California Public Employees Retirement System boosted its stake in shares of Landstar System, Inc. (NASDAQ:LSTR) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 115,132 shares of the transportation company’s stock after buying an additional 2,755 shares during the period. California Public Employees Retirement System’s holdings in Landstar System were worth $11,985,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LSTR. Victory Capital Management Inc. acquired a new position in Landstar System during the third quarter worth $86,725,000. TimesSquare Capital Management LLC acquired a new position in Landstar System during the third quarter worth $22,780,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Landstar System by 8.4% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,172,077 shares of the transportation company’s stock worth $116,798,000 after buying an additional 90,630 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Landstar System by 46.2% during the third quarter. Ameriprise Financial Inc. now owns 206,592 shares of the transportation company’s stock worth $20,588,000 after buying an additional 65,294 shares during the last quarter. Finally, State of Tennessee Treasury Department boosted its stake in Landstar System by 157.5% during the third quarter. State of Tennessee Treasury Department now owns 51,500 shares of the transportation company’s stock worth $5,132,000 after buying an additional 31,500 shares during the last quarter. 97.96% of the stock is currently owned by institutional investors.
LSTR has been the topic of a number of recent research reports. Zacks Investment Research raised Landstar System from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research note on Tuesday, January 2nd. Robert W. Baird reissued a “hold” rating and set a $105.00 price objective on shares of Landstar System in a research note on Tuesday, January 9th. Susquehanna Bancshares raised Landstar System from a “neutral” rating to a “positive” rating and boosted their price objective for the stock from $109.00 to $124.00 in a research note on Monday, January 8th. Credit Suisse Group reissued a “neutral” rating and set a $97.00 price objective (up previously from $84.00) on shares of Landstar System in a research note on Tuesday, October 31st. Finally, Cleveland Research raised Landstar System from a “neutral” rating to a “buy” rating in a research note on Friday, January 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $107.50.
Landstar System (NASDAQ:LSTR) last announced its quarterly earnings results on Wednesday, January 31st. The transportation company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.06. Landstar System had a return on equity of 25.30% and a net margin of 4.86%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The company’s quarterly revenue was up 17.8% on a year-over-year basis. sell-side analysts expect that Landstar System, Inc. will post 5.02 earnings per share for the current year.
Landstar System declared that its Board of Directors has approved a stock buyback plan on Wednesday, December 13th that allows the company to repurchase 1,960,000 outstanding shares. This repurchase authorization allows the transportation company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Monday, February 19th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Thursday, February 15th. This is a positive change from Landstar System’s previous quarterly dividend of $0.10. Landstar System’s dividend payout ratio is 14.25%.
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About Landstar System
Landstar System, Inc (Landstar) is an asset-light provider of integrated transportation management solutions. The Company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to enterprise solutions to manage customer’s transportation needs.
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