Geode Capital Management LLC Decreases Stake in Landstar System, Inc. $LSTR

Geode Capital Management LLC reduced its position in Landstar System, Inc. (NASDAQ:LSTR) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 857,437 shares of the transportation company’s stock after selling 3,871 shares during the period. Geode Capital Management LLC owned 2.50% of Landstar System worth $123,230,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC lifted its holdings in shares of Landstar System by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,767 shares of the transportation company’s stock valued at $566,000 after acquiring an additional 336 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Landstar System by 57.1% in the first quarter. Goldman Sachs Group Inc. now owns 138,009 shares of the transportation company’s stock worth $20,729,000 after purchasing an additional 50,142 shares during the last quarter. Empowered Funds LLC lifted its stake in Landstar System by 38.3% in the first quarter. Empowered Funds LLC now owns 4,687 shares of the transportation company’s stock worth $704,000 after purchasing an additional 1,298 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Landstar System by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,341 shares of the transportation company’s stock worth $21,380,000 after purchasing an additional 16,698 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Landstar System by 132.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock worth $37,000 after purchasing an additional 142 shares during the last quarter. 97.95% of the stock is currently owned by hedge funds and other institutional investors.

Landstar System Price Performance

NASDAQ LSTR opened at $218.06 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.88. The stock’s fifty day moving average price is $181.14 and its 200 day moving average price is $159.00. Landstar System, Inc. has a 1 year low of $119.32 and a 1 year high of $224.85. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 60.24 and a beta of 0.88.

Landstar System (NASDAQ:LSTR) last posted its earnings results on Tuesday, April 28th. The transportation company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.05. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.16 billion. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 earnings per share. As a group, equities research analysts forecast that Landstar System, Inc. will post 5.55 earnings per share for the current year.

Landstar System declared that its board has authorized a share repurchase plan on Tuesday, April 28th that permits the company to repurchase 1,115,195,000,000 shares. This repurchase authorization permits the transportation company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Landstar System Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Investors of record on Tuesday, May 19th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, May 19th. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. Landstar System’s payout ratio is currently 44.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Truist Financial raised their target price on shares of Landstar System from $145.00 to $190.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Susquehanna raised their target price on shares of Landstar System from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Evercore set a $181.00 target price on shares of Landstar System in a research report on Wednesday, April 29th. Weiss Ratings raised shares of Landstar System from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, April 29th. Finally, TD Cowen raised their target price on shares of Landstar System from $150.00 to $175.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, Landstar System has an average rating of “Hold” and a consensus target price of $183.00.

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.