245,512 Shares in Landstar System, Inc. $LSTR Acquired by Norges Bank

Norges Bank acquired a new position in Landstar System, Inc. (NASDAQ:LSTR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 245,512 shares of the transportation company’s stock, valued at approximately $35,280,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC boosted 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 purchasing an additional 144 shares during the period. Quarry LP acquired a new position in Landstar System in the 3rd quarter worth approximately $25,000. Geneos Wealth Management Inc. boosted its stake in Landstar System by 132.7% in the 1st 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 period. Private Trust Co. NA boosted its stake in Landstar System by 81.0% in the 4th quarter. Private Trust Co. NA now owns 277 shares of the transportation company’s stock worth $40,000 after purchasing an additional 124 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in Landstar System by 126.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 315 shares of the transportation company’s stock worth $44,000 after purchasing an additional 176 shares during the period. Institutional investors and hedge funds own 97.95% of the company’s stock.

Landstar System Trading Up 3.4%

Landstar System stock opened at $225.37 on Tuesday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.05. Landstar System, Inc. has a 12 month low of $119.32 and a 12 month high of $228.46. The company’s fifty day simple moving average is $182.52 and its 200-day simple moving average is $159.96. The stock has a market cap of $7.65 billion, a P/E ratio of 62.26 and a beta of 0.88.

Landstar System (NASDAQ:LSTR) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.05. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business earned $0.95 EPS. Landstar System’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Landstar System, Inc. will post 5.57 EPS for the current fiscal year.

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

Landstar System Announces Dividend

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

Insider Activity

In related news, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on LSTR shares. Wall Street Zen lowered shares of Landstar System from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. JPMorgan Chase & Co. raised their price objective on shares of Landstar System from $161.00 to $179.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Stifel Nicolaus raised their price objective on shares of Landstar System from $147.00 to $175.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. Robert W. Baird set a $193.00 price target on shares of Landstar System in a report on Wednesday, April 29th. Finally, Susquehanna boosted their price target on shares of Landstar System from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, Landstar System currently has an average rating of “Hold” and a consensus price target of $183.00.

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.