PNC Financial Services Group Inc. cut its position in shares of Lithia Motors, Inc. (NYSE:LAD) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 729,542 shares of the company’s stock after selling 6,565 shares during the period. PNC Financial Services Group Inc. owned approximately 3.04% of Lithia Motors worth $68,743,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in LAD. BlackRock Inc. boosted its stake in shares of Lithia Motors by 152,203.5% during the 1st quarter. BlackRock Inc. now owns 2,901,382 shares of the company’s stock worth $248,504,000 after purchasing an additional 2,899,477 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Lithia Motors by 139.5% during the 2nd quarter. Victory Capital Management Inc. now owns 955,783 shares of the company’s stock worth $90,063,000 after purchasing an additional 556,684 shares during the period. Harbour Capital Advisors LLC boosted its stake in shares of Lithia Motors by 6,308.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 383,516 shares of the company’s stock worth $4,070,000 after purchasing an additional 377,531 shares during the period. Aberdeen Asset Management PLC UK purchased a new stake in Lithia Motors in the 2nd quarter valued at about $32,031,000. Finally, Park West Asset Management LLC boosted its position in Lithia Motors by 30.2% in the 1st quarter. Park West Asset Management LLC now owns 828,214 shares of the company’s stock valued at $70,937,000 after buying an additional 192,280 shares during the period. 98.47% of the stock is owned by hedge funds and other institutional investors.
LAD has been the subject of several research reports. Jefferies Group LLC reissued a “buy” rating and issued a $115.00 price objective on shares of Lithia Motors in a research report on Wednesday, June 28th. BidaskClub raised shares of Lithia Motors from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. Seaport Global Securities initiated coverage on shares of Lithia Motors in a research report on Wednesday, June 14th. They issued a “neutral” rating for the company. Morgan Stanley lowered their price objective on shares of Lithia Motors from $115.00 to $106.00 and set an “overweight” rating for the company in a research report on Friday, June 9th. Finally, Zacks Investment Research raised shares of Lithia Motors from a “hold” rating to a “strong-buy” rating and set a $121.00 price objective for the company in a research report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $112.00.
In related news, Director Sidney B. Deboer sold 81,444 shares of the business’s stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $99.39, for a total value of $8,094,719.16. Following the sale, the director now directly owns 48,668 shares in the company, valued at approximately $4,837,112.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sidney B. Deboer sold 17,600 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $96.63, for a total transaction of $1,700,688.00. Following the completion of the sale, the director now owns 75,068 shares in the company, valued at $7,253,820.84. The disclosure for this sale can be found here. Insiders sold a total of 219,870 shares of company stock worth $22,252,261 over the last quarter. Insiders own 7.85% of the company’s stock.
Lithia Motors, Inc. (NYSE LAD) traded up 1.15% during midday trading on Friday, reaching $113.88. 358,542 shares of the company’s stock traded hands. The firm’s 50-day moving average is $105.36 and its 200-day moving average is $95.08. Lithia Motors, Inc. has a 1-year low of $75.85 and a 1-year high of $114.47. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 13.73 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 the consensus estimate of $2.23 by $0.05. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.45 billion. Lithia Motors had a net margin of 2.26% and a return on equity of 21.66%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 EPS. Analysts forecast that Lithia Motors, Inc. will post $8.62 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were given a $0.27 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $1.08 annualized dividend and a dividend yield of 0.95%. Lithia Motors’s dividend payout ratio is presently 13.01%.
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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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