Lord Abbett & CO. LLC Sells 1,885 Shares of Landstar System, Inc. (NASDAQ:LSTR)

Lord Abbett & CO. LLC lessened its position in Landstar System, Inc. (NASDAQ:LSTR) by 1.5% during the third quarter, Holdings Channel reports. The fund owned 126,915 shares of the transportation company’s stock after selling 1,885 shares during the period. Lord Abbett & CO. LLC’s holdings in Landstar System were worth $23,970,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Verition Fund Management LLC increased its position in shares of Landstar System by 28.1% during the 3rd quarter. Verition Fund Management LLC now owns 59,005 shares of the transportation company’s stock valued at $11,144,000 after purchasing an additional 12,931 shares during the last quarter. ING Groep NV purchased a new stake in Landstar System in the third quarter worth approximately $1,228,000. Point72 Asia Singapore Pte. Ltd. grew its position in Landstar System by 419.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,682 shares of the transportation company’s stock valued at $695,000 after acquiring an additional 2,973 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Landstar System by 3,775.2% during the third quarter. Thrivent Financial for Lutherans now owns 334,853 shares of the transportation company’s stock worth $63,243,000 after acquiring an additional 326,212 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Landstar System by 8.6% in the 3rd quarter. FMR LLC now owns 162,222 shares of the transportation company’s stock worth $30,639,000 after acquiring an additional 12,894 shares during the last quarter. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Insider Transactions at Landstar System

In other Landstar System news, CFO James P. Todd sold 1,000 shares of Landstar System stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $184.32, for a total transaction of $184,320.00. Following the completion of the transaction, the chief financial officer now owns 14,083 shares in the company, valued at approximately $2,595,778.56. The trade was a 6.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.00% of the company’s stock.

Landstar System Price Performance

Shares of LSTR stock opened at $185.27 on Monday. The business’s fifty day moving average is $184.61 and its 200 day moving average is $184.01. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 0.04. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of 31.78 and a beta of 0.82. Landstar System, Inc. has a twelve month low of $165.39 and a twelve month high of $201.40.

Landstar System (NASDAQ:LSTR) last released its earnings results on Tuesday, October 29th. The transportation company reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.04). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Landstar System had a return on equity of 20.68% and a net margin of 4.32%. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.71 earnings per share. Research analysts expect that Landstar System, Inc. will post 5.57 EPS for the current fiscal year.

Landstar System Increases Dividend

The firm also recently announced a special dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $2.00 per share. This is a positive change from Landstar System’s previous special dividend of $1.50. The ex-dividend date of this dividend is Tuesday, January 7th. Landstar System’s dividend payout ratio (DPR) is presently 24.70%.

Wall Street Analyst Weigh In

Several research firms recently commented on LSTR. Susquehanna reduced their target price on shares of Landstar System from $165.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. The Goldman Sachs Group reduced their price objective on Landstar System from $165.00 to $158.00 and set a “sell” rating on the stock in a research note on Wednesday, October 9th. TD Cowen lowered their target price on Landstar System from $176.00 to $174.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Evercore ISI reduced their price target on Landstar System from $165.00 to $160.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 30th. Finally, Raymond James lowered Landstar System from an “outperform” rating to a “market perform” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. Based on data from MarketBeat.com, Landstar System presently has a consensus rating of “Hold” and an average price target of $174.25.

Landstar System Company 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 services.