Norges Bank Makes New Investment in Landstar System, Inc. $LSTR

Key Points

• Norges Bank opened a new position in Landstar System during the fourth quarter, buying 245,512 shares valued at about $35.3 million, or roughly 0.71% of the company.
• Landstar reported better-than-expected quarterly results, with EPS of $1.16 versus $1.11 expected and revenue of $1.17 billion slightly above estimates; revenue also rose 1.6% year over year.
• The company announced a quarterly dividend of $0.40 per share and a stock buyback authorization covering up to about 3.3% of outstanding shares, while analysts currently rate the stock a consensus Hold with a $183 price target.

Norges Bank bought a new position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 245,512 shares of the transportation company's stock, valued at approximately $35,280,000. Norges Bank owned about 0.71% of Landstar System as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Landstar System by 14.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 814 shares of the transportation company's stock worth $117,000 after acquiring an additional 100 shares during the last quarter. Studio Investment Management LLC acquired a new stake in shares of Landstar System in the fourth quarter valued at approximately $222,000. Royce & Associates LP increased its stake in shares of Landstar System by 23.3% in the fourth quarter. Royce & Associates LP now owns 284,558 shares of the transportation company's stock valued at $40,891,000 after purchasing an additional 53,793 shares during the period. Eukles Asset Management increased its stake in shares of Landstar System by 1.7% in the fourth quarter. Eukles Asset Management now owns 10,279 shares of the transportation company's stock valued at $1,477,000 after purchasing an additional 174 shares during the period. Finally, Clearstead Advisors LLC increased its stake in shares of Landstar System by 161.9% in the fourth quarter. Clearstead Advisors LLC now owns 516 shares of the transportation company's stock valued at $74,000 after purchasing an additional 319 shares during the period. Institutional investors own 97.95% of the company's stock.

Landstar System Price Performance

NASDAQ LSTR opened at $225.37 on Tuesday. Landstar System, Inc. has a 12 month low of $119.32 and a 12 month high of $228.46. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market capitalization of $7.65 billion, a PE ratio of 62.26 and a beta of 0.88. The company's 50 day simple moving average is $182.52 and its 200 day simple moving average is $159.96.

Landstar System (NASDAQ:LSTR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The transportation company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.05. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.16 billion. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The business's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the business earned $0.95 earnings per share. As a group, equities research analysts forecast that Landstar System, Inc. will post 5.57 EPS for the current fiscal year.

Landstar System Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 19th will be given a $0.40 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $1.60 annualized dividend and a yield of 0.7%. Landstar System's payout ratio is 44.20%.

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

Analyst Ratings Changes

Several equities research analysts have commented on LSTR shares. JPMorgan Chase & Co. raised their price target on shares of Landstar System from $161.00 to $179.00 and gave the company a "neutral" rating in a research note on Wednesday, April 29th. Robert W. Baird set a $193.00 price target on shares of Landstar System in a research note on Wednesday, April 29th. Evercore set a $181.00 price target on shares of Landstar System in a research note on Wednesday, April 29th. Truist Financial raised their price target on shares of Landstar System from $145.00 to $190.00 and gave the company a "hold" rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of Landstar System from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Landstar System presently has a consensus rating of "Hold" and a consensus price target of $183.00.

Insider Transactions at Landstar System

In other Landstar System news, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $221.28, for a total value of $2,488,514.88. Following the transaction, the director owned 18,853 shares in the company, valued at approximately $4,171,791.84. The trade was a 37.36% 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.

About Landstar System

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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