Point72 Asset Management L.P. Cuts Stake in Landstar System, Inc. (LSTR)
Point72 Asset Management L.P. reduced its position in Landstar System, Inc. (NASDAQ:LSTR) by 82.2% in the second quarter, HoldingsChannel reports. The firm owned 9,800 shares of the transportation company’s stock after selling 45,400 shares during the quarter. Point72 Asset Management L.P.’s holdings in Landstar System were worth $1,070,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Landstar System by 18.0% in the 2nd quarter. BlackRock Inc. now owns 5,021,679 shares of the transportation company’s stock worth $548,369,000 after purchasing an additional 764,662 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Landstar System by 9.4% in the 2nd quarter. Victory Capital Management Inc. now owns 1,529,354 shares of the transportation company’s stock worth $167,005,000 after purchasing an additional 130,937 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Landstar System by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 553,881 shares of the transportation company’s stock worth $60,484,000 after purchasing an additional 20,564 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Landstar System by 157.3% in the 1st quarter. Millennium Management LLC now owns 531,453 shares of the transportation company’s stock worth $58,274,000 after purchasing an additional 324,924 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Landstar System by 3.4% in the 2nd quarter. Janus Henderson Group PLC now owns 528,754 shares of the transportation company’s stock worth $57,740,000 after purchasing an additional 17,248 shares in the last quarter. Hedge funds and other institutional investors own 97.30% of the company’s stock.
A number of research firms have recently issued reports on LSTR. BidaskClub cut Landstar System from a “buy” rating to a “hold” rating in a report on Saturday. ValuEngine cut Landstar System from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Co upgraded Landstar System from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $115.65 to $98.00 in a report on Wednesday, August 22nd. Stifel Nicolaus upgraded Landstar System from a “hold” rating to a “buy” rating and upped their price objective for the stock from $123.00 to $128.00 in a report on Monday, July 30th. Finally, KeyCorp reissued a “buy” rating and issued a $130.00 target price (up previously from $125.00) on shares of Landstar System in a research note on Thursday, July 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $119.25.
Landstar System (NASDAQ:LSTR) last released its earnings results on Wednesday, July 25th. The transportation company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.02). Landstar System had a net margin of 5.38% and a return on equity of 31.06%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $0.89 EPS. The company’s revenue was up 35.9% on a year-over-year basis. equities research analysts forecast that Landstar System, Inc. will post 6.07 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Monday, August 13th were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Friday, August 10th. This is a positive change from Landstar System’s previous quarterly dividend of $0.15. Landstar System’s payout ratio is 17.60%.
In other Landstar System news, COO Joseph J. Beacom sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $119.52, for a total transaction of $358,560.00. Following the completion of the transaction, the chief operating officer now owns 33,702 shares of the company’s stock, valued at approximately $4,028,063.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.00% of the company’s stock.
Landstar System Company Profile
Landstar System, Inc provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. It operates through two segments, Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage, as well as offers transportation services to other transportation companies, including third party logistics and less-than-truckload service providers.
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