TIAA CREF Investment Management LLC cut its position in Landstar System, Inc. (NASDAQ:LSTR) by 19.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 104,573 shares of the transportation company’s stock after selling 26,058 shares during the period. TIAA CREF Investment Management LLC’s holdings in Landstar System were worth $10,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Manhattan Co. bought a new stake in Landstar System in the 4th quarter valued at $104,000. Zions Bancorporation bought a new stake in Landstar System in the 3rd quarter valued at $167,000. Advisory Services Network LLC boosted its stake in Landstar System by 2,304.0% in the 4th quarter. Advisory Services Network LLC now owns 1,803 shares of the transportation company’s stock valued at $188,000 after purchasing an additional 1,728 shares during the period. Franklin Resources Inc. bought a new stake in Landstar System in the 4th quarter valued at $247,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Landstar System by 40.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,563 shares of the transportation company’s stock valued at $267,000 after purchasing an additional 739 shares during the period. Institutional investors and hedge funds own 99.87% of the company’s stock.
Shares of NASDAQ LSTR opened at $105.30 on Friday. The firm has a market capitalization of $4,583.37, a price-to-earnings ratio of 28.08, a P/E/G ratio of 1.53 and a beta of 0.79. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.13. Landstar System, Inc. has a fifty-two week low of $80.00 and a fifty-two week high of $118.60.
Landstar System declared that its board has approved a share repurchase program on Wednesday, December 13th that allows the company to buyback 1,960,000 shares. This buyback authorization allows the transportation company to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 16th. Stockholders of record on Monday, February 19th were issued 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 dividend yield of 0.57%. This is a boost from Landstar System’s previous quarterly dividend of $0.10. Landstar System’s payout ratio is 16.00%.
Several analysts recently issued reports on the company. Morgan Stanley boosted their price target on Landstar System from $94.00 to $96.00 and gave the company an “underweight” rating in a research note on Friday. BidaskClub downgraded Landstar System from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 3rd. Zacks Investment Research cut Landstar System from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Cowen reaffirmed a “market perform” rating and issued a $115.00 price objective (up from $97.00) on shares of Landstar System in a report on Thursday, February 1st. Finally, Buckingham Research lifted their price objective on Landstar System from $114.00 to $126.00 and gave the company a “neutral” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $108.08.
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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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