Cibc World Market Inc. Purchases Shares of 15,595 Landstar System, Inc. $LSTR

Cibc World Market Inc. purchased a new stake in Landstar System, Inc. (NASDAQ:LSTR) during the second quarter, HoldingsChannel.com reports. The fund purchased 15,595 shares of the transportation company’s stock, valued at approximately $3,225,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in shares of Landstar System during the 2nd quarter worth $1,412,000. Twin Tree Management LP bought a new position in Landstar System in the 2nd quarter worth $121,000. Bank of Nova Scotia acquired a new position in Landstar System during the 2nd quarter worth $2,296,000. Elevation Point Wealth Partners LLC acquired a new position in Landstar System during the 2nd quarter worth $415,000. Finally, Commerce Bank bought a new stake in Landstar System during the second quarter valued at about $298,000. 97.95% of the stock is currently owned by institutional investors and hedge funds.

Landstar System Trading Up 1.8%

Shares of LSTR opened at $181.63 on Thursday. The stock’s 50-day moving average price is $196.33 and its 200 day moving average price is $181.78. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $6.16 billion, a price-to-earnings ratio of 47.05 and a beta of 0.90. Landstar System, Inc. has a 12-month low of $119.32 and a 12-month high of $228.46.

Landstar System (NASDAQ:LSTR) last announced its quarterly earnings data 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). The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.34 billion. Landstar System had a return on equity of 20.84% and a net margin of 2.64%.Landstar System’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.20 EPS. As a group, research analysts predict that Landstar System, Inc. will post 5.84 earnings per share for the current year.

Landstar System Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be paid a $0.44 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.0%. This is a positive change from Landstar System’s previous quarterly dividend of $0.40. Landstar System’s dividend payout ratio is currently 45.60%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on LSTR shares. Weiss Ratings raised Landstar System from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 16th. Morgan Stanley restated an “underweight” rating and set a $145.00 target price on shares of Landstar System in a research note on Monday, July 6th. Susquehanna raised their target price on Landstar System from $195.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. TD Cowen cut their price target on Landstar System from $182.00 to $178.00 and set a “hold” rating for the company in a report on Tuesday, July 28th. Finally, UBS Group reissued a “neutral” rating and issued a $195.00 price objective on shares of Landstar System in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $196.00.

Insider Transactions at Landstar System

In other news, 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James P. Todd sold 1,200 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $218.17, for a total transaction of $261,804.00. Following the completion of the transaction, the chief financial officer directly owned 15,122 shares of the company’s stock, valued at $3,299,166.74. This trade represents a 7.35% 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 company insiders.

Landstar System 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.