Walleye Capital LLC Acquires Shares of 85,863 Landstar System, Inc. $LSTR

Key Points

• Walleye Capital LLC disclosed a new first-quarter stake in Landstar System, buying 85,863 shares valued at about $13.8 million, or roughly 0.25% of the company.
• Landstar continues to see mixed Wall Street sentiment: the stock’s consensus rating is Hold with an average price target of $192.42, even as several analysts recently raised their targets.
• The company reported better-than-expected quarterly earnings of $1.16 per share and also announced a quarterly dividend plus a stock repurchase plan, while insiders recently sold shares.

Walleye Capital LLC acquired a new stake in shares of Landstar System, Inc. (NASDAQ:LSTR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 85,863 shares of the transportation company's stock, valued at approximately $13,765,000. Walleye Capital LLC owned approximately 0.25% of Landstar System as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of LSTR. Los Angeles Capital Management LLC bought a new position in shares of Landstar System in the 4th quarter worth $25,000. Global Retirement Partners LLC increased its stake in Landstar System by 320.0% during the 4th quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company's stock valued at $27,000 after purchasing an additional 144 shares in the last quarter. Quarry LP acquired a new position in Landstar System during the third quarter worth $25,000. Geneos Wealth Management Inc. raised its holdings 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 buying an additional 142 shares during the last quarter. Finally, Private Trust Co. NA lifted its stake in shares of Landstar System by 81.0% in the fourth quarter. Private Trust Co. NA now owns 277 shares of the transportation company's stock valued at $40,000 after buying an additional 124 shares in the last quarter. 97.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LSTR. Morgan Stanley reiterated an "underweight" rating and set a $145.00 price objective on shares of Landstar System in a report on Monday, July 6th. TD Cowen raised their price target on shares of Landstar System from $150.00 to $175.00 and gave the company a "hold" rating in a research report on Wednesday, April 29th. Robert W. Baird raised their price target on shares of Landstar System from $195.00 to $225.00 and gave the company an "outperform" rating in a research report on Wednesday, June 17th. Barclays lifted their price target on Landstar System from $155.00 to $190.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Finally, JPMorgan Chase & Co. increased their price objective on Landstar System from $161.00 to $179.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $192.42.

Insider Activity at Landstar System

In other news, Director Diana M. Murphy sold 11,246 shares of the business's stock in a transaction that occurred 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 owned 18,853 shares in the company, valued at $4,171,791.84. The trade was a 37.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the completion of the transaction, the chief financial officer directly owned 15,122 shares of the company's stock, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.74% of the stock is owned by company insiders.

Landstar System Stock Performance

NASDAQ LSTR opened at $210.07 on Thursday. Landstar System, Inc. has a 1 year low of $119.32 and a 1 year 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 cap of $7.13 billion, a price-to-earnings ratio of 58.03 and a beta of 0.89. The company has a fifty day moving average price of $206.89 and a 200-day moving average price of $176.49.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The transportation company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.05. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm earned $0.95 earnings per share. The firm's revenue was up 1.6% on a year-over-year basis. As a group, equities research analysts predict that Landstar System, Inc. will post 5.73 EPS for the current fiscal year.

Landstar System Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 19th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $1.60 annualized dividend and a dividend yield of 0.8%. Landstar System's dividend payout ratio (DPR) is currently 44.20%.

Landstar System announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 28th that allows the company to buyback 1,115,195,000,000 shares. This buyback authorization allows the transportation company to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.

Want to see what other hedge funds are holding LSTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Landstar System, Inc. (NASDAQ:LSTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.