Jupiter Topco LLC Acquires Shares of 213,694 Landstar System, Inc. $LSTR

Jupiter Topco LLC acquired a new stake in Landstar System, Inc. (NASDAQ:LSTR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 213,694 shares of the transportation company’s stock, valued at approximately $44,195,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Landstar System in the 2nd quarter valued at $698,683,000. AQR Capital Management LLC boosted its position in Landstar System by 185.5% during the fourth quarter. AQR Capital Management LLC now owns 987,087 shares of the transportation company’s stock worth $141,844,000 after purchasing an additional 641,319 shares during the period. Millennium Management LLC boosted its position in Landstar System by 910.2% during the fourth quarter. Millennium Management LLC now owns 541,880 shares of the transportation company’s stock worth $77,868,000 after purchasing an additional 488,238 shares during the period. Bank of Montreal Can increased its holdings in shares of Landstar System by 5,643.4% in the fourth quarter. Bank of Montreal Can now owns 386,758 shares of the transportation company’s stock valued at $55,577,000 after purchasing an additional 380,024 shares during the last quarter. Finally, Corient Private Wealth LLC increased its holdings in shares of Landstar System by 99.5% in the fourth quarter. Corient Private Wealth LLC now owns 742,215 shares of the transportation company’s stock valued at $105,877,000 after purchasing an additional 370,253 shares during the last quarter. 97.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LSTR. Wells Fargo & Company increased their price objective on shares of Landstar System from $200.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, June 5th. Wolfe Research raised shares of Landstar System from a “peer perform” rating to an “outperform” rating and set a $214.00 target price for the company in a report on Tuesday, August 4th. Robert W. Baird decreased their price target 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, July 29th. Truist Financial increased their price target on shares of Landstar System from $190.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group raised their price objective on shares of Landstar System from $147.00 to $168.00 and gave the stock a “sell” rating in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $196.00.

Insider Buying and Selling

In related news, CFO James P. Todd sold 1,200 shares of the business’s stock in a transaction 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 sale, the chief financial officer owned 15,122 shares of the company’s stock, 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 SEC, which is available through the SEC website. Also, Director Diana M. Murphy sold 11,246 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the sale, the director directly owned 18,853 shares of the company’s stock, valued at $4,171,791.84. This represents a 37.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.74% of the company’s stock.

Landstar System Stock Up 0.1%

NASDAQ LSTR opened at $181.80 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. Landstar System, Inc. has a 1-year low of $119.32 and a 1-year high of $228.46. The company has a 50 day moving average of $195.82 and a 200-day moving average of $181.92. The company 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 released its earnings results on Tuesday, July 28th. The transportation company reported $1.44 earnings per share 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 company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. On average, equities research analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

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

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.