JPMorgan Chase & Co. Sells 90,688 Shares of Landstar System, Inc. (NASDAQ:LSTR)

JPMorgan Chase & Co. trimmed its position in Landstar System, Inc. (NASDAQ:LSTR) by 12.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 623,433 shares of the transportation company’s stock after selling 90,688 shares during the period. JPMorgan Chase & Co.’s holdings in Landstar System were worth $117,748,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LSTR. Quest Partners LLC purchased a new stake in shares of Landstar System during the 2nd quarter valued at $73,000. Whittier Trust Co. of Nevada Inc. grew its position in Landstar System by 431.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 441 shares of the transportation company’s stock valued at $83,000 after buying an additional 358 shares during the period. GAMMA Investing LLC increased its holdings in Landstar System by 14.1% during the third quarter. GAMMA Investing LLC now owns 568 shares of the transportation company’s stock worth $107,000 after buying an additional 70 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Landstar System in the second quarter worth about $106,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Landstar System in the second quarter valued at about $131,000. Hedge funds and other institutional investors own 97.95% of the company’s stock.

Landstar System Price Performance

LSTR stock opened at $171.86 on Thursday. The firm has a 50 day moving average of $181.85 and a 200-day moving average of $183.45. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $6.07 billion, a P/E ratio of 29.48 and a beta of 0.82. Landstar System, Inc. has a 12 month low of $165.39 and a 12 month high of $200.43.

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

Landstar System Increases Dividend

The business 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 $2.00 dividend. 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 is presently 24.70%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on LSTR shares. Evercore ISI decreased their price target on shares of Landstar System from $165.00 to $160.00 and set an “in-line” rating for the company in a research note on Wednesday, October 30th. TD Cowen decreased their target price on Landstar System from $176.00 to $174.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on Landstar System from $184.00 to $188.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. UBS Group increased their price target on Landstar System from $184.00 to $186.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Stephens lowered their price objective on Landstar System from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $174.25.

Insider Buying and Selling at Landstar System

In other Landstar System news, CFO James P. Todd sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $184.32, for a total transaction of $184,320.00. Following the completion of the sale, the chief financial officer now directly owns 14,083 shares in the company, valued at $2,595,778.56. This represents a 6.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company 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.