Landstar System, Inc. $LSTR Shares Bought by SummitTX Capital L.P.

SummitTX Capital L.P. lifted its holdings in Landstar System, Inc. (NASDAQ:LSTR) by 29.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 34,838 shares of the transportation company’s stock after purchasing an additional 7,935 shares during the period. SummitTX Capital L.P.’s holdings in Landstar System were worth $5,585,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Citizens Bank & Trust Co. grew its position in shares of Landstar System by 1.5% during the 1st quarter. First Citizens Bank & Trust Co. now owns 4,710 shares of the transportation company’s stock valued at $755,000 after buying an additional 68 shares during the last quarter. Petros Family Wealth LLC raised its stake in Landstar System by 4.9% during the first quarter. Petros Family Wealth LLC now owns 1,548 shares of the transportation company’s stock worth $248,000 after acquiring an additional 73 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in Landstar System by 29.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 342 shares of the transportation company’s stock worth $49,000 after acquiring an additional 78 shares during the last quarter. SkyView Investment Advisors LLC lifted its holdings in Landstar System by 1.4% in the fourth quarter. SkyView Investment Advisors LLC now owns 6,388 shares of the transportation company’s stock worth $918,000 after acquiring an additional 89 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in Landstar System by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 6,987 shares of the transportation company’s stock worth $1,120,000 after acquiring an additional 91 shares during the last quarter. 97.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. The Goldman Sachs Group upped their target price on Landstar System from $147.00 to $168.00 and gave the company a “sell” rating in a report on Thursday, July 16th. Susquehanna raised their price target on Landstar System from $195.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Truist Financial boosted their price objective on Landstar System from $190.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, July 15th. Robert W. Baird boosted their price objective on Landstar System from $195.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Finally, TD Cowen upped their price objective on Landstar System from $150.00 to $175.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Landstar System presently has an average rating of “Hold” and an average price target of $192.42.

Insider Buying and Selling

In related news, Director Diana M. Murphy sold 11,246 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 18,853 shares of the company’s stock, valued at $4,171,791.84. This represents a 37.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James P. Todd sold 1,200 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer owned 15,122 shares in the company, valued at approximately $3,299,166.74. This represents a 7.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.74% of the company’s stock.

Landstar System Price Performance

NASDAQ LSTR opened at $191.63 on Tuesday. Landstar System, Inc. has a 52 week low of $119.32 and a 52 week high of $228.46. 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 stock has a market cap of $6.50 billion, a price-to-earnings ratio of 52.94 and a beta of 0.89. The company has a 50-day moving average price of $208.43 and a two-hundred day moving average price of $177.57.

Landstar System (NASDAQ:LSTR) last announced its quarterly earnings results on Tuesday, April 28th. The transportation company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.11 by $0.05. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.16 billion. Landstar System had a net margin of 2.62% and a return on equity of 19.49%. Landstar System’s revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 earnings per share. Analysts forecast that Landstar System, Inc. will post 5.73 EPS for the current year.

Landstar System announced that its Board of Directors has authorized a share repurchase plan on Tuesday, April 28th that authorizes the company to buyback 1,115,195,000,000 outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.