Mutual of America Capital Management LLC increased its holdings in Landstar System, Inc. (NASDAQ:LSTR) by 8.6% during the fourth quarter, Holdings Channel reports. The fund owned 139,908 shares of the transportation company’s stock after acquiring an additional 11,065 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Landstar System were worth $14,564,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. First Manhattan Co. purchased a new stake in Landstar System in the 4th quarter valued at about $104,000. Advisor Group Inc. increased its stake in shares of Landstar System by 64.8% during the 2nd quarter. Advisor Group Inc. now owns 1,523 shares of the transportation company’s stock worth $130,000 after purchasing an additional 599 shares during the last quarter. Zions Bancorporation purchased a new stake in shares of Landstar System during the 3rd quarter worth approximately $167,000. PNC Financial Services Group Inc. increased its stake in shares of Landstar System by 22.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,000 shares of the transportation company’s stock worth $171,000 after purchasing an additional 373 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Landstar System during the 2nd quarter worth approximately $202,000. Hedge funds and other institutional investors own 97.96% of the company’s stock.
In other Landstar System news, Director Dr. Homaira Akbari sold 1,000 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $98.30, for a total value of $98,300.00. Following the completion of the transaction, the director now directly owns 6,656 shares of the company’s stock, valued at approximately $654,284.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James B. Gattoni sold 15,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $98.72, for a total transaction of $1,480,800.00. Following the completion of the transaction, the chief executive officer now directly owns 69,339 shares of the company’s stock, valued at $6,845,146.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,805 shares of company stock valued at $3,038,128. Insiders own 1.00% of the company’s stock.
Landstar System announced that its board has initiated a share repurchase program on Wednesday, December 13th that authorizes the company to buyback 1,960,000 shares. This buyback authorization authorizes the transportation company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently declared a special dividend, which was paid on Friday, January 26th. Shareholders of record on Friday, January 12th were issued a $1.50 dividend. This represents a yield of 0.39%. This is an increase from Landstar System’s previous special dividend of $1.00. The ex-dividend date of this dividend was Thursday, January 11th. Landstar System’s dividend payout ratio (DPR) is presently 11.08%.
Several equities research analysts have recently issued reports on LSTR shares. KeyCorp restated a “buy” rating and set a $110.00 price target on shares of Landstar System in a research note on Tuesday, October 3rd. Morgan Stanley raised their price target on shares of Landstar System from $68.00 to $73.00 and gave the stock an “underweight” rating in a research note on Thursday, October 5th. Robert W. Baird reaffirmed a “hold” rating and issued a $102.00 price objective on shares of Landstar System in a report on Friday, October 6th. Zacks Investment Research raised shares of Landstar System from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a report on Tuesday, October 10th. Finally, Buckingham Research started coverage on shares of Landstar System in a report on Friday, October 20th. They issued a “neutral” rating and a $103.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $101.33.
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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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