Convergence Investment Partners LLC Raises Stock Holdings in Landstar System, Inc. (NASDAQ:LSTR)

Convergence Investment Partners LLC raised its position in shares of Landstar System, Inc. (NASDAQ:LSTR) by 9.9% during the 2nd quarter, Holdings Channel reports. The fund owned 6,549 shares of the transportation company’s stock after purchasing an additional 590 shares during the period. Convergence Investment Partners LLC’s holdings in Landstar System were worth $736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of LSTR. Copper Rock Capital Partners LLC raised its holdings in shares of Landstar System by 444.7% during the 2nd quarter. Copper Rock Capital Partners LLC now owns 809,454 shares of the transportation company’s stock worth $430,914,000 after acquiring an additional 660,854 shares in the last quarter. Norges Bank purchased a new stake in shares of Landstar System during the 4th quarter worth approximately $50,532,000. Van Berkom & Associates Inc. raised its holdings in shares of Landstar System by 63.4% during the 1st quarter. Van Berkom & Associates Inc. now owns 640,108 shares of the transportation company’s stock worth $61,361,000 after acquiring an additional 248,417 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Landstar System by 4,129.3% during the 1st quarter. Janus Henderson Group PLC now owns 170,312 shares of the transportation company’s stock worth $16,326,000 after acquiring an additional 166,285 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Landstar System by 5.9% during the 1st quarter. Victory Capital Management Inc. now owns 2,500,536 shares of the transportation company’s stock valued at $239,702,000 after buying an additional 140,343 shares during the period.

In other news, VP Michael K. Kneller sold 6,678 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $112.57, for a total transaction of $751,742.46. Following the transaction, the vice president now owns 63,527 shares of the company’s stock, valued at approximately $7,151,234.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Diana M. Murphy sold 8,000 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $122.45, for a total value of $979,600.00. Following the transaction, the director now directly owns 24,947 shares in the company, valued at approximately $3,054,760.15. The disclosure for this sale can be found here. Insiders have sold a total of 19,678 shares of company stock worth $2,307,542 in the last three months. Corporate insiders own 1.00% of the company’s stock.

LSTR stock traded down $2.07 during midday trading on Friday, reaching $121.78. The company’s stock had a trading volume of 362,129 shares, compared to its average volume of 324,777. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.76 and a current ratio of 1.77. The stock has a fifty day simple moving average of $113.91 and a two-hundred day simple moving average of $108.06. Landstar System, Inc. has a 1 year low of $85.30 and a 1 year high of $126.13. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 2.28 and a beta of 1.00.

Landstar System (NASDAQ:LSTR) last released its earnings results on Wednesday, July 22nd. The transportation company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.03). Landstar System had a return on equity of 26.42% and a net margin of 4.48%. The business had revenue of $823.51 million during the quarter, compared to analysts’ expectations of $782.58 million. As a group, analysts forecast that Landstar System, Inc. will post 4.44 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 10th will be given a dividend of $0.21 per share. This is an increase from Landstar System’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.69%. Landstar System’s dividend payout ratio is presently 12.94%.

LSTR has been the topic of several recent research reports. Wolfe Research upgraded Landstar System from a “peer perform” rating to an “outperform” rating and set a $140.00 price target on the stock in a report on Tuesday, July 21st. Morgan Stanley increased their price target on Landstar System from $67.00 to $70.00 and gave the company an “underweight” rating in a report on Monday, July 27th. Oppenheimer restated a “hold” rating on shares of Landstar System in a report on Wednesday, July 22nd. SunTrust Banks increased their price target on Landstar System from $100.00 to $115.00 and gave the company a “hold” rating in a report on Friday, July 17th. Finally, Stifel Nicolaus decreased their price target on Landstar System from $114.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $113.82.

Landstar System 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, such as third party logistics and less-than-truckload service providers.

Further Reading: Strike Price

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

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