Verition Fund Management LLC Cuts Stake in Landstar System, Inc. (NASDAQ:LSTR)

Verition Fund Management LLC reduced its position in Landstar System, Inc. (NASDAQ:LSTRGet Rating) by 36.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,967 shares of the transportation company’s stock after selling 3,480 shares during the quarter. Verition Fund Management LLC’s holdings in Landstar System were worth $900,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vestmark Advisory Solutions Inc. grew its holdings in Landstar System by 0.5% in the first quarter. Vestmark Advisory Solutions Inc. now owns 14,345 shares of the transportation company’s stock worth $2,163,000 after purchasing an additional 68 shares during the last quarter. Personal CFO Solutions LLC grew its holdings in Landstar System by 4.2% in the first quarter. Personal CFO Solutions LLC now owns 1,918 shares of the transportation company’s stock worth $289,000 after purchasing an additional 77 shares during the last quarter. Alaska Permanent Fund Corp raised its stake in Landstar System by 10.1% in the 1st quarter. Alaska Permanent Fund Corp now owns 927 shares of the transportation company’s stock worth $139,000 after acquiring an additional 85 shares during the last quarter. Fieldpoint Private Securities LLC raised its stake in Landstar System by 23.6% in the 1st quarter. Fieldpoint Private Securities LLC now owns 450 shares of the transportation company’s stock worth $68,000 after acquiring an additional 86 shares during the last quarter. Finally, Private Advisor Group LLC raised its stake in Landstar System by 2.6% in the 1st quarter. Private Advisor Group LLC now owns 3,707 shares of the transportation company’s stock worth $559,000 after acquiring an additional 95 shares during the last quarter. 98.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Joseph J. Beacom sold 2,863 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $156.56, for a total transaction of $448,231.28. Following the completion of the transaction, the chief operating officer now owns 17,805 shares in the company, valued at approximately $2,787,550.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.90% of the company’s stock.

Landstar System Trading Up 1.4 %

LSTR stock opened at $144.24 on Thursday. The company’s 50-day simple moving average is $150.08 and its 200-day simple moving average is $149.96. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.09. Landstar System, Inc. has a 52-week low of $137.15 and a 52-week high of $188.63. The firm has a market cap of $5.25 billion, a P/E ratio of 12.06, a PEG ratio of 1.04 and a beta of 0.94.

Landstar System (NASDAQ:LSTRGet Rating) last posted its earnings results on Wednesday, July 20th. The transportation company reported $3.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.25 by ($0.20). Landstar System had a return on equity of 51.73% and a net margin of 5.89%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the company earned $2.40 earnings per share. The company’s revenue was up 25.7% compared to the same quarter last year. As a group, equities analysts forecast that Landstar System, Inc. will post 11.7 EPS for the current fiscal year.

Landstar System Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Monday, August 8th were paid a dividend of $0.30 per share. This is a positive change from Landstar System’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Friday, August 5th. Landstar System’s dividend payout ratio is presently 10.03%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on LSTR shares. Susquehanna Bancshares reduced their target price on Landstar System from $155.00 to $153.00 and set a “neutral” rating for the company in a research note on Friday, July 22nd. Benchmark started coverage on Landstar System in a research note on Tuesday, September 6th. They issued a “hold” rating for the company. Cowen reduced their target price on Landstar System to $157.00 in a research note on Friday, July 22nd. Evercore ISI reduced their target price on Landstar System from $173.00 to $161.00 and set an “in-line” rating for the company in a research note on Tuesday, July 12th. Finally, StockNews.com lowered shares of Landstar System from a “buy” rating to a “hold” rating in a report on Saturday, September 3rd. One analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $162.08.

About Landstar System

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Landstar System, Inc provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. The company 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, such as third party logistics, small package and less-than-truckload service providers.

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Institutional Ownership by Quarter for Landstar System (NASDAQ:LSTR)

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