Landstar's CEO bought 5,000 shares, a 22% top-up. The form came one business day later.

The Spill

Lonegro, Landstar's president and CEO and a board member, held 23,110 shares before the buy and reported it to the SEC at 7:54 a.m. on Nov. 2. The insider filing (Form 4) does not mark a pre-set trading plan (10b5-1), and the price it reports is a weighted average across several lots, not one fill.

Lag Clock

That is inside the two-business-day window Rule 16a-3 sets for a Form 4.

Signal Check

The 10b5-1 box is not checked, so no pre-set trading plan is marked on this open-market purchase; the label covers that and nothing else.

What the filing shows

One row: 5,000 shares of common stock bought on Oct. 30 for $714,619, at a weighted average of $142.9238 a share. The footnote on that price says the lots filled between $141.04 and $144.28, and that the share-by-share breakdown is available on request.

After the filing Lonegro holds 28,110 shares directly, up from 23,110. That makes the buy a 21.6% top-up on the common stake he held before the trade. The form lists no indirect holdings, no trusts and no options or RSUs.

The Other Side

A CEO spending $714,619 on his own company's stock in the open market is the row insider trackers are built to catch, and the size holds up on inspection. Five thousand shares added 21.6% to the 23,110 Lonegro already held, all of it in a direct account.

What the form doesn't give you is a pattern. It covers one trade date and one row, so it can't show whether this is a first buy, a repeat or the last. And the single price it reports is a blend; the footnote says the fills ran from $141.04 to $144.28, with the exact split available only on request.

What it can't tell you

• Why Lonegro bought. The form does not say why. A Form 4 reports the trade, the price and the holding afterward, not the reason behind it.
• How the 5,000 shares split by price. The footnote gives the $141.04 to $144.28 range and offers a lot-by-lot breakdown to the company, a shareholder or SEC staff who asks. The filing itself does not carry it.
• What the shares are worth now. The filing records what Lonegro paid on Oct. 30 and nothing after that date.

What to watch

• Lonegro's next Form 4 with Landstar, which would show whether the 28,110-share direct stake moves again and in which direction.
• Whether any future Landstar insider filing has the 10b5-1 box checked, which would mean those trades were set out in a plan ahead of time.

Original sources

• SEC Form 4, accession 0000853816-26-000069