Oppenheimer Asset Management Inc. Makes New $1.93 Million Investment in Landstar System, Inc. $LSTR

Oppenheimer Asset Management Inc. purchased a new stake in Landstar System, Inc. (NASDAQ:LSTR) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,337 shares of the transportation company’s stock, valued at approximately $1,931,000.

Several other large investors have also recently bought and sold shares of the stock. Walleye Capital LLC bought a new position in shares of Landstar System during the second quarter worth approximately $21,043,000. Fulton Bank N.A. increased its stake in Landstar System by 8.0% during the 2nd quarter. Fulton Bank N.A. now owns 2,620 shares of the transportation company’s stock worth $542,000 after acquiring an additional 194 shares during the period. Elevation Wealth Partners LLC raised its holdings in Landstar System by 41.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company’s stock valued at $46,000 after acquiring an additional 66 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Landstar System during the 2nd quarter valued at $6,064,000. Finally, GAMMA Investing LLC grew its holdings in shares of Landstar System by 31.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,757 shares of the transportation company’s stock worth $570,000 after purchasing an additional 667 shares in the last quarter. 97.95% of the stock is owned by institutional investors.

Landstar System Price Performance

Landstar System stock opened at $190.19 on Monday. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of 49.27 and a beta of 0.90. Landstar System, Inc. has a 52-week low of $119.32 and a 52-week high of $228.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82. The firm has a 50 day moving average price of $202.08 and a two-hundred day moving average price of $180.17.

Landstar System (NASDAQ:LSTR) last issued its quarterly 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 return on equity of 20.84% and a net margin of 2.64%.The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The business’s revenue was up 18.2% on a year-over-year basis. Equities analysts predict that Landstar System, Inc. will post 5.84 EPS for the current year.

Landstar System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Tuesday, August 18th will be issued a $0.44 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.9%. This is an increase from Landstar System’s previous quarterly dividend of $0.40. Landstar System’s dividend payout ratio (DPR) is 41.45%.

Landstar System announced that its board has initiated a share repurchase program on Tuesday, April 28th that authorizes the company to buyback 1,115,195,000,000 shares. This buyback authorization authorizes the transportation company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

LSTR has been the subject of a number of recent analyst reports. Evercore set a $181.00 price target on shares of Landstar System in a report on Wednesday, April 29th. Wells Fargo & Company upped their target price on Landstar System from $200.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. The Goldman Sachs Group lifted their price target on Landstar System from $147.00 to $168.00 and gave the company a “sell” rating in a research note on Thursday, July 16th. Wolfe Research upgraded Landstar System from a “peer perform” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Tuesday, August 4th. Finally, Stifel Nicolaus raised their price objective on Landstar System from $186.00 to $197.00 and gave the company a “hold” rating in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $196.00.

Insiders Place Their Bets

In other news, CFO James P. Todd sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $218.17, for a total value of $261,804.00. Following the transaction, the chief financial officer owned 15,122 shares in the company, valued at $3,299,166.74. This trade represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction 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 transaction, the director directly owned 18,853 shares in the company, valued at $4,171,791.84. This represents 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 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.