Landstar System Inc. (NASDAQ:LSTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $91.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.52% from the company’s previous close.
According to Zacks, “LANDSTAR SYSTEM, INC., through its operating subsidiaries, provides a wide range of transportation services that operates the third largest truckload carrier in North America. “
LSTR has been the topic of a number of other reports. Stifel Nicolaus increased their price target on Landstar System from $67.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, October 20th. Deutsche Bank AG started coverage on Landstar System in a report on Wednesday, November 2nd. They set a “buy” rating and a $82.00 price target on the stock. Cowen and Company increased their target price on Landstar System from $67.00 to $70.00 and gave the stock a “market perform” rating in a report on Thursday, October 20th. Oppenheimer Holdings Inc. cut Landstar System to an “outperform” rating in a report on Tuesday, August 2nd. Finally, Citigroup Inc. cut Landstar System to a “market perform” rating in a report on Tuesday, August 2nd. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $66.30.
Shares of Landstar System (NASDAQ:LSTR) traded up 1.04% during trading on Friday, reaching $82.45. 59,620 shares of the company were exchanged. The firm’s 50 day moving average price is $72.80 and its 200 day moving average price is $69.26. Landstar System has a one year low of $53.03 and a one year high of $83.00. The company has a market capitalization of $3.44 billion, a PE ratio of 25.83 and a beta of 0.69.
Landstar System (NASDAQ:LSTR) last posted its quarterly earnings results on Wednesday, October 19th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. The firm had revenue of $788 million for the quarter, compared to analysts’ expectations of $576.65 million. Landstar System had a return on equity of 27.78% and a net margin of 4.34%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. Equities research analysts forecast that Landstar System will post $3.17 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Tuesday, November 8th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Friday, November 4th. Landstar System’s dividend payout ratio is presently 11.29%.
In other news, VP Larry S. Thomas sold 5,280 shares of the firm’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $80.57, for a total transaction of $425,409.60. Following the completion of the sale, the vice president now directly owns 28,371 shares of the company’s stock, valued at approximately $2,285,851.47. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in shares of Landstar System by 6.7% in the first quarter. Geode Capital Management LLC now owns 279,252 shares of the company’s stock valued at $18,042,000 after buying an additional 17,548 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of Landstar System by 1.1% in the first quarter. Metropolitan Life Insurance Co. NY now owns 40,538 shares of the company’s stock valued at $2,619,000 after buying an additional 435 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Landstar System by 1.3% in the first quarter. Royal Bank of Canada now owns 461,204 shares of the company’s stock valued at $29,800,000 after buying an additional 5,791 shares in the last quarter. First Republic Investment Management Inc. acquired a new stake in shares of Landstar System during the first quarter valued at about $540,000. Finally, BlueMountain Capital Management LLC acquired a new stake in shares of Landstar System during the first quarter valued at about $866,000. 98.24% of the stock is owned by hedge funds and other institutional investors.
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.