Synovus Financial Corp lifted its stake in Landstar System, Inc. (NASDAQ:LSTR – Get Rating) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,613 shares of the transportation company’s stock after purchasing an additional 83 shares during the period. Synovus Financial Corp’s holdings in Landstar System were worth $375,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in LSTR. Castle Wealth Management LLC acquired a new position in Landstar System in the second quarter valued at about $36,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Landstar System by 124.1% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 260 shares of the transportation company’s stock valued at $39,000 after acquiring an additional 144 shares during the period. Lazard Asset Management LLC bought a new position in Landstar System during the 2nd quarter worth approximately $43,000. Prospera Financial Services Inc bought a new position in Landstar System during the 1st quarter worth approximately $53,000. Finally, Venture Visionary Partners LLC acquired a new position in Landstar System during the second quarter valued at approximately $54,000. 98.90% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the stock. Susquehanna increased their target price on shares of Landstar System from $147.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, October 21st. Jefferies Financial Group began coverage on Landstar System in a report on Monday, October 24th. They set a “hold” rating and a $145.00 target price on the stock. Susquehanna Bancshares increased their price target on Landstar System from $147.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, October 21st. Benchmark assumed coverage on Landstar System in a report on Tuesday, September 6th. They set a “hold” rating on the stock. Finally, Cowen decreased their price objective on Landstar System to $155.00 in a research report on Thursday, October 27th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. According to MarketBeat, Landstar System has an average rating of “Hold” and a consensus target price of $150.70.
Landstar System Stock Up 0.7 %
Landstar System (NASDAQ:LSTR – Get Rating) last released its quarterly earnings results on Wednesday, October 19th. The transportation company reported $2.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.76. Landstar System had a return on equity of 52.31% and a net margin of 5.85%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the prior year, the firm posted $2.58 EPS. The business’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts expect that Landstar System, Inc. will post 11.77 EPS for the current fiscal year.
Landstar System Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Tuesday, November 8th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, November 7th. This represents a $1.20 annualized dividend and a yield of 0.72%. Landstar System’s payout ratio is currently 9.88%.
Insiders Place Their Bets
In other news, CEO James B. Gattoni sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $155.86, for a total value of $3,117,200.00. Following the completion of the transaction, the chief executive officer now owns 74,792 shares in the company, valued at approximately $11,657,081.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.90% 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. 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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