Geode Capital Management LLC Acquires 39,223 Shares of Landstar System, Inc. (NASDAQ:LSTR)

Geode Capital Management LLC increased its stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 5.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 813,546 shares of the transportation company's stock after purchasing an additional 39,223 shares during the period. Geode Capital Management LLC owned 2.30% of Landstar System worth $153,685,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Disciplined Growth Investors Inc. MN increased its stake in shares of Landstar System by 3.0% in the third quarter. Disciplined Growth Investors Inc. MN now owns 326,921 shares of the transportation company's stock valued at $61,746,000 after purchasing an additional 9,375 shares during the period. MML Investors Services LLC grew its holdings in Landstar System by 17.7% in the 3rd quarter. MML Investors Services LLC now owns 3,551 shares of the transportation company's stock worth $671,000 after buying an additional 534 shares in the last quarter. XTX Topco Ltd bought a new position in Landstar System in the 3rd quarter worth approximately $1,084,000. National Bank of Canada FI increased its position in Landstar System by 346.8% in the 3rd quarter. National Bank of Canada FI now owns 6,179 shares of the transportation company's stock valued at $1,167,000 after acquiring an additional 4,796 shares during the period. Finally, Voya Financial Advisors Inc. raised its stake in Landstar System by 10.6% during the 3rd quarter. Voya Financial Advisors Inc. now owns 1,348 shares of the transportation company's stock valued at $252,000 after acquiring an additional 129 shares in the last quarter. Institutional investors own 97.95% of the company's stock.

Insider Activity at Landstar System

In other news, CFO James P. Todd sold 1,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $184.32, for a total value of $184,320.00. Following the transaction, the chief financial officer now owns 14,083 shares in the company, valued at $2,595,778.56. This represents a 6.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LSTR shares. The Goldman Sachs Group lowered their price target on Landstar System from $165.00 to $158.00 and set a "sell" rating on the stock in a report on Wednesday, October 9th. Evercore ISI lowered their target price on shares of Landstar System from $165.00 to $160.00 and set an "in-line" rating on the stock in a research note on Wednesday, October 30th. UBS Group upped their price target on shares of Landstar System from $184.00 to $186.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Stephens decreased their price objective on shares of Landstar System from $190.00 to $180.00 and set an "equal weight" rating for the company in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their target price on Landstar System from $184.00 to $188.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $174.25.

Landstar System Price Performance

Shares of LSTR traded down $4.20 during trading hours on Tuesday, hitting $179.41. 283,896 shares of the company were exchanged, compared to its average volume of 256,620. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.21 and a quick ratio of 2.21. The company has a market capitalization of $6.34 billion, a PE ratio of 31.35 and a beta of 0.82. The firm has a fifty day simple moving average of $184.62 and a 200-day simple moving average of $184.05. Landstar System, Inc. has a one year low of $165.39 and a one year high of $201.40.

Landstar System (NASDAQ:LSTR - Get Free Report) last released its quarterly 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 company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.22 billion. Landstar System had a net margin of 4.32% and a return on equity of 20.68%. The company's revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.71 EPS. As a group, sell-side analysts predict that Landstar System, Inc. will post 5.57 earnings per share for the current year.

Landstar System Increases Dividend

The company also recently declared 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. The ex-dividend date is Tuesday, January 7th. This is a positive change from Landstar System's previous special dividend of $1.50. Landstar System's payout ratio is currently 24.70%.

About Landstar System

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.