Walleye Capital LLC Takes $21.04 Million Position in Landstar System, Inc. $LSTR

Key Points

• Walleye Capital initiated a $21.04 million position in Landstar System, purchasing 101,750 shares, while other institutional investors also increased their holdings. Institutions and hedge funds own 97.95% of the company.
• Analysts maintain a generally cautious outlook, with Landstar receiving a consensus “Hold” rating and an average price target of $196.00. Recent targets range from $181 to $240.
• Landstar reported quarterly revenue of $1.43 billion, up 18.2% year over year, but EPS of $1.44 missed estimates by $0.05. The company raised its quarterly dividend to $0.44 and authorized a buyback of up to 3.3% of its shares.

Walleye Capital LLC purchased a new position in Landstar System, Inc. (NASDAQ:LSTR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 101,750 shares of the transportation company's stock, valued at approximately $21,043,000. Walleye Capital LLC owned about 0.30% of Landstar System as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Fulton Bank N.A. increased its holdings in Landstar System by 8.0% in the second quarter. Fulton Bank N.A. now owns 2,620 shares of the transportation company's stock valued at $542,000 after purchasing an additional 194 shares during the last quarter. Elevation Wealth Partners LLC lifted its stake in Landstar System by 41.8% in the second quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company's stock valued at $46,000 after buying an additional 66 shares during the period. Assenagon Asset Management S.A. bought a new position in Landstar System during the second quarter worth about $6,064,000. GAMMA Investing LLC boosted its holdings in Landstar System by 31.9% during the second quarter. GAMMA Investing LLC now owns 2,757 shares of the transportation company's stock worth $570,000 after buying an additional 667 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Landstar System by 130.5% during the 2nd quarter. Versant Capital Management Inc now owns 839 shares of the transportation company's stock worth $174,000 after buying an additional 475 shares during the period. 97.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Truist Financial upped their price target on Landstar System from $190.00 to $205.00 and gave the company a "hold" rating in a research note on Wednesday, July 15th. Barclays lifted their price objective on shares of Landstar System from $155.00 to $190.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 25th. Evercore set a $181.00 price objective on shares of Landstar System in a report on Wednesday, April 29th. Weiss Ratings raised shares of Landstar System from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 16th. Finally, Wells Fargo & Company lifted their price target on shares of Landstar System from $200.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, June 5th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Landstar System has an average rating of "Hold" and a consensus price target of $196.00.

Insider Transactions at Landstar System

In other news, CFO James P. Todd sold 1,200 shares of the company's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $218.17, for a total transaction 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 $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of the stock in a transaction dated 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 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 SEC filing for this sale provides additional information. Insiders own 0.74% of the company's stock.

Landstar System Price Performance

NASDAQ LSTR opened at $190.19 on Friday. The business has a 50 day simple moving average of $202.08 and a 200 day simple moving average of $179.98. Landstar System, Inc. has a 52-week low of $119.32 and a 52-week high of $228.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 49.27 and a beta of 0.90.

Landstar System (NASDAQ:LSTR - Get Free Report) last announced its earnings results on Tuesday, July 28th. The transportation company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.05). The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Landstar System had a return on equity of 20.84% and a net margin of 2.64%.The business's quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $1.20 earnings per share. Analysts anticipate that Landstar System, Inc. will post 5.82 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.9%. This is a positive change from Landstar System's previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 18th. Landstar System's dividend payout ratio is presently 41.45%.

Landstar System declared that its Board of Directors has approved a stock buyback program on Tuesday, April 28th that allows the company to buyback 1,115,195,000,000 shares. This buyback authorization allows the transportation company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management 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.

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