Corient Private Wealth LP Makes New $44.95 Million Investment in Landstar System, Inc. $LSTR

Corient Private Wealth LP bought a new position in shares of Landstar System, Inc. (NASDAQ:LSTR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 217,345 shares of the transportation company’s stock, valued at approximately $44,949,000.

Other large investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Landstar System in the second quarter worth about $35,000. Los Angeles Capital Management LLC bought a new stake in Landstar System during the 4th quarter valued at about $25,000. Global Retirement Partners LLC boosted its position in Landstar System by 320.0% in the 4th quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company’s stock valued at $27,000 after buying an additional 144 shares during the period. Trust Co. of Vermont purchased a new stake in Landstar System in the 2nd quarter valued at about $41,000. Finally, Quarry LP bought a new position in Landstar System in the 3rd quarter worth about $25,000. 97.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Janney Montgomery Scott set a $182.00 target price on shares of Landstar System in a research report on Wednesday, July 29th. Stifel Nicolaus boosted their price target on Landstar System from $186.00 to $197.00 and gave the company a “hold” rating in a report on Wednesday, July 29th. 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 note on Thursday, July 16th. Wells Fargo & Company raised their price objective on Landstar System from $200.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Finally, Wolfe Research raised Landstar System from a “peer perform” rating to an “outperform” rating and set a $214.00 target price for the company in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $196.00.

Landstar System Stock Up 0.1%

Shares of Landstar System stock opened at $181.80 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.82 and a quick ratio of 1.82. Landstar System, Inc. has a 1 year low of $119.32 and a 1 year high of $228.46. The firm’s 50-day moving average is $195.82 and its two-hundred day moving average is $181.92. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 47.10 and a beta of 0.90.

Landstar System (NASDAQ:LSTR) last posted its earnings results on Tuesday, July 28th. The transportation company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.05). Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the business posted $1.20 EPS. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, research analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Tuesday, August 18th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This is a positive change from Landstar System’s previous quarterly dividend of $0.40. This represents a $1.76 annualized dividend and a yield of 1.0%. Landstar System’s dividend payout ratio is 45.60%.

Insider Buying and Selling

In related news, Director Diana M. Murphy sold 11,246 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were 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 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James P. Todd sold 1,200 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $218.17, for a total value of $261,804.00. Following the sale, the chief financial officer owned 15,122 shares of the company’s stock, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.74% of the company’s stock.

Landstar System 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.