Wells Fargo & Company Has Lowered Expectations for Landstar System (NASDAQ:LSTR) Stock Price

Landstar System (NASDAQ:LSTR) had its price objective dropped by investment analysts at Wells Fargo & Company from $225.00 to $215.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the transportation company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 51.41% from the company’s previous close.

LSTR has been the topic of a number of other research reports. Morgan Stanley reissued an “underweight” rating and issued a $145.00 price target on shares of Landstar System in a report on Monday, July 6th. Susquehanna upped their price objective on shares of Landstar System from $195.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Landstar System in a report on Friday, September 11th. Truist Financial lowered their price target on Landstar System from $185.00 to $175.00 and set a “hold” rating for the company in a research report on Wednesday, October 7th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Landstar System in a research note on Wednesday. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $189.20.

Landstar System Trading Down 15.9%

Shares of NASDAQ:LSTR traded down $26.78 during trading on Wednesday, reaching $142.00. 88,587 shares of the company traded hands, compared to its average volume of 475,823. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of 37.09 and a beta of 0.90. Landstar System has a 52-week low of $121.11 and a 52-week high of $228.46. The business’s fifty day moving average is $172.65 and its 200-day moving average is $176.75.

Landstar System (NASDAQ:LSTR) last issued its earnings results on Tuesday, October 27th. The transportation company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.25). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $1.22 earnings per share. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. On average, sell-side analysts predict that Landstar System will post 5.87 earnings per share for the current fiscal year.

Institutional Trading of Landstar System

Several institutional investors have recently added to or reduced their stakes in the business. Park Avenue Securities LLC raised its position in Landstar System by 31.4% in the 3rd quarter. Park Avenue Securities LLC now owns 1,607 shares of the transportation company’s stock worth $271,000 after buying an additional 384 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Landstar System by 3.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 5,957 shares of the transportation company’s stock valued at $1,005,000 after acquiring an additional 188 shares during the last quarter. Peterson Wealth Services boosted its holdings in shares of Landstar System by 40.2% during the 3rd quarter. Peterson Wealth Services now owns 1,809 shares of the transportation company’s stock valued at $305,000 after acquiring an additional 519 shares during the last quarter. Compass Ion Advisors LLC raised its stake in Landstar System by 9.2% during the 3rd quarter. Compass Ion Advisors LLC now owns 4,158 shares of the transportation company’s stock valued at $702,000 after buying an additional 350 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its stake in Landstar System by 15.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,301 shares of the transportation company’s stock valued at $557,000 after buying an additional 435 shares during the last quarter. 97.95% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Landstar System

Here are the key news stories impacting Landstar System this week:

• Positive Sentiment: Landstar reported third-quarter revenue of $1.512 billion, up 25% year over year and slightly ahead of the $1.50 billion consensus estimate. Gross profit increased 14%, while variable contribution rose 25%, indicating solid freight-volume and operating improvement. Landstar third-quarter results
• Positive Sentiment: The company declared a quarterly dividend of $0.44 per share, or $1.76 annualized, representing an approximately 1.0% yield. The dividend provides ongoing shareholder returns, although the ex-dividend date is November 17.
• Positive Sentiment: Robert W. Baird maintained an Outperform rating and lowered its price target from $215 to $195. Despite the reduction, the new target implies approximately 15.5% upside from the referenced price. Robert W. Baird rating

Landstar System Company Profile

Landstar System, Inc (NASDAQ: LSTR) is an asset-light transportation and logistics company headquartered in Jacksonville, Florida. Through a network of independent owner-operators, agents and third-party capacity providers, the company arranges the movement of freight for commercial and industrial customers.

Landstar’s services include truckload transportation, specialized and heavy-haul freight, expedited and time-critical shipping, less-than-truckload transportation, intermodal services and logistics management.