California State Teachers Retirement System Has $1.70 Billion Stock Holdings in Landstar System, Inc. $LSTR

California State Teachers Retirement System increased its holdings in Landstar System, Inc. (NASDAQ:LSTR) by 20,011.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 8,234,347 shares of the transportation company’s stock after purchasing an additional 8,193,403 shares during the period. California State Teachers Retirement System owned 0.24% of Landstar System worth $1,702,945,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of America Corp DE increased its position in shares of Landstar System by 13.4% during the first quarter. Bank of America Corp DE now owns 250,112 shares of the transportation company’s stock worth $40,095,000 after buying an additional 29,595 shares during the period. Manatuck Hill Partners LLC acquired a new position in Landstar System in the fourth quarter valued at $862,000. Walleye Capital LLC bought a new stake in Landstar System during the second quarter valued at $21,043,000. Norges Bank bought a new stake in Landstar System during the fourth quarter valued at $35,280,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Landstar System during the 2nd quarter worth about $6,064,000. 97.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on LSTR. The Goldman Sachs Group lifted their target price on Landstar System from $147.00 to $168.00 and gave the stock a “sell” rating in a report on Thursday, July 16th. Zacks Research cut Landstar System from a “strong-buy” rating to a “hold” rating in a report on Friday, September 4th. Susquehanna raised their price objective on shares of Landstar System from $195.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Stifel Nicolaus lifted their price objective on shares of Landstar System from $186.00 to $197.00 and gave the company a “hold” rating in a research note on Wednesday, July 29th. Finally, Robert W. Baird dropped 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 report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $196.00.

Insider Buying and Selling

In other news, CFO James Todd sold 1,200 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $218.17, for a total transaction of $261,804.00. Following the completion of the sale, the chief financial officer directly owned 15,122 shares of the company’s stock, valued at $3,299,166.74. This trade represents a 7.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

Landstar System Stock Performance

Shares of Landstar System stock opened at $172.78 on Friday. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $188.78 and a 200-day moving average price of $183.69. The company has a market cap of $5.86 billion, a PE ratio of 44.76 and a beta of 0.90.

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

Landstar System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Tuesday, August 18th. 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. Landstar System’s payout ratio is 45.60%.

About Landstar System

Landstar System, Inc is a transportation services company that provides integrated logistics solutions primarily through an asset-light network of independent freight agents and third-party capacity providers. The company’s operations connect shippers with transportation services without relying primarily on a company-owned fleet of trucks.

Landstar arranges a broad range of freight transportation, including truckload, less-than-truckload, expedited, heavy-haul and specialized shipments.