11,102 Shares in Landstar System, Inc. $LSTR Acquired by Bank of Nova Scotia

Bank of Nova Scotia bought a new position in shares of Landstar System, Inc. (NASDAQ:LSTR) during the second quarter, HoldingsChannel.com reports. The firm bought 11,102 shares of the transportation company’s stock, valued at approximately $2,296,000.

Other large investors have also added to or reduced their stakes in the company. Elevation Wealth Partners LLC increased its stake in shares of Landstar System by 41.8% in the second quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company’s stock worth $46,000 after purchasing an additional 66 shares in the last quarter. First Citizens Bank & Trust Co. lifted its stake in shares of Landstar System by 1.5% during the 1st quarter. First Citizens Bank & Trust Co. now owns 4,710 shares of the transportation company’s stock valued at $755,000 after buying an additional 68 shares in the last quarter. Petros Family Wealth LLC lifted its stake in shares of Landstar System by 4.9% during the 1st quarter. Petros Family Wealth LLC now owns 1,548 shares of the transportation company’s stock valued at $248,000 after buying an additional 73 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Landstar System by 29.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 342 shares of the transportation company’s stock worth $49,000 after buying an additional 78 shares during the period. Finally, SkyView Investment Advisors LLC boosted its holdings in Landstar System by 1.4% in the 4th quarter. SkyView Investment Advisors LLC now owns 6,388 shares of the transportation company’s stock worth $918,000 after buying an additional 89 shares during the period. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Insider Activity at Landstar System

In other Landstar System news, Director Diana M. Murphy sold 11,246 shares of the company’s stock in a transaction on Friday, June 5th. The stock was 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 directly owned 18,853 shares in the company, valued at approximately $4,171,791.84. This represents a 37.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James P. Todd sold 1,200 shares of the company’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 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. The trade was a 7.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on LSTR shares. Truist Financial increased their price target on Landstar System from $190.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, July 15th. Morgan Stanley restated an “underweight” rating and issued a $145.00 price objective on shares of Landstar System in a research report on Monday, July 6th. TD Cowen dropped their price objective on Landstar System from $182.00 to $178.00 and set a “hold” rating for the company in a research note on Tuesday, July 28th. Evercore set a $181.00 target price on Landstar System in a research report on Wednesday, April 29th. Finally, Janney Montgomery Scott set a $182.00 target price on Landstar System in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Landstar System presently has a consensus rating of “Hold” and a consensus price target of $196.00.

Landstar System Price Performance

NASDAQ:LSTR opened at $181.63 on Thursday. The business’s 50-day moving average is $196.33 and its 200 day moving average is $181.78. Landstar System, Inc. has a 12 month low of $119.32 and a 12 month high of $228.46. The company has a market capitalization of $6.16 billion, a P/E ratio of 47.05 and a beta of 0.90. 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 (NASDAQ:LSTR) last posted 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). The business had revenue of $1.43 billion during 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 company’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. On average, equities research analysts forecast that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

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

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.