Landstar CEO Frank Lonegro Buys 5,000 Shares for $714,619

Frank A. Lonegro, president and chief executive of Landstar System Inc. (LSTR) and a member of its board, bought 5,000 shares of common stock on Oct. 30 for a total of $714,619, according to a Form 4 filed Nov. 2.

The filing reports the purchase as a single line at a weighted average price of $142.92 a share, in trades from $141.04 to $144.28. Lonegro is listed as both an officer and a director, and not as a 10% owner. The purchase was not marked as made under a Rule 10b5-1 plan.

A Form 4 is the report that officers, directors and holders of more than 10% of a company's stock must file within two business days of a trade in the company's shares. The transaction carries code P, which marks an open-market or private purchase paid for by the insider, as opposed to grants, option exercises or purchases under an employee plan.

The filing lists his direct holding of common stock at 28,110 shares after the purchase. Before it, the direct holding was 23,110 shares. The 5,000 shares bought raised it by 21.6%.

Lonegro made the purchase on Oct. 30, and the Form 4 was filed on Nov. 2, 3 calendar days later, or 1 weekday. The filing covers one Form 4, one insider and one purchase line of common stock.

Because the price is a weighted average, the single line stands for multiple trades combined into one entry. The range of $141.04 to $144.28 gives the lowest and highest prices paid across them.

Open-market activity by Landstar insiders before this filing was absent from the record. Form 4s filed before Oct. 31 and covering trades dated July 23 or later show no open-market purchases and no open-market sales of Landstar common stock, with no distinct buyers and no distinct sellers in that window.