Janney Montgomery Scott LLC reduced its position in shares of Landstar System, Inc. (NASDAQ:LSTR) by 25.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 16,403 shares of the transportation company’s stock after selling 5,636 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Landstar System were worth $1,635,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chicago Equity Partners LLC raised its holdings in Landstar System by 22.7% during the 2nd quarter. Chicago Equity Partners LLC now owns 48,790 shares of the transportation company’s stock valued at $4,176,000 after buying an additional 9,020 shares during the period. Bank of New York Mellon Corp raised its holdings in Landstar System by 4.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 551,235 shares of the transportation company’s stock valued at $47,184,000 after buying an additional 22,334 shares during the period. Crawford Investment Counsel Inc. raised its holdings in Landstar System by 8.5% during the 2nd quarter. Crawford Investment Counsel Inc. now owns 42,028 shares of the transportation company’s stock valued at $3,598,000 after buying an additional 3,280 shares during the period. Great Lakes Advisors LLC raised its holdings in Landstar System by 22.8% during the 2nd quarter. Great Lakes Advisors LLC now owns 25,085 shares of the transportation company’s stock valued at $2,147,000 after buying an additional 4,655 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in Landstar System by 109.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 4,328 shares of the transportation company’s stock valued at $370,000 after buying an additional 2,259 shares during the period. Hedge funds and other institutional investors own 97.93% of the company’s stock.
Several research firms recently weighed in on LSTR. KeyCorp restated a “buy” rating and set a $110.00 price target on shares of Landstar System in a report on Tuesday, October 3rd. BidaskClub upgraded Landstar System from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 5th. Cowen reiterated a “hold” rating and issued a $97.00 target price on shares of Landstar System in a research note on Friday, October 27th. Morgan Stanley increased their target price on Landstar System from $68.00 to $73.00 and gave the stock an “underweight” rating in a research note on Thursday, October 5th. Finally, Zacks Investment Research upgraded Landstar System from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research note on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $96.67.
Landstar System (NASDAQ:LSTR) last announced its quarterly earnings results on Wednesday, October 25th. The transportation company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.96 by $0.05. The firm had revenue of $943.40 million for the quarter, compared to analyst estimates of $895.31 million. Landstar System had a return on equity of 25.53% and a net margin of 4.36%. The business’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. analysts forecast that Landstar System, Inc. will post 3.68 EPS for the current year.
The company also recently declared a special dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 12th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, January 11th. This represents a dividend yield of 0.39%. This is a positive change from Landstar System’s previous special dividend of $1.00. Landstar System’s dividend payout ratio (DPR) is currently 11.08%.
Landstar System declared that its Board of Directors has approved a stock repurchase plan on Wednesday, December 13th that permits the company to buyback 1,960,000 outstanding shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, CEO James B. Gattoni sold 15,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $98.72, for a total transaction of $1,480,800.00. Following the transaction, the chief executive officer now owns 69,339 shares in the company, valued at $6,845,146.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael K. Kneller sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $99.00, for a total value of $990,000.00. Following the transaction, the vice president now owns 22,153 shares in the company, valued at approximately $2,193,147. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,805 shares of company stock worth $4,028,128. Insiders own 1.00% of the company’s stock.
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Landstar System Company 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.
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