Landstar System, Inc. (NASDAQ:LSTR) Shares Sold by Vestcor Inc

Vestcor Inc lessened its stake in Landstar System, Inc. (NASDAQ:LSTR - Free Report) by 39.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,520 shares of the transportation company's stock after selling 14,739 shares during the period. Vestcor Inc owned 0.06% of Landstar System worth $4,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. MML Investors Services LLC boosted its position in shares of Landstar System by 17.7% in the 3rd quarter. MML Investors Services LLC now owns 3,551 shares of the transportation company's stock valued at $671,000 after purchasing an additional 534 shares during the period. XTX Topco Ltd purchased a new stake in Landstar System in the third quarter valued at approximately $1,084,000. National Bank of Canada FI boosted its holdings in shares of Landstar System by 346.8% in the third 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. Voya Financial Advisors Inc. grew its position in shares of Landstar System by 10.6% during the third quarter. Voya Financial Advisors Inc. now owns 1,348 shares of the transportation company's stock worth $252,000 after acquiring an additional 129 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Landstar System by 1.4% in the 3rd quarter. State Street Corp now owns 1,117,857 shares of the transportation company's stock valued at $211,130,000 after acquiring an additional 15,328 shares during the period. Hedge funds and other institutional investors own 97.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LSTR. Susquehanna decreased their price target on shares of Landstar System from $165.00 to $160.00 and set a "neutral" rating for the company in a research note on Friday, November 1st. 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. UBS Group upped their price objective on Landstar System from $184.00 to $186.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Evercore ISI decreased their price objective on Landstar System from $165.00 to $160.00 and set an "in-line" rating for the company in a research report on Wednesday, October 30th. Finally, TD Cowen dropped their target price on Landstar System from $176.00 to $174.00 and set a "hold" rating on the stock in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating and twelve have given a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $174.25.

Landstar System Price Performance

LSTR traded up $0.26 during midday trading on Wednesday, reaching $188.35. 311,349 shares of the company's stock were exchanged, compared to its average volume of 255,368. Landstar System, Inc. has a 1-year low of $165.39 and a 1-year high of $201.40. The stock has a market capitalization of $6.65 billion, a PE ratio of 32.31 and a beta of 0.82. 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 business's 50-day moving average price is $184.33 and its 200 day moving average price is $183.85.

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

Landstar System Increases Dividend

The business also recently disclosed a special dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, January 7th will be given a $2.00 dividend. This is an increase from Landstar System's previous special dividend of $1.50. Landstar System's dividend payout ratio is currently 24.70%.

Insider Activity at Landstar System

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

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.