Renaissance Technologies LLC Grows Stake in Landstar System, Inc. $LSTR

Renaissance Technologies LLC increased its holdings in Landstar System, Inc. (NASDAQ:LSTR) by 42.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 80,440 shares of the transportation company’s stock after acquiring an additional 24,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Landstar System were worth $12,895,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Los Angeles Capital Management LLC bought a new stake in Landstar System during the fourth quarter valued at $25,000. Global Retirement Partners LLC increased its stake in Landstar System by 320.0% in the 4th quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company’s stock worth $27,000 after acquiring an additional 144 shares during the last quarter. Quarry LP bought a new position in Landstar System in the 3rd quarter worth about $25,000. Geneos Wealth Management Inc. raised its holdings in shares of Landstar System by 132.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock valued at $37,000 after acquiring an additional 142 shares in the last quarter. Finally, Private Trust Co. NA raised its holdings in shares of Landstar System by 81.0% in the 4th quarter. Private Trust Co. NA now owns 277 shares of the transportation company’s stock valued at $40,000 after acquiring an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on LSTR. Weiss Ratings raised Landstar System from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 16th. Wall Street Zen upgraded shares of Landstar System from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Robert W. Baird lowered their target price on shares of Landstar System from $225.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Landstar System from $198.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Barclays boosted their price target on shares of Landstar System from $155.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $194.62.

Insider Buying and Selling

In other 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 value of $261,804.00. Following the completion of the sale, the chief financial officer directly owned 15,122 shares in the company, valued at approximately $3,299,166.74. The trade was a 7.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the completion of the sale, the director owned 18,853 shares of the company’s stock, valued at approximately $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.74% of the stock is owned by company insiders.

Landstar System Price Performance

LSTR opened at $174.77 on Friday. The stock has a 50-day moving average price of $207.44 and a 200-day moving average price of $178.08. Landstar System, Inc. has a 12-month low of $119.32 and a 12-month high of $228.46. The company has a current ratio of 1.82, a quick ratio of 1.88 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $5.93 billion, a P/E ratio of 45.28 and a beta of 0.89.

Landstar System (NASDAQ:LSTR) last announced its quarterly earnings data 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 for 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 revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.20 earnings per share. Equities analysts predict that Landstar System, Inc. will post 5.8 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be given a dividend of $0.44 per share. The ex-dividend date is Tuesday, August 18th. This is an increase from Landstar System’s previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a yield of 1.0%. Landstar System’s dividend payout ratio (DPR) is 45.60%.

Landstar System declared that its board has approved a stock buyback plan on Tuesday, April 28th that allows the company to buyback 1,115,195,000,000 outstanding shares. This buyback authorization allows the transportation company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.