Short Interest in Landstar System, Inc. (NASDAQ:LSTR) Rises By 24.6%

Key Points

• Short interest rose 24.6% in March to 1,507,143 shares (about 4.5% of shares sold short) with a days-to-cover of 3.1 based on average daily volume.
• Shares traded at $156.96, near their 52-week high of $166.11, with a market cap of $5.33B and a P/E of 47.42; the company pays a quarterly $0.40 dividend (annualized 1.0% dividend, 48% payout ratio).
• Wall Street's consensus is a "Hold" with an average target of $153, though some firms have raised ratings/targets, and institutional investors/hedge funds own roughly 97.95% of the stock.

Landstar System, Inc. (NASDAQ:LSTR - Get Free Report) was the recipient of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 1,507,143 shares, a growth of 24.6% from the February 26th total of 1,209,573 shares. Based on an average daily volume of 482,746 shares, the days-to-cover ratio is currently 3.1 days. Approximately 4.5% of the company's shares are sold short.

Landstar System Trading Up 0.3%

LSTR traded up $0.44 on Monday, hitting $156.96. The company had a trading volume of 438,419 shares, compared to its average volume of 575,337. The company's fifty day moving average price is $153.27 and its 200 day moving average price is $140.61. Landstar System has a 1 year low of $119.32 and a 1 year high of $166.11. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm has a market cap of $5.33 billion, a P/E ratio of 47.42 and a beta of 0.81.

Landstar System Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 11th. Stockholders of record on Wednesday, February 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, February 18th. Landstar System's payout ratio is 48.34%.

Hedge Funds Weigh In On Landstar System

A number of hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC purchased a new stake in shares of Landstar System during the fourth quarter worth $25,000. Quarry LP purchased a new position in Landstar System in the third quarter valued at $25,000. Global Retirement Partners LLC grew 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 worth $27,000 after purchasing an additional 144 shares in the last quarter. MAI Capital Management increased its holdings in Landstar System by 79.3% during the 2nd quarter. MAI Capital Management now owns 242 shares of the transportation company's stock worth $34,000 after purchasing an additional 107 shares during the period. Finally, UMB Bank n.a. increased its holdings in Landstar System by 335.8% during the 3rd quarter. UMB Bank n.a. now owns 292 shares of the transportation company's stock worth $36,000 after purchasing an additional 225 shares during the period. Hedge funds and other institutional investors own 97.95% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays lifted their target price on shares of Landstar System from $130.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 15th. Zacks Research raised shares of Landstar System from a "strong sell" rating to a "hold" rating in a research note on Monday, December 8th. Wells Fargo & Company upgraded shares of Landstar System from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $145.00 to $170.00 in a report on Tuesday, January 6th. Wall Street Zen raised shares of Landstar System from a "sell" rating to a "hold" rating in a research report on Saturday, December 27th. Finally, Evercore upped their price objective on Landstar System from $125.00 to $151.00 and gave the company an "in-line" rating in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $153.00.

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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