Van ECK Associates Corp Invests $6.21 Million in Landstar System, Inc. $LSTR

Van ECK Associates Corp bought a new position in Landstar System, Inc. (NASDAQ:LSTR) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 30,042 shares of the transportation company’s stock, valued at approximately $6,213,000. Van ECK Associates Corp owned approximately 0.09% of Landstar System as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in Landstar System during the 2nd quarter valued at about $698,683,000. AQR Capital Management LLC boosted its holdings in Landstar System by 185.5% in the fourth quarter. AQR Capital Management LLC now owns 987,087 shares of the transportation company’s stock valued at $141,844,000 after acquiring an additional 641,319 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Landstar System by 910.2% during the 4th quarter. Millennium Management LLC now owns 541,880 shares of the transportation company’s stock valued at $77,868,000 after purchasing an additional 488,238 shares in the last quarter. Bank of Montreal Can boosted its position in Landstar System by 5,643.4% during the 4th quarter. Bank of Montreal Can now owns 386,758 shares of the transportation company’s stock valued at $55,577,000 after acquiring an additional 380,024 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its position in shares of Landstar System by 99.5% during the fourth quarter. Corient Private Wealth LLC now owns 742,215 shares of the transportation company’s stock valued at $105,877,000 after purchasing an additional 370,253 shares in the last quarter. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on LSTR shares. Barclays boosted their price objective on shares of Landstar System from $155.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. increased their price objective on Landstar System from $198.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Susquehanna lifted their target price on shares of Landstar System from $195.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Wall Street Zen downgraded Landstar System from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. Finally, Robert W. Baird reduced their price objective on Landstar System from $225.00 to $215.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $196.00.

Insider Activity at Landstar System

In other Landstar System news, CFO James P. Todd sold 1,200 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $218.17, for a total transaction of $261,804.00. Following the transaction, the chief financial officer owned 15,122 shares in the company, valued at $3,299,166.74. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Diana M. Murphy sold 11,246 shares of the company’s 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 transaction, the director owned 18,853 shares in the company, valued at $4,171,791.84. The trade was a 37.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.74% of the company’s stock.

Landstar System Stock Performance

LSTR opened at $174.70 on Thursday. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 45.26 and a beta of 0.90. The company has a fifty day moving average of $193.41 and a 200 day moving average of $182.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.82. Landstar System, Inc. has a fifty-two week low of $119.32 and a fifty-two week high of $228.46.

Landstar System (NASDAQ:LSTR) last released its quarterly earnings results 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). Landstar System had a net margin of 2.64% and a return on equity of 20.84%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the business earned $1.20 EPS. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Landstar System, Inc. will post 5.84 earnings per share for the current fiscal year.

Landstar System Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Tuesday, August 18th will be issued a $0.44 dividend. This is a boost from Landstar System’s previous quarterly dividend of $0.40. 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%. Landstar System’s payout ratio is presently 45.60%.

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.