Hsbc Holdings PLC Makes New Investment in Landstar System, Inc. $LSTR

Hsbc Holdings PLC bought a new position in Landstar System, Inc. (NASDAQ:LSTR) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 30,115 shares of the transportation company’s stock, valued at approximately $6,242,000. Hsbc Holdings PLC owned approximately 0.09% of Landstar System at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in LSTR. Fenimore Asset Management Inc lifted its holdings in shares of Landstar System by 42.5% in the 4th quarter. Fenimore Asset Management Inc now owns 486,165 shares of the transportation company’s stock worth $69,862,000 after acquiring an additional 145,035 shares during the last quarter. Bank of America Corp DE increased its holdings in Landstar System by 13.4% in the 1st quarter. Bank of America Corp DE now owns 250,112 shares of the transportation company’s stock valued at $40,095,000 after purchasing an additional 29,595 shares during the last quarter. Norges Bank purchased a new stake in Landstar System in the fourth quarter valued at approximately $35,280,000. Manatuck Hill Partners LLC purchased a new stake in Landstar System in the fourth quarter valued at approximately $862,000. Finally, Assenagon Asset Management S.A. acquired a new position in Landstar System during the second quarter worth $6,064,000. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Wall Street Analysts Forecast Growth

LSTR has been the subject of a number of research reports. Truist Financial lifted their price objective on Landstar System from $190.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, July 15th. Robert W. Baird cut their price objective on Landstar System from $225.00 to $215.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. The Goldman Sachs Group increased their target price on Landstar System from $147.00 to $168.00 and gave the stock a “sell” rating in a research note on Thursday, July 16th. Stifel Nicolaus raised their target price on Landstar System from $186.00 to $197.00 and gave the company a “hold” rating in a report on Wednesday, July 29th. Finally, Janney Montgomery Scott set a $182.00 price target on shares of Landstar System in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $196.00.

Landstar System Stock Down 1.0%

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

Landstar System (NASDAQ:LSTR) last released its earnings results on Tuesday, July 28th. The transportation company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.05). Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the business posted $1.20 earnings per share. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, equities analysts expect that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

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

Insider Buying and Selling

In related news, CFO James P. Todd sold 1,200 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $218.17, for a total value of $261,804.00. Following the transaction, the chief financial officer owned 15,122 shares of the company’s stock, valued at $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $221.28, for a total value of $2,488,514.88. Following the transaction, the director directly owned 18,853 shares of the company’s stock, valued at approximately $4,171,791.84. This represents a 37.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.74% of the stock is currently owned by corporate insiders.

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.