As of its most recent filing with the SEC on June 9th, 2023, it appears that Wells Fargo & Company MN has cut its stake in shares of Landstar System, Inc. (NASDAQ:LSTR) by 6.5%. The fund owned approximately $68,892,000 worth of the transportation company’s stock after selling 29,598 shares during the qualified period. This news has caught the attention of several analysts who recently weighed in on LSTR shares to provide valuable insights regarding its future outlook.
Susquehanna was among those who shared views about Landstar System’s price objective. The research note by Susquehanna revealed that there has been a lowering of their price objective on LSTR shares from $170.00 to $155.00 as of April 28th, 2023. In contrast, Morgan Stanley sees an upside potential for the LSTR share price and boosted their price objective from $140.00 to $146.00 while giving the company an “equal weight” rating in a research note issued last April 4th.
Stifle Nicolaus offered another viewpoint on LSTR’s price objective and lowered it from $184.00 to $178.00 in a research note dated May 2nd of this year. Finally, StockNews.com started coverage on Landstar System last May 18th and issued a “hold” rating on its stock.
According to data from Bloomberg, nine investment analysts have rated LSTR stock with a hold rating, while one has issued a buy rating to the company as of June 9th, with an average target price of $166.83.
Shares of LSTR opened at $187.77 last Friday with a business’s fifty-day moving average at around $177.87 and two-hundred-day moving average at about $174.95 resulting in market capitalization worth roughly $6.75 billion as of June 9th. The company’s Price-Earnings-Growth (PEG) ratio is at 1.87 and a beta of 0.89.
Landstar System, Inc., known for its offerings of transportation services, has experienced a range between $137.15 and $188.78 within the past twelve months and currently enjoys a current ratio of 1.83 and quick ratio of 1.83 with a debt-to-equity ratio standing at a very low level of only .06.
The diverse viewpoints by various analysts provide investors with valuable information on Landstar System’s performance as well as its potential growth in the future. While opinions may differ, it is crucial to handle this information with care while conducting due diligence to make informed investment decisions that suit one’s portfolio goals and risk tolerance levels in the transportation sector.
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Institutional Investors Adjust Holdings in Landstar System Amid Market Uncertainty and CEO Share Sell-Off
Landstar System, a transportation company listed on the NASDAQ (LSTR), has been the subject of several changes in hedge fund positions. BlackRock Inc saw an increase in its holdings in Landstar System by 0.8% during Q1, with the firm now owning 4,085,967 shares of the company’s stock worth $616,286,000 after purchasing an additional 31,476 shares in Q4 of last year. Similarly, Victory Capital Management increased its position in the company by 2.7% during Q4 of last year through purchasing an additional 42,192 shares. However, as CEO James B Gattoni sells 22,500 Landstar System shares for just under $4m at a below-average price per share there are indications that institutional investors are diversifying their positions due to future uncertainty.
Stock analysts suspect institutional investors may be adjusting their portfolios ahead of future uncertainty regarding the global transportation markets as well as slight bearish pressure on US stocks from a potential rate hike (The Federal Reserve Board suggests there could be three such hikes this year). Corporate insiders owned only a small percentage (1.00%) of Landstar System’s stock throughout May and early June which suggests that whilst institutional confidence remains high within its ranks it maybe time for individual investors to look elsewhere.
Despite these shifts in market sentiment toward Landstar System’s future growth prospects industry recall its underlying business fundamentals remain robust: The company posted $2.17 earnings per share for Q1 – beating analysts expectations by $0.10 cent – with a return on equity standing at 43.26%.