasing an additional 142 shares during the period. 97.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LSTR shares. The Goldman Sachs Group increased their target price on Landstar System from $147.00 to $168.00 and gave the stock a "sell" rating in a report on Thursday, July 16th. Morgan Stanley reiterated an "underweight" rating and issued a $145.00 price target on shares of Landstar System in a research report on Monday, July 6th. Weiss Ratings upgraded Landstar System from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 16th. Stephens raised Landstar System to a "strong-buy" rating in a report on Wednesday, July 8th. Finally, Robert W. Baird reduced their target price on shares of Landstar System from $225.00 to $215.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Landstar System currently has an average rating of "Hold" and an average target price of $196.00.

Insider Activity at Landstar System

In other Landstar System news, 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 transaction, the director directly owned 18,853 shares in the company, valued at approximately $4,171,791.84. This trade represents a 37.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James P. Todd sold 1,200 shares of Landstar System stock in a transaction 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 completion of the sale, the chief financial officer directly owned 15,122 shares of the company's stock, valued at $3,299,166.74. This trade represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.74% of the company's stock.

Landstar System Stock Down 1.4%

Shares of NASDAQ LSTR opened at $182.42 on Friday. The firm's 50-day simple moving average is $199.16 and its 200 day simple moving average is $181.17. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 47.26 and a beta of 0.90. 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 12-month low of $119.32 and a 12-month high of $228.46.

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). 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 during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company's revenue was up 18.2% compared to the same quarter last year. On average, research analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Tuesday, August 18th will be issued a $0.44 dividend. 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%. The ex-dividend date of this dividend is Tuesday, August 18th. Landstar System's dividend payout ratio (DPR) is 45.60%.

Landstar System declared that its board has initiated a stock repurchase plan on Tuesday, April 28th that permits the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization permits the transportation company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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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