Smith Asset Management Group LP reduced its stake in shares of Landstar System, Inc. (NASDAQ:LSTR) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 431,846 shares of the transportation company’s stock after selling 27,630 shares during the quarter. Landstar System accounts for 1.5% of Smith Asset Management Group LP’s holdings, making the stock its 17th largest position. Smith Asset Management Group LP owned approximately 1.05% of Landstar System worth $52,647,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in LSTR. Synovus Financial Corp raised its position in Landstar System by 115.5% during the third quarter. Synovus Financial Corp now owns 1,110 shares of the transportation company’s stock valued at $134,000 after acquiring an additional 595 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Landstar System during the second quarter valued at approximately $205,000. Culbertson A N & Co. Inc. purchased a new position in Landstar System during the third quarter valued at approximately $207,000. Hartford Investment Management Co. purchased a new position in Landstar System during the second quarter valued at approximately $208,000. Finally, NumerixS Investment Technologies Inc raised its position in Landstar System by 216.7% during the second quarter. NumerixS Investment Technologies Inc now owns 1,900 shares of the transportation company’s stock valued at $209,000 after acquiring an additional 1,300 shares in the last quarter. Institutional investors own 97.30% of the company’s stock.
Landstar System stock opened at $104.18 on Monday. The company has a market capitalization of $4.28 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 1.27 and a beta of 1.11. Landstar System, Inc. has a 12 month low of $94.80 and a 12 month high of $128.70. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.94 and a quick ratio of 1.82.
Landstar System (NASDAQ:LSTR) last posted its quarterly earnings data on Wednesday, October 24th. The transportation company reported $1.63 EPS for the quarter, beating the Zacks’ consensus estimate of $1.60 by $0.03. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Landstar System had a return on equity of 33.82% and a net margin of 5.61%. As a group, equities analysts predict that Landstar System, Inc. will post 6.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Tuesday, November 13th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Friday, November 9th. Landstar System’s dividend payout ratio is presently 17.60%.
LSTR has been the subject of several recent research reports. BidaskClub cut Landstar System from a “buy” rating to a “hold” rating in a research report on Saturday, September 22nd. Cleveland Research began coverage on Landstar System in a research report on Friday, October 19th. They issued a “neutral” rating for the company. Buckingham Research cut their price objective on Landstar System from $127.00 to $121.00 and set a “neutral” rating for the company in a research report on Friday, October 12th. Morgan Stanley set a $96.00 price objective on Landstar System and gave the company a “sell” rating in a research report on Monday, October 22nd. Finally, Cowen restated a “market perform” rating and issued a $113.00 price objective (up from $108.00) on shares of Landstar System in a research report on Thursday, July 26th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $117.58.
In other news, COO Joseph J. Beacom sold 3,000 shares of Landstar System stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $119.52, for a total value of $358,560.00. Following the sale, the chief operating officer now directly owns 33,702 shares of the company’s stock, valued at $4,028,063.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.90% of the company’s stock.
About Landstar System
Landstar System, Inc provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. It operates through two segments, Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage, as well as offers transportation services to other transportation companies, including third party logistics and less-than-truckload service providers.
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