Wolfe Research Upgrades Landstar System (NASDAQ:LSTR) to “Outperform”

Landstar System (NASDAQ:LSTR) was upgraded by stock analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Tuesday, MarketBeat.com reports. The brokerage currently has a $214.00 target price on the transportation company’s stock. Wolfe Research’s price objective points to a potential upside of 17.64% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Janney Montgomery Scott set a $182.00 target price on shares of Landstar System in a research note on Wednesday, July 29th. Truist Financial boosted their price objective on Landstar System from $190.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, July 15th. The Goldman Sachs Group raised their target price on Landstar System from $147.00 to $168.00 and gave the stock a “sell” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. boosted their price target on shares of Landstar System from $198.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Finally, Stephens raised shares of Landstar System to a “strong-buy” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Landstar System presently has an average rating of “Hold” and a consensus price target of $196.00.

Landstar System Price Performance

Landstar System stock traded up $5.15 during midday trading on Tuesday, reaching $181.91. The company had a trading volume of 18,776 shares, compared to its average volume of 524,616. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.82 and a quick ratio of 1.82. Landstar System has a 12-month low of $119.32 and a 12-month high of $228.46. The company has a market capitalization of $6.17 billion, a P/E ratio of 47.19 and a beta of 0.89. The firm’s fifty day simple moving average is $207.10 and its 200-day simple moving average is $178.40.

Landstar System (NASDAQ:LSTR) last issued its quarterly earnings results on Tuesday, July 28th. The transportation company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.05). The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates 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 was up 18.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 earnings per share. As a group, equities analysts anticipate that Landstar System will post 5.8 EPS for the current year.

Landstar System declared that its Board of Directors has approved a stock buyback 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 reacquire up to 3.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Landstar System

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

Hedge Funds Weigh In On Landstar System

Institutional investors and hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new position in shares of Landstar System in the 2nd quarter valued at about $1,931,000. Walleye Capital LLC purchased a new position in Landstar System in the second quarter valued at approximately $21,043,000. Fulton Bank N.A. raised its holdings in Landstar System by 8.0% during the second quarter. Fulton Bank N.A. now owns 2,620 shares of the transportation company’s stock worth $542,000 after purchasing an additional 194 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in shares of 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 buying an additional 66 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Landstar System in the 2nd quarter valued at $6,064,000. Institutional investors and hedge funds own 97.95% of the company’s stock.

Landstar System Company 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.