Envestnet Asset Management Inc. Purchases 299,303 Shares of Landstar System, Inc. (NASDAQ:LSTR)

Posted by Defense World Staff on Sep 2nd, 2023

Envestnet Asset Management Inc. grew its position in Landstar System, Inc. (NASDAQ:LSTR – Free Report) by 298.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 399,467 shares of the transportation company’s stock after acquiring an additional 299,303 shares during the quarter. Envestnet Asset Management Inc. owned 1.11% of Landstar System worth $18,524,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. lifted its position in Landstar System by 0.8% in the first quarter. BlackRock Inc. now owns 4,085,967 shares of the transportation company’s stock worth $616,286,000 after purchasing an additional 31,476 shares during the period. Morgan Stanley lifted its holdings in shares of Landstar System by 756.6% during the 4th quarter. Morgan Stanley now owns 3,045,902 shares of the transportation company’s stock worth $496,178,000 after acquiring an additional 2,690,326 shares during the period. Boston Partners boosted its position in shares of Landstar System by 1.6% during the 1st quarter. Boston Partners now owns 1,682,803 shares of the transportation company’s stock valued at $301,655,000 after acquiring an additional 25,872 shares in the last quarter. Victory Capital Management Inc. increased its stake in Landstar System by 2.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,628,207 shares of the transportation company’s stock valued at $265,235,000 after acquiring an additional 42,192 shares during the period. Finally, State Street Corp raised its position in Landstar System by 4.1% in the first quarter. State Street Corp now owns 1,179,816 shares of the transportation company’s stock worth $177,952,000 after purchasing an additional 46,997 shares in the last quarter. Institutional investors and hedge funds own 99.52% of the company’s stock.

Landstar System Price Performance

Shares of LSTR stock opened at $194.75 on Friday. Landstar System, Inc. has a 1 year low of $137.51 and a 1 year high of $208.62. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 0.05. The firm’s 50 day moving average is $195.34 and its 200-day moving average is $184.77. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of 20.76 and a beta of 0.90.

Landstar System (NASDAQ:LSTR – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The transportation company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.05. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. Landstar System had a return on equity of 36.67% and a net margin of 5.37%. The business’s revenue for the quarter was down 30.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.05 EPS. Sell-side analysts forecast that Landstar System, Inc. will post 7.67 EPS for the current fiscal year.

Landstar System Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Thursday, August 10th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.68%. This is a positive change from Landstar System’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, August 9th. Landstar System’s dividend payout ratio (DPR) is presently 14.07%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LSTR. Morgan Stanley increased their target price on Landstar System from $146.00 to $150.00 and gave the stock an “equal weight” rating in a report on Monday, July 31st. UBS Group initiated coverage on shares of Landstar System in a research note on Thursday, August 17th. They issued a “neutral” rating and a $209.00 target price on the stock. StockNews.com initiated coverage on shares of Landstar System in a research report on Thursday, August 17th. They set a “hold” rating for the company. Stephens lifted their price target on shares of Landstar System from $200.00 to $210.00 and gave the company an “equal weight” rating in a report on Friday, July 28th. Finally, Robert W. Baird upped their price objective on shares of Landstar System from $175.00 to $200.00 in a research note on Friday, July 28th. Nine investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $178.77.

Check Out Our Latest Analysis on LSTR

Landstar System Profile

(Free Report)

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.