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Allegiant Travel Company (ALGT) - $25 value - yours FREE >>
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Landstar (LSTR) Board Boosts Buyback Program by 1.8M Shares
Landstar System, Inc. (LSTR - Free Report) recently announced that its board bolstered the current share buyback program by an additional purchase of 1.8 million shares. Following this stepped-up repurchase plan, the company is now authorized to purchase a total of 3 million shares including 1.2 million currently under its authorization.
Simultaneously, the board approved a special one-time cash dividend of $2 per share. The amount is payable Jan 24, 2020 to its shareholders of record as of Jan 10.
With minimal debt and low capital expenditures, Landstar’s measures to reward its shareholders are quite encouraging. In July, the company hiked its quarterly dividend by 12% to 18.5 cents per share (74 cents annually). Notably, the company raised its dividend twice last year. In the first nine months of 2019, Landstar distributed profits worth $109.16 million among its shareholders through dividends ($20.58 million) and buybacks ($88.57 million).
Landstar System, Inc. Price
Landstar System, Inc. price | Landstar System, Inc. Quote
Despite struggling with declining top line due to the soft freight conditions, the company’s latest move to add shareholder value is commendable.
Zacks Rank & Key Picks
Landstar carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are GATX Corporation (GATX - Free Report) , Kansas City Southern and Allegiant Travel Company (ALGT - Free Report) . While Allegiant sports a Zacks Rank #1 (Strong Buy), Kansas City Southern and GATX carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of GATX, Kansas City Southern and Allegiant have rallied more than 15%, 58% and 71%, respectively, so far this year.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>