Eaton Vance Management Cuts Holdings in Lithia Motors, Inc. (LAD)
Eaton Vance Management cut its stake in Lithia Motors, Inc. (NYSE:LAD) by 3.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,237 shares of the company’s stock after selling 1,176 shares during the quarter. Eaton Vance Management owned about 0.13% of Lithia Motors worth $2,943,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Lithia Motors by 9.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,198 shares of the company’s stock valued at $113,000 after purchasing an additional 105 shares during the period. Public Employees Retirement System of Ohio raised its position in Lithia Motors by 10.0% in the first quarter. Public Employees Retirement System of Ohio now owns 1,602 shares of the company’s stock valued at $137,000 after purchasing an additional 146 shares during the period. Ameritas Investment Partners Inc. purchased a new position in Lithia Motors in the first quarter valued at about $176,000. Brighton Jones LLC purchased a new position in Lithia Motors in the second quarter valued at about $201,000. Finally, Cim Investment Mangement Inc. purchased a new position in Lithia Motors in the second quarter valued at about $206,000. 98.47% of the stock is currently owned by institutional investors.
Shares of Lithia Motors, Inc. (NYSE LAD) opened at 113.88 on Monday. The stock’s 50 day moving average price is $105.36 and its 200-day moving average price is $95.08. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 13.73 and a beta of 1.73. Lithia Motors, Inc. has a 12 month low of $75.85 and a 12 month high of $114.46.
Lithia Motors (NYSE:LAD) last released its quarterly earnings results on Friday, July 28th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.45 billion. During the same period in the prior year, the company earned $1.96 earnings per share. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities analysts forecast that Lithia Motors, Inc. will post $8.62 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend was Wednesday, August 9th. Lithia Motors’s dividend payout ratio (DPR) is 13.01%.
In other Lithia Motors news, insider George Chun-Wai Liang sold 1,970 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $105.62, for a total transaction of $208,071.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas R. Becker sold 1,031 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $107.10, for a total transaction of $110,420.10. Following the sale, the director now owns 65,704 shares of the company’s stock, valued at $7,036,898.40. The disclosure for this sale can be found here. Insiders have sold 219,870 shares of company stock valued at $22,252,261 over the last 90 days. Corporate insiders own 7.85% of the company’s stock.
Several research analysts have commented on the company. Bank of America Corporation lowered Lithia Motors from a “neutral” rating to an “underperform” rating and set a $92.00 price objective on the stock. in a research report on Friday, June 16th. Morgan Stanley reaffirmed 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. BidaskClub raised Lithia Motors from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Zacks Investment Research raised Lithia Motors from a “hold” rating to a “strong-buy” rating and set a $121.00 target price on the stock in a research report on Wednesday, August 23rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $115.00 target price on shares of Lithia Motors in a research report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $112.00.
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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