Ieq Capital LLC Makes New Investment in Landstar System, Inc. $LSTR

Ieq Capital LLC acquired a new stake in Landstar System, Inc. (NASDAQ:LSTR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,541 shares of the transportation company’s stock, valued at approximately $7,350,000. Ieq Capital LLC owned 0.10% of Landstar System at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Elevation Wealth Partners LLC boosted its holdings in shares of Landstar System by 41.8% during the 2nd quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company’s stock worth $46,000 after buying an additional 66 shares during the period. First Citizens Bank & Trust Co. raised its holdings in Landstar System by 1.5% in the 1st quarter. First Citizens Bank & Trust Co. now owns 4,710 shares of the transportation company’s stock valued at $755,000 after acquiring an additional 68 shares during the period. Petros Family Wealth LLC raised its holdings in Landstar System by 4.9% in the 1st quarter. Petros Family Wealth LLC now owns 1,548 shares of the transportation company’s stock valued at $248,000 after acquiring an additional 73 shares during the period. CIBC Private Wealth Group LLC lifted its position in Landstar System by 29.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 342 shares of the transportation company’s stock worth $49,000 after acquiring an additional 78 shares during the last quarter. Finally, SkyView Investment Advisors LLC lifted its position in Landstar System by 1.4% during the fourth quarter. SkyView Investment Advisors LLC now owns 6,388 shares of the transportation company’s stock worth $918,000 after acquiring an additional 89 shares during the last quarter. Institutional investors and hedge funds own 97.95% of the company’s stock.

Landstar System Stock Performance

Shares of Landstar System stock opened at $186.58 on Monday. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 48.34 and a beta of 0.90. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.05. Landstar System, Inc. has a 12-month low of $119.32 and a 12-month high of $228.46. The firm’s 50-day moving average price is $198.40 and its two-hundred day moving average price is $181.37.

Landstar System (NASDAQ:LSTR) last released its earnings results on Tuesday, July 28th. The transportation company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.05). The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Landstar System had a net margin of 2.64% and a return on equity of 20.84%. Landstar System’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. On average, analysts forecast that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System announced that its Board of Directors has authorized a stock repurchase program on Tuesday, April 28th that allows the company to buyback 1,115,195,000,000 shares. This buyback authorization allows the transportation company to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Landstar System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Tuesday, August 18th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.9%. This is a positive change from Landstar System’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 18th. Landstar System’s payout ratio is 45.60%.

Insider Buying and Selling

In other Landstar System news, CFO James P. Todd sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $218.17, for a total transaction of $261,804.00. Following the completion of the transaction, the chief financial officer directly owned 15,122 shares in the company, valued at $3,299,166.74. The trade was a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Diana M. Murphy sold 11,246 shares of the company’s stock in a transaction on 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 sale, the director owned 18,853 shares of the company’s stock, valued at $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. UBS Group reaffirmed a “neutral” rating and issued a $195.00 target price on shares of Landstar System in a research report on Wednesday, July 29th. Wolfe Research raised Landstar System from a “peer perform” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Tuesday, August 4th. Zacks Research upgraded Landstar System from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Stifel Nicolaus upped their price objective on Landstar System from $186.00 to $197.00 and gave the company a “hold” rating in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group increased their price objective on Landstar System from $147.00 to $168.00 and gave the stock a “sell” rating in a research report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $196.00.

About Landstar System

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.