Bank of Nova Scotia purchased a new stake in Landstar System, Inc. (NASDAQ:LSTR – Get Rating) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,891 shares of the transportation company’s stock, valued at approximately $308,000.
Other hedge funds have also made changes to their positions in the company. Guardian Wealth Advisors LLC purchased a new position in shares of Landstar System in the third quarter valued at $29,000. FourThought Financial LLC raised its stake in Landstar System by 32.3% in the 3rd quarter. FourThought Financial LLC now owns 393 shares of the transportation company’s stock valued at $57,000 after purchasing an additional 96 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Landstar System by 39.1% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 388 shares of the transportation company’s stock valued at $63,000 after purchasing an additional 109 shares during the last quarter. Bessemer Group Inc. raised its stake in Landstar System by 92.3% in the 3rd quarter. Bessemer Group Inc. now owns 596 shares of the transportation company’s stock valued at $86,000 after purchasing an additional 286 shares during the last quarter. Finally, Eagle Bay Advisors LLC raised its stake in Landstar System by 109.0% in the 4th quarter. Eagle Bay Advisors LLC now owns 558 shares of the transportation company’s stock valued at $91,000 after purchasing an additional 291 shares during the last quarter. Hedge funds and other institutional investors own 98.90% of the company’s stock.
Analyst Ratings Changes
Several research analysts recently weighed in on the stock. Stifel Nicolaus cut their target price on shares of Landstar System from $184.00 to $178.00 in a research note on Tuesday, May 2nd. Raymond James raised shares of Landstar System from a “market perform” rating to an “outperform” rating and set a $200.00 target price for the company in a research note on Monday, February 6th. StockNews.com began coverage on Landstar System in a report on Thursday, May 18th. They issued a “hold” rating for the company. Susquehanna lowered their price target on Landstar System from $170.00 to $155.00 in a report on Friday, April 28th. Finally, Robert W. Baird lifted their price target on Landstar System from $160.00 to $180.00 in a report on Friday, February 3rd. Nine investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $166.83.
Landstar System Stock Up 1.9 %
Landstar System (NASDAQ:LSTR – Get Rating) last issued its earnings results on Wednesday, April 26th. The transportation company reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.10. Landstar System had a return on equity of 43.26% and a net margin of 5.57%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business earned $3.34 EPS. The company’s revenue for the quarter was down 27.1% on a year-over-year basis. Equities analysts forecast that Landstar System, Inc. will post 8.6 earnings per share for the current year.
Landstar System Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, May 26th. Investors of record on Thursday, May 4th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Wednesday, May 3rd. Landstar System’s dividend payout ratio (DPR) is presently 11.34%.
About Landstar System
Landstar System, Inc engages in the provision of transportation management solutions. It operates through the following segments: Transportation Logistics and Insurance. The Transportation Logistics segment offers transportation services including truckload and less-than-truckload transportation, rail intermodal, air and ocean cargo, project cargo, and customs brokerage.
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