Landstar System (NASDAQ:LSTR) Price Target Raised to $179.00

Landstar System (NASDAQ:LSTR) had its price objective hoisted by JPMorgan Chase & Co. from $161.00 to $179.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the transportation company’s stock.

Several other equities research analysts also recently commented on LSTR. Wells Fargo & Company upped their price objective on shares of Landstar System from $170.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday. Weiss Ratings downgraded shares of Landstar System from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, April 14th. TD Cowen increased their price target on shares of Landstar System from $150.00 to $175.00 and gave the stock a “hold” rating in a report on Wednesday. Susquehanna increased their price target on shares of Landstar System from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Truist Financial increased their price target on shares of Landstar System from $145.00 to $190.00 and gave the stock a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, Landstar System currently has a consensus rating of “Hold” and an average target price of $178.45.

Landstar System Stock Performance

NASDAQ LSTR traded down $2.51 during trading on Wednesday, hitting $181.56. 591,785 shares of the company’s stock traded hands, compared to its average volume of 429,630. The stock has a market capitalization of $6.17 billion, a price-to-earnings ratio of 50.15 and a beta of 0.85. Landstar System has a 12-month low of $119.32 and a 12-month high of $195.84. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.75 and a current ratio of 1.88. The business has a 50 day moving average of $162.01 and a 200-day moving average of $148.18.

Landstar System (NASDAQ:LSTR) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.11 by $0.05. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 earnings per share. As a group, equities research analysts anticipate that Landstar System will post 5.54 earnings per share for the current fiscal year.

Landstar System announced that its Board of Directors has initiated a share repurchase program on Tuesday, April 28th that permits the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization permits the transportation company to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Landstar System Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 19th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Landstar System’s dividend payout ratio is presently 44.20%.

Institutional Investors Weigh In On Landstar System

A number of institutional investors and hedge funds have recently modified their holdings of the company. Peterson Wealth Services increased its position in shares of Landstar System by 1,108.4% in the third quarter. Peterson Wealth Services now owns 10,960 shares of the transportation company’s stock worth $1,343,000 after purchasing an additional 10,053 shares during the last quarter. Alps Advisors Inc. increased its position in shares of Landstar System by 69.8% in the third quarter. Alps Advisors Inc. now owns 94,863 shares of the transportation company’s stock worth $11,626,000 after purchasing an additional 38,992 shares during the last quarter. Ballast Asset Management LP increased its position in shares of Landstar System by 28.2% in the third quarter. Ballast Asset Management LP now owns 34,579 shares of the transportation company’s stock worth $4,238,000 after purchasing an additional 7,614 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Landstar System by 48.2% in the third quarter. Retirement Systems of Alabama now owns 63,299 shares of the transportation company’s stock worth $7,758,000 after purchasing an additional 20,586 shares during the last quarter. Finally, Fenimore Asset Management Inc increased its position in shares of Landstar System by 231.3% in the third quarter. Fenimore Asset Management Inc now owns 341,130 shares of the transportation company’s stock worth $41,809,000 after purchasing an additional 238,173 shares during the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

Landstar System Company Profile

Landstar System, Inc provides integrated transportation management solutions through a network of independent agents and third-party capacity providers. The company specializes in truckload brokerage, intermodal, air and ocean freight, expedited and heavy-haul services, along with value-added offerings such as cargo insurance, customs brokerage and supply chain management. Landstar’s proprietary technology platform enables real-time load matching, shipment tracking and data analytics to optimize fleet utilization and improve customer service.

Founded in 1968 and headquartered in Jacksonville, Florida, Landstar pioneered an asset-light brokerage model that has evolved into a global logistics operation.