Reinhart Partners LLC. Has $117.70 Million Stake in Landstar System, Inc. $LSTR

Key Points

• Reinhart Partners reduced its Landstar System stake by 16.6% in the second quarter, selling 113,446 shares and retaining 569,090 shares valued at approximately $117.7 million. Institutional investors collectively own 97.95% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $196.00. Landstar’s latest quarterly EPS of $1.44 missed estimates, although revenue rose 18.2% year over year to $1.43 billion.
• Landstar increased its quarterly dividend from $0.40 to $0.44 per share, representing a 1.0% yield, and authorized a buyback of up to 3.3% of its outstanding shares.

Reinhart Partners LLC. reduced its position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 16.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 569,090 shares of the transportation company's stock after selling 113,446 shares during the quarter. Landstar System makes up 2.7% of Reinhart Partners LLC.'s portfolio, making the stock its 15th largest holding. Reinhart Partners LLC. owned approximately 1.68% of Landstar System worth $117,697,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new position in shares of Landstar System during the 4th quarter worth about $25,000. Global Retirement Partners LLC increased its stake in Landstar System by 320.0% in the fourth quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company's stock valued at $27,000 after acquiring an additional 144 shares during the period. Quarry LP acquired a new position in Landstar System in the third quarter worth about $25,000. Elevation Wealth Partners LLC lifted its stake in Landstar System by 41.8% during the second quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company's stock worth $46,000 after purchasing an additional 66 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in Landstar System by 132.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company's stock worth $37,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds own 97.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group upped their price objective on Landstar System from $147.00 to $168.00 and gave the company a "sell" rating in a research note on Thursday, July 16th. Wells Fargo & Company boosted their price target on Landstar System from $200.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, June 5th. Truist Financial increased their price objective on Landstar System from $190.00 to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, July 15th. TD Cowen cut their price objective on Landstar System from $182.00 to $178.00 and set a "hold" rating for the company in a report on Tuesday, July 28th. Finally, Morgan Stanley restated an "underweight" rating and issued a $145.00 target price on shares of Landstar System in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $196.00.

Insider Activity

In other Landstar System news, Director Diana M. Murphy sold 11,246 shares of the business's stock in a transaction dated 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 completion of the transaction, the director directly owned 18,853 shares of the company's stock, valued at approximately $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the chief financial officer owned 15,122 shares in the company, valued at $3,299,166.74. The trade was a 7.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.74% of the company's stock.

Landstar System Trading Up 3.3%

Shares of LSTR opened at $182.99 on Friday. The stock has a fifty day moving average price of $205.25 and a two-hundred day moving average price of $178.95. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82. Landstar System, Inc. has a 52-week low of $119.32 and a 52-week high of $228.46. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 47.41 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 analysts' consensus estimates of $1.49 by ($0.05). Landstar System had a return on equity of 20.84% and a net margin of 2.64%.The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm posted $1.20 EPS. Landstar System's revenue for the quarter was up 18.2% compared to the same quarter last year. Analysts predict that Landstar System, Inc. will post 5.8 EPS for the current fiscal year.

Landstar System Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, August 18th. This is a boost from Landstar System's previous quarterly dividend of $0.40. Landstar System's dividend payout ratio is 41.45%.

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 Company 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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