BlackRock Advisors LLC boosted its stake in Landstar System Inc. (NASDAQ:LSTR) by 8.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,313 shares of the company’s stock after buying an additional 1,984 shares during the period. BlackRock Advisors LLC owned approximately 0.06% of Landstar System worth $1,669,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of LSTR. Jacobs Levy Equity Management Inc. raised its stake in shares of Landstar System by 30.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 46,071 shares of the company’s stock valued at $2,977,000 after buying an additional 10,721 shares in the last quarter. Renaissance Technologies LLC raised its stake in Landstar System by 23.1% in the first quarter. Renaissance Technologies LLC now owns 341,140 shares of the company’s stock worth $22,041,000 after buying an additional 64,105 shares during the period. Ensemble Capital Management LLC raised its stake in Landstar System by 20.7% in the first quarter. Ensemble Capital Management LLC now owns 208,510 shares of the company’s stock worth $13,472,000 after buying an additional 35,805 shares during the period. Wellington Management Group LLP raised its stake in Landstar System by 2.6% in the first quarter. Wellington Management Group LLP now owns 3,602,864 shares of the company’s stock worth $232,781,000 after buying an additional 91,503 shares during the period. Finally, Geode Capital Management LLC raised its stake in Landstar System by 6.7% in the first quarter. Geode Capital Management LLC now owns 279,252 shares of the company’s stock worth $18,042,000 after buying an additional 17,548 shares during the period.
Shares of Landstar System Inc. (NASDAQ:LSTR) opened at 70.50 on Friday. The stock has a 50 day moving average price of $67.47 and a 200-day moving average price of $67.75. Landstar System Inc. has a 1-year low of $53.03 and a 1-year high of $73.20. The stock has a market capitalization of $2.95 billion, a PE ratio of 22.09 and a beta of 0.80.
Landstar System (NASDAQ:LSTR) last announced its earnings results on Wednesday, October 19th. The company reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.05. The firm earned $788 million during 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 quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 EPS. On average, analysts forecast that Landstar System Inc. will post $3.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Tuesday, November 8th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Friday, November 4th. Landstar System’s dividend payout ratio (DPR) is 11.29%.
A number of analysts have recently weighed in on the company. Zacks Investment Research raised Landstar System from a “sell” rating to a “hold” rating and set a $80.00 price objective for the company in a research note on Tuesday, October 25th. Oppenheimer Holdings Inc. lowered Landstar System to an “outperform” rating in a research note on Tuesday, August 2nd. Citigroup Inc. lowered Landstar System to a “market perform” rating in a research note on Tuesday, August 2nd. They noted that the move was a valuation call. Cowen and Company increased their price objective on Landstar System from $67.00 to $70.00 and gave the company a “market perform” rating in a research note on Thursday, October 20th. Finally, Stifel Nicolaus increased their price objective on Landstar System from $67.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, October 20th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $63.55.
In other news, CMO Patrick J. O’malley sold 1,787 shares of Landstar System stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $69.17, for a total value of $123,606.79. Following the completion of the transaction, the chief marketing officer now owns 40,237 shares in the company, valued at approximately $2,783,193.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is owned by insiders.
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.