Verition Fund Management LLC lessened its position in shares of Landstar System, Inc. (NASDAQ:LSTR) by 63.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,338 shares of the transportation company’s stock after selling 5,690 shares during the quarter. Verition Fund Management LLC’s holdings in Landstar System were worth $347,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of LSTR. Carillon Tower Advisers Inc. purchased a new stake in Landstar System during the 4th quarter valued at about $60,792,000. Victory Capital Management Inc. boosted its stake in shares of Landstar System by 62.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,414,500 shares of the transportation company’s stock worth $147,249,000 after buying an additional 544,200 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Landstar System by 769.5% in the fourth quarter. First Trust Advisors LP now owns 320,846 shares of the transportation company’s stock worth $33,400,000 after buying an additional 283,946 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of Landstar System in the third quarter worth about $22,780,000. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in shares of Landstar System by 64.5% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 246,964 shares of the transportation company’s stock worth $25,708,000 after buying an additional 96,840 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.
A number of brokerages have recently commented on LSTR. BidaskClub upgraded Landstar System from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 14th. Morgan Stanley upped their target price on Landstar System from $75.00 to $94.00 and gave the stock an “underweight” rating in a research note on Monday, February 26th. Buckingham Research upped their target price on Landstar System from $114.00 to $126.00 and gave the stock a “neutral” rating in a research note on Friday, February 2nd. KeyCorp restated a “buy” rating and issued a $125.00 target price on shares of Landstar System in a research note on Friday, February 2nd. Finally, Cowen restated a “market perform” rating and issued a $115.00 target price (up previously from $97.00) on shares of Landstar System in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Landstar System presently has a consensus rating of “Buy” and an average target price of $107.50.
Landstar System (NASDAQ:LSTR) last issued its quarterly earnings results on Wednesday, January 31st. The transportation company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.06. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.01 billion. Landstar System had a return on equity of 25.30% and a net margin of 4.86%. Landstar System’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. equities analysts forecast that Landstar System, Inc. will post 5.15 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 16th. Shareholders of record on Monday, February 19th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, February 15th. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. This is an increase from Landstar System’s previous quarterly dividend of $0.10. Landstar System’s dividend payout ratio is currently 14.25%.
Landstar System declared that its Board of Directors has initiated a share repurchase program on Wednesday, December 13th that allows the company to buyback 1,960,000 outstanding shares. This buyback authorization allows the transportation company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Landstar System Profile
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.
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).
Receive News & Ratings for Landstar System Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Landstar System and related companies with MarketBeat.com's FREE daily email newsletter.