State Street Corp Raises Position in Lithia Motors, Inc. (NYSE:LAD)
State Street Corp raised its stake in shares of Lithia Motors, Inc. (NYSE:LAD) by 6.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 614,845 shares of the company’s stock after buying an additional 34,614 shares during the period. State Street Corp owned approximately 2.46% of Lithia Motors worth $52,662,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in shares of Lithia Motors by 20.6% in the first quarter. Wells Fargo & Company MN now owns 326,881 shares of the company’s stock valued at $27,998,000 after buying an additional 55,905 shares in the last quarter. Punch & Associates Investment Management Inc. boosted its stake in shares of Lithia Motors by 2.3% in the first quarter. Punch & Associates Investment Management Inc. now owns 96,114 shares of the company’s stock valued at $8,232,000 after buying an additional 2,118 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Lithia Motors by 5.5% in the first quarter. Russell Investments Group Ltd. now owns 162,623 shares of the company’s stock valued at $13,928,000 after buying an additional 8,548 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Lithia Motors by 4.3% in the first quarter. State of Alaska Department of Revenue now owns 2,640 shares of the company’s stock valued at $226,000 after buying an additional 110 shares in the last quarter. Finally, Legato Capital Management LLC boosted its stake in shares of Lithia Motors by 8,465.0% in the first quarter. Legato Capital Management LLC now owns 87,192 shares of the company’s stock valued at $1,018,000 after buying an additional 86,174 shares in the last quarter. Hedge funds and other institutional investors own 99.45% of the company’s stock.
Shares of Lithia Motors, Inc. (LAD) traded up 0.78% during trading on Friday, reaching $102.76. 215,403 shares of the company’s stock were exchanged. The company has a 50 day moving average of $99.60 and a 200 day moving average of $94.11. Lithia Motors, Inc. has a 12-month low of $75.85 and a 12-month high of $109.42. The stock has a market cap of $2.57 billion, a P/E ratio of 12.39 and a beta of 1.73.
Lithia Motors (NYSE:LAD) last issued its earnings results on Friday, July 28th. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.05. Lithia Motors had a net margin of 2.26% and a return on equity of 21.66%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the previous year, the firm earned $1.96 earnings per share. Lithia Motors’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities research analysts anticipate that Lithia Motors, Inc. will post $8.62 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Wednesday, August 9th. Lithia Motors’s dividend payout ratio (DPR) is presently 13.01%.
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Several analysts have recently issued reports on the stock. Morgan Stanley restated an “overweight” rating and set a $116.00 target price (up from $106.00) on shares of Lithia Motors in a research report on Wednesday, August 2nd. Jefferies Group LLC reiterated a “buy” rating and set a $125.00 price target on shares of Lithia Motors in a report on Thursday, August 3rd. Bank of America Corporation downgraded shares of Lithia Motors from a “neutral” rating to an “underperform” rating and set a $92.00 price target on the stock. in a report on Friday, June 16th. Seaport Global Securities began coverage on shares of Lithia Motors in a report on Wednesday, June 14th. They set a “neutral” rating on the stock. Finally, BidaskClub upgraded shares of Lithia Motors from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Lithia Motors presently has an average rating of “Hold” and a consensus price target of $109.17.
In other news, Director Susan O. Cain sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $105.64, for a total value of $105,640.00. Following the sale, the director now directly owns 12,242 shares of the company’s stock, valued at approximately $1,293,244.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Bryan B. Deboer sold 7,466 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $95.00, for a total transaction of $709,270.00. Following the completion of the sale, the chief executive officer now directly owns 114,183 shares in the company, valued at $10,847,385. The disclosure for this sale can be found here. Insiders have sold 209,296 shares of company stock worth $20,951,694 over the last ninety days. 7.85% of the stock is owned by insiders.
Lithia Motors Company Profile
Lithia Motors, Inc is an operator of automotive franchises and a retailer of new and used vehicles and related services. As of February 28, 2017, it offered 30 brands of new vehicles and all brands of used vehicles in 154 stores in the United States and online at Lithia.com, DCHauto.com and CarboneCars.com.
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