Ieq Capital LLC Takes $7.35 Million Position in Landstar System, Inc. $LSTR

Ieq Capital LLC purchased a new stake in Landstar System, Inc. (NASDAQ:LSTR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 35,541 shares of the transportation company’s stock, valued at approximately $7,350,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in LSTR. Los Angeles Capital Management LLC acquired a new position in Landstar System during the 4th quarter worth approximately $25,000. Quarry LP acquired a new stake in Landstar System in the third quarter valued at approximately $25,000. Global Retirement Partners LLC boosted its position 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 buying an additional 144 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Landstar System during the second quarter worth $35,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of 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. 97.95% of the stock is owned by institutional investors.

Insider Transactions at Landstar System

In other news, Director Diana M. Murphy sold 11,246 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the completion of the transaction, the director directly owned 18,853 shares in the company, valued at $4,171,791.84. This trade represents a 37.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James P. Todd sold 1,200 shares of the business’s stock in a transaction on Monday, June 15th. The shares were 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 owned 15,122 shares in the company, valued at approximately $3,299,166.74. The trade was a 7.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.74% of the company’s stock.

Landstar System Price Performance

LSTR stock opened at $186.58 on Monday. The company has a fifty day moving average price of $198.40 and a 200-day moving average price of $181.37. The company has a market capitalization of $6.33 billion, a P/E ratio of 48.34 and a beta of 0.90. 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.

Landstar System (NASDAQ:LSTR) last issued its quarterly earnings data on Tuesday, July 28th. The transportation company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.05). The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Landstar System had a return on equity of 20.84% and a net margin of 2.64%.The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 EPS. As a group, equities analysts expect that Landstar System, Inc. will post 5.84 EPS for the current year.

Landstar System declared that its board has authorized a stock buyback program on Tuesday, April 28th that allows the company to repurchase 1,115,195,000,000 shares. This repurchase authorization allows the transportation company to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Landstar System Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 18th. This is a boost from Landstar System’s previous quarterly dividend of $0.40. Landstar System’s dividend payout ratio (DPR) is presently 45.60%.

Analyst Ratings Changes

A number of research analysts have recently commented on LSTR shares. Weiss Ratings upgraded Landstar System from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 16th. TD Cowen reduced their price objective on Landstar System from $182.00 to $178.00 and set a “hold” rating on the stock in a research report on Tuesday, July 28th. JPMorgan Chase & Co. upped their target price on Landstar System from $198.00 to $204.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Truist Financial increased their target price on Landstar System from $190.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, July 15th. Finally, Zacks Research raised Landstar System from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Landstar System presently has an average rating of “Hold” and a consensus price target of $196.00.

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.