Avalon Investment & Advisory cut its stake in shares of Landstar System, Inc. (NASDAQ:LSTR) by 22.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,291 shares of the transportation company’s stock after selling 11,136 shares during the quarter. Avalon Investment & Advisory’s holdings in Landstar System were worth $4,301,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in shares of Landstar System by 5.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,500,536 shares of the transportation company’s stock worth $239,702,000 after purchasing an additional 140,343 shares during the last quarter. Atlanta Capital Management Co. L L C boosted its position in shares of Landstar System by 2.1% during the 1st quarter. Atlanta Capital Management Co. L L C now owns 2,376,094 shares of the transportation company’s stock worth $227,772,000 after purchasing an additional 48,058 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Landstar System by 11.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,118,871 shares of the transportation company’s stock worth $107,254,000 after purchasing an additional 113,048 shares during the period. State Street Corp boosted its position in shares of Landstar System by 0.6% during the 1st quarter. State Street Corp now owns 1,027,291 shares of the transportation company’s stock worth $98,476,000 after purchasing an additional 5,633 shares during the period. Finally, Copper Rock Capital Partners LLC boosted its position in shares of Landstar System by 444.7% during the 2nd quarter. Copper Rock Capital Partners LLC now owns 809,454 shares of the transportation company’s stock worth $430,914,000 after purchasing an additional 660,854 shares during the period.
Landstar System stock traded up $1.14 during midday trading on Thursday, hitting $131.58. 4,074 shares of the company’s stock were exchanged, compared to its average volume of 319,231. Landstar System, Inc. has a 12-month low of $85.30 and a 12-month high of $133.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 2.44 and a beta of 1.00. The firm’s 50 day simple moving average is $120.44 and its 200 day simple moving average is $109.19.
Landstar System (NASDAQ:LSTR) last issued its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by ($0.03). The business had revenue of $823.51 million for the quarter, compared to analysts’ expectations of $782.58 million. Landstar System had a return on equity of 26.42% and a net margin of 4.48%. On average, equities research analysts forecast that Landstar System, Inc. will post 4.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 10th will be issued a $0.21 dividend. This is an increase from Landstar System’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, August 7th. This represents a $0.84 annualized dividend and a dividend yield of 0.64%. Landstar System’s payout ratio is presently 14.69%.
In related news, COO Joseph J. Beacom sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $115.24, for a total value of $576,200.00. Following the completion of the sale, the chief operating officer now owns 41,916 shares in the company, valued at $4,830,399.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Larry J. Thoele sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $125.94, for a total transaction of $377,820.00. Following the completion of the sale, the director now owns 11,672 shares of the company’s stock, valued at approximately $1,469,971.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,000 shares of company stock worth $1,933,620. Insiders own 1.00% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of Landstar System from $67.00 to $70.00 and gave the stock an “underweight” rating in a report on Monday, July 27th. Goldman Sachs Group upgraded shares of Landstar System from a “sell” rating to a “neutral” rating and raised their price objective for the company from $103.00 to $120.00 in a report on Tuesday, August 4th. Deutsche Bank cut their price target on shares of Landstar System from $106.00 to $100.00 and set a “hold” rating on the stock in a research note on Monday, April 27th. Oppenheimer reiterated a “hold” rating on shares of Landstar System in a research note on Wednesday, July 22nd. Finally, SunTrust Banks lifted their price target on shares of Landstar System from $100.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $115.18.
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, such as third party logistics and less-than-truckload service providers.
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