Geode Capital Management LLC Cuts Holdings in Landstar System, Inc. $LSTR

Geode Capital Management LLC decreased its position in Landstar System, Inc. (NASDAQ:LSTR) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 857,437 shares of the transportation company’s stock after selling 3,871 shares during the period. Geode Capital Management LLC’s holdings in Landstar System were worth $123,230,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Landstar System during the third quarter worth about $25,000. Global Retirement Partners LLC increased its stake in shares of Landstar System by 320.0% during the fourth quarter. Global Retirement Partners LLC now owns 189 shares of the transportation company’s stock worth $27,000 after purchasing an additional 144 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Landstar System by 335.8% during the third quarter. UMB Bank n.a. now owns 292 shares of the transportation company’s stock worth $36,000 after purchasing an additional 225 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Landstar System by 132.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock worth $37,000 after purchasing an additional 142 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Landstar System by 1,490.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 318 shares of the transportation company’s stock worth $39,000 after purchasing an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Landstar System Stock Performance

NASDAQ:LSTR opened at $218.06 on Friday. The stock has a market capitalization of $7.40 billion, a P/E ratio of 60.24 and a beta of 0.88. Landstar System, Inc. has a fifty-two week low of $119.32 and a fifty-two week high of $224.85. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.88 and a current ratio of 1.88. The company has a 50 day moving average price of $181.14 and a 200 day moving average price of $159.00.

Landstar System (NASDAQ:LSTR) last released its earnings results on Tuesday, April 28th. The transportation company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.05. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.16 billion. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. Equities research analysts forecast that Landstar System, Inc. will post 5.55 EPS for the current year.

Landstar System announced that its Board of Directors has approved a share buyback plan on Tuesday, April 28th that permits the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization permits the transportation company to repurchase 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 stock is undervalued.

Landstar System Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, May 19th. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. Landstar System’s dividend payout ratio is 44.20%.

Analysts Set New Price Targets

A number of research firms have recently commented on LSTR. Morgan Stanley boosted their target price on shares of Landstar System from $135.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Truist Financial upped their price objective on shares of Landstar System from $145.00 to $190.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upped their price objective on shares of Landstar System from $161.00 to $179.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Robert W. Baird set a $193.00 price objective on shares of Landstar System in a research note on Wednesday, April 29th. Finally, Stifel Nicolaus upped their price objective on shares of Landstar System from $147.00 to $175.00 and gave the company a “hold” rating in a research note 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $183.00.

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.