Corient Private Wealth LP Invests $44.95 Million in Landstar System, Inc. $LSTR

Corient Private Wealth LP bought a new position in Landstar System, Inc. (NASDAQ:LSTR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 217,345 shares of the transportation company’s stock, valued at approximately $44,949,000. Corient Private Wealth LP owned approximately 0.64% of Landstar System at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LSTR. BlackRock Inc. purchased a new position in Landstar System during the 2nd quarter valued at approximately $698,683,000. AQR Capital Management LLC boosted its position in shares of Landstar System by 185.5% during the 4th quarter. AQR Capital Management LLC now owns 987,087 shares of the transportation company’s stock valued at $141,844,000 after acquiring an additional 641,319 shares during the last quarter. Millennium Management LLC boosted its position in shares of Landstar System by 910.2% during the 4th quarter. Millennium Management LLC now owns 541,880 shares of the transportation company’s stock valued at $77,868,000 after acquiring an additional 488,238 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Landstar System by 5,643.4% in the fourth quarter. Bank of Montreal Can now owns 386,758 shares of the transportation company’s stock valued at $55,577,000 after purchasing an additional 380,024 shares in the last quarter. Finally, Corient Private Wealth LLC grew its holdings in shares of Landstar System by 99.5% in the fourth quarter. Corient Private Wealth LLC now owns 742,215 shares of the transportation company’s stock valued at $105,877,000 after purchasing an additional 370,253 shares in the last quarter. 97.95% of the stock is owned by institutional investors.

Landstar System Stock Performance

NASDAQ:LSTR opened at $181.80 on Friday. The stock’s fifty day moving average is $195.82 and its 200 day moving average is $181.92. Landstar System, Inc. has a fifty-two week low of $119.32 and a fifty-two week high of $228.46. The firm has a market capitalization of $6.17 billion, a PE ratio of 47.10 and a beta of 0.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82.

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

Landstar System Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be issued a $0.44 dividend. This is a boost from Landstar System’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 18th. This represents a $1.76 annualized dividend and a dividend yield of 1.0%. Landstar System’s dividend payout ratio (DPR) is 45.60%.

Insider Transactions at Landstar System

In related news, CFO James P. Todd sold 1,200 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the sale, the chief financial officer directly owned 15,122 shares of the company’s stock, valued at $3,299,166.74. This represents a 7.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LSTR has been the topic of a number of recent research reports. Robert W. Baird decreased their price target on shares of Landstar System from $225.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Wells Fargo & Company lifted their price objective on shares of Landstar System from $200.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. TD Cowen reduced their target price on shares of Landstar System from $182.00 to $178.00 and set a “hold” rating on the stock in a report on Tuesday, July 28th. Wolfe Research upgraded shares of Landstar System from a “peer perform” rating to an “outperform” rating and set a $214.00 target price on the stock in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of Landstar System from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $196.00.

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.