Landstar System (LSTR) to Repurchase 1,960,000 Outstanding Stock
Landstar System (NASDAQ:LSTR) declared that its board has approved a stock repurchase program, which permits the company to buyback 1,960,000 shares on Wednesday, December 13th, EventVestor reports. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Shares of Landstar System (NASDAQ:LSTR) opened at $103.65 on Friday. The firm has a market cap of $4,410.00, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 2.11 and a beta of 0.81. Landstar System has a 12-month low of $80.00 and a 12-month high of $107.60. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.96 and a current ratio of 1.96.
Landstar System (NASDAQ:LSTR) last released its earnings results on Wednesday, October 25th. The transportation company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.05. The company had revenue of $943.40 million for the quarter, compared to the consensus estimate of $895.31 million. Landstar System had a net margin of 4.36% and a return on equity of 25.53%. Landstar System’s revenue was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.86 EPS. equities analysts expect that Landstar System will post 3.68 earnings per share for the current year.
The firm also recently disclosed a special dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 12th will be issued a $1.50 dividend. This is an increase from Landstar System’s previous special dividend of $1.00. This represents a dividend yield of 0.39%. The ex-dividend date of this dividend is Thursday, January 11th. Landstar System’s dividend payout ratio is 11.05%.
Several research analysts recently commented on LSTR shares. Cowen reiterated a “hold” rating and set a $86.00 price objective on shares of Landstar System in a research note on Monday, August 28th. Stephens raised shares of Landstar System from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $88.00 to $103.00 in a research report on Wednesday, August 30th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 target price on shares of Landstar System in a research report on Tuesday, September 12th. KeyCorp reissued a “buy” rating and set a $110.00 target price on shares of Landstar System in a research report on Tuesday, October 3rd. Finally, Morgan Stanley boosted their target price on shares of Landstar System from $68.00 to $73.00 and gave the stock an “underweight” rating in a research report on Thursday, October 5th. Two equities 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 stock. Landstar System currently has a consensus rating of “Hold” and an average price target of $96.67.
In other news, VP Michael K. Kneller sold 10,000 shares of the company’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 sale, the vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $2,193,147. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James B. Gattoni sold 15,000 shares of the company’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 sale, the chief executive officer now directly owns 69,339 shares in the company, valued at $6,845,146.08. The disclosure for this sale can be found here. Insiders sold a total of 40,805 shares of company stock worth $4,028,128 over the last ninety days. 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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