Hsbc Holdings PLC Trims Stock Position in Landstar System, Inc. $LSTR

Hsbc Holdings PLC lessened its holdings in Landstar System, Inc. (NASDAQ:LSTR) by 83.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,669 shares of the transportation company’s stock after selling 13,939 shares during the period. Hsbc Holdings PLC’s holdings in Landstar System were worth $384,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Integrated Wealth Concepts LLC boosted its stake in Landstar System by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 3,767 shares of the transportation company’s stock worth $566,000 after buying an additional 336 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Landstar System by 57.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 138,009 shares of the transportation company’s stock valued at $20,729,000 after acquiring an additional 50,142 shares during the period. Empowered Funds LLC raised its stake in shares of Landstar System by 38.3% in the 1st quarter. Empowered Funds LLC now owns 4,687 shares of the transportation company’s stock valued at $704,000 after acquiring an additional 1,298 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Landstar System by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,341 shares of the transportation company’s stock worth $21,380,000 after acquiring an additional 16,698 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Landstar System by 132.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the transportation company’s stock worth $37,000 after acquiring an additional 142 shares during the last quarter. 97.95% of the stock is currently owned by hedge funds and other institutional investors.

Landstar System Trading Down 0.1%

Shares of NASDAQ:LSTR opened at $211.56 on Friday. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. The company’s 50 day moving average is $204.78 and its two-hundred day moving average is $174.86. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.05. The company has a market cap of $7.18 billion, a PE ratio of 58.44 and a beta of 0.89.

Landstar System (NASDAQ:LSTR) last released its quarterly earnings data on Tuesday, April 28th. The transportation company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.05. Landstar System had a return on equity of 19.49% and a net margin of 2.62%.The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities analysts predict that Landstar System, Inc. will post 5.73 earnings per share for the current fiscal year.

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

Landstar System Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 19th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.8%. Landstar System’s dividend payout ratio is 44.20%.

Insider Buying and Selling

In other news, CFO James P. Todd sold 1,200 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 15,122 shares of the company’s stock, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Diana M. Murphy sold 11,246 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $221.28, for a total transaction of $2,488,514.88. Following the sale, the director owned 18,853 shares of the company’s stock, valued at approximately $4,171,791.84. This represents a 37.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Stephens upgraded shares of Landstar System to a “strong-buy” rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Landstar System from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 16th. Evercore set a $181.00 price target on Landstar System in a research note on Wednesday, April 29th. Wells Fargo & Company raised their price target on Landstar System from $200.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Finally, TD Cowen lifted their price objective on Landstar System from $150.00 to $175.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $192.42.

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.