Hsbc Holdings PLC Purchases New Position in Landstar System, Inc. $LSTR

Hsbc Holdings PLC acquired a new stake in Landstar System, Inc. (NASDAQ:LSTR) in the 2nd quarter, Holdings Channel reports. The fund acquired 30,115 shares of the transportation company’s stock, valued at approximately $6,242,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in LSTR. Canada Pension Plan Investment Board purchased a new stake in shares of Landstar System in the 2nd quarter valued at about $3,102,000. Legal & General Group Plc acquired a new stake in shares of Landstar System in the 2nd quarter valued at about $10,522,000. The Manufacturers Life Insurance Company purchased a new position in Landstar System during the 2nd quarter worth approximately $4,854,000. Cibc World Market Inc. purchased a new position in Landstar System during the 2nd quarter worth approximately $3,225,000. Finally, Sanctuary Advisors LLC acquired a new position in Landstar System during the second quarter worth approximately $1,412,000. Institutional investors and hedge funds own 97.95% of the company’s stock.

Landstar System Trading Down 1.0%

NASDAQ:LSTR opened at $180.03 on Friday. Landstar System, Inc. has a 12-month low of $119.32 and a 12-month high of $228.46. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The stock’s 50 day simple moving average is $195.27 and its 200-day simple moving average is $181.91. The firm has a market cap of $6.11 billion, a P/E ratio of 46.64 and a beta of 0.90.

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 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 company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business earned $1.20 earnings per share. Landstar System’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts anticipate that Landstar System, Inc. will post 5.84 EPS for the current year.

Landstar System Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Tuesday, August 18th will be given 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 an increase from Landstar System’s previous quarterly dividend of $0.40. Landstar System’s payout ratio is currently 45.60%.

Insider Buying and Selling at Landstar System

In other news, CFO James P. Todd sold 1,200 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $218.17, for a total value of $261,804.00. Following the completion of the sale, the chief financial officer owned 15,122 shares in the company, valued at approximately $3,299,166.74. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of Landstar System stock in a transaction dated Friday, June 5th. The shares were 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 in the company, valued at approximately $4,171,791.84. The trade was a 37.36% decrease in their position. The SEC filing for this sale provides additional information. 0.74% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

LSTR has been the topic of a number of research reports. Wells Fargo & Company raised their target price on shares of Landstar System from $200.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Stifel Nicolaus increased their price target on shares of Landstar System from $186.00 to $197.00 and gave the stock a “hold” rating in a research note on Wednesday, July 29th. Barclays raised their price objective on shares of Landstar System from $155.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. TD Cowen dropped their price objective on shares of Landstar System from $182.00 to $178.00 and set a “hold” rating on the stock in a research note on Tuesday, July 28th. 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 investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.