Oppenheimer Asset Management Inc. Takes $1.93 Million Position in Landstar System, Inc. $LSTR

Oppenheimer Asset Management Inc. bought a new position in Landstar System, Inc. (NASDAQ:LSTR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 9,337 shares of the transportation company’s stock, valued at approximately $1,931,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elevation Wealth Partners LLC boosted its holdings in Landstar System by 41.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 224 shares of the transportation company’s stock valued at $46,000 after purchasing an additional 66 shares during the period. First Citizens Bank & Trust Co. grew its position in Landstar System by 1.5% in the 1st quarter. First Citizens Bank & Trust Co. now owns 4,710 shares of the transportation company’s stock worth $755,000 after purchasing an additional 68 shares during the last quarter. Petros Family Wealth LLC increased its holdings in shares of Landstar System by 4.9% during the 1st quarter. Petros Family Wealth LLC now owns 1,548 shares of the transportation company’s stock worth $248,000 after purchasing an additional 73 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Landstar System by 29.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 342 shares of the transportation company’s stock worth $49,000 after purchasing an additional 78 shares during the period. Finally, SkyView Investment Advisors LLC raised its position in shares of Landstar System by 1.4% during the fourth quarter. SkyView Investment Advisors LLC now owns 6,388 shares of the transportation company’s stock valued at $918,000 after buying an additional 89 shares during the last quarter. Institutional investors and hedge funds own 97.95% of the company’s stock.

Analysts Set New Price Targets

LSTR has been the subject of several research reports. JPMorgan Chase & Co. increased their target price on shares of Landstar System from $198.00 to $204.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. The Goldman Sachs Group boosted their price target on Landstar System from $147.00 to $168.00 and gave the company a “sell” rating in a research note on Thursday, July 16th. Susquehanna upped their price target on Landstar System from $195.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Stephens upgraded Landstar System to a “strong-buy” rating in a research report on Wednesday, July 8th. Finally, Truist Financial lifted their price objective on Landstar System from $190.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $196.00.

Insider Buying and Selling

In other news, CFO James P. Todd sold 1,200 shares of Landstar System 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of Landstar System 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 owned 18,853 shares in the company, valued at approximately $4,171,791.84. This represents a 37.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is currently owned by insiders.

Landstar System Price Performance

Shares of NASDAQ:LSTR opened at $190.19 on Monday. Landstar System, Inc. has a 12 month low of $119.32 and a 12 month high of $228.46. The company’s 50-day moving average price is $202.08 and its two-hundred day moving average price is $180.17. 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 cap of $6.46 billion, a P/E ratio of 49.27 and a beta of 0.90.

Landstar System (NASDAQ:LSTR) last posted 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 company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.34 billion. Landstar System had a return on equity of 20.84% and a net margin of 2.64%.The business’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. As a group, research analysts forecast that Landstar System, Inc. will post 5.84 EPS for the current fiscal year.

Landstar System Increases Dividend

The company also recently disclosed 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. This represents a $1.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 18th. This is a positive change from Landstar System’s previous quarterly dividend of $0.40. Landstar System’s payout ratio is 41.45%.

Landstar System announced that its board has initiated a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase 1,115,195,000,000 outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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.