Walleye Capital LLC Makes New $13.77 Million Investment in Landstar System, Inc. $LSTR

Walleye Capital LLC bought a new stake in Landstar System, Inc. (NASDAQ:LSTR) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 85,863 shares of the transportation company’s stock, valued at approximately $13,765,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC raised its holdings in shares of Landstar System by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,767 shares of the transportation company’s stock worth $566,000 after purchasing an additional 336 shares during the period. Goldman Sachs Group Inc. grew its holdings in Landstar System by 57.1% during the first quarter. Goldman Sachs Group Inc. now owns 138,009 shares of the transportation company’s stock valued at $20,729,000 after purchasing an additional 50,142 shares during the period. Empowered Funds LLC grew its holdings in Landstar System by 38.3% during the first quarter. Empowered Funds LLC now owns 4,687 shares of the transportation company’s stock valued at $704,000 after purchasing an additional 1,298 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Landstar System by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,341 shares of the transportation company’s stock worth $21,380,000 after buying an additional 16,698 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Landstar System by 132.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock worth $37,000 after buying an additional 142 shares during the last quarter. 97.95% of the stock is owned by institutional investors.

Landstar System Trading Down 1.9%

Shares of LSTR stock opened at $210.07 on Thursday. The stock has a market capitalization of $7.13 billion, a price-to-earnings ratio of 58.03 and a beta of 0.89. The company’s fifty day simple moving average is $206.89 and its two-hundred day simple moving average is $176.49. Landstar System, Inc. has a 1 year low of $119.32 and a 1 year high of $228.46. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.88.

Landstar System (NASDAQ:LSTR) last posted its quarterly earnings results on Tuesday, April 28th. The transportation company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.05. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. Landstar System had a return on equity of 19.49% and a net margin of 2.62%.The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. As a group, analysts anticipate that Landstar System, Inc. will post 5.73 earnings per share for the current year.

Landstar System Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 19th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $1.60 dividend on an annualized basis and a yield of 0.8%. Landstar System’s dividend payout ratio is 44.20%.

Landstar System announced that its board has authorized a share buyback program on Tuesday, April 28th that permits the company to buyback 1,115,195,000,000 outstanding shares. This buyback authorization permits the transportation company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LSTR shares. Robert W. Baird upped their price target on Landstar System from $195.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Susquehanna lifted their price objective on Landstar System from $195.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Stifel Nicolaus boosted their price objective on Landstar System from $175.00 to $186.00 and gave the company a “hold” rating in a research note on Monday, July 13th. Barclays upped their price objective on shares of Landstar System from $155.00 to $190.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Landstar System from $161.00 to $179.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $192.42.

Insider Activity

In other Landstar System news, Director Diana M. Murphy sold 11,246 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $221.28, for a total value of $2,488,514.88. Following the completion of the transaction, the director owned 18,853 shares in the company, valued at $4,171,791.84. This trade represents a 37.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James P. Todd sold 1,200 shares of Landstar System stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the transaction, the chief financial officer directly owned 15,122 shares of the company’s stock, valued at $3,299,166.74. The trade was a 7.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is owned by company insiders.

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.