GW&K Investment Management LLC lifted its stake in Lithia Motors Inc (NYSE:LAD) by 11.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 637,898 shares of the company’s stock after acquiring an additional 66,907 shares during the period. Lithia Motors accounts for 1.2% of GW&K Investment Management LLC’s portfolio, making the stock its 5th largest position. GW&K Investment Management LLC’s holdings in Lithia Motors were worth $84,445,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in LAD. BlackRock Inc. raised its position in shares of Lithia Motors by 6.4% in the 2nd quarter. BlackRock Inc. now owns 3,602,153 shares of the company’s stock worth $427,863,000 after acquiring an additional 217,265 shares in the last quarter. FMR LLC raised its position in shares of Lithia Motors by 6,081.4% in the 1st quarter. FMR LLC now owns 205,098 shares of the company’s stock worth $19,022,000 after acquiring an additional 201,780 shares in the last quarter. Redwood Investments LLC bought a new position in shares of Lithia Motors in the 2nd quarter worth $19,895,000. Man Group plc raised its position in shares of Lithia Motors by 253.6% in the 2nd quarter. Man Group plc now owns 219,460 shares of the company’s stock worth $26,067,000 after acquiring an additional 157,395 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Lithia Motors by 104.3% in the 2nd quarter. Bank of America Corp DE now owns 272,001 shares of the company’s stock worth $32,308,000 after acquiring an additional 138,872 shares in the last quarter.
In related news, Director Louis Miramontes sold 450 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $131.34, for a total transaction of $59,103.00. Following the transaction, the director now directly owns 2,746 shares in the company, valued at approximately $360,659.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kenneth E. Roberts sold 5,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $131.27, for a total value of $656,350.00. Following the transaction, the director now owns 104,203 shares in the company, valued at $13,678,727.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,141 shares of company stock worth $14,546,656. 5.21% of the stock is owned by company insiders.
Lithia Motors (NYSE:LAD) last announced its earnings results on Wednesday, October 23rd. The company reported $3.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.09 by $0.30. Lithia Motors had a return on equity of 20.95% and a net margin of 2.13%. The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the business earned $2.83 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts expect that Lithia Motors Inc will post 11.6 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.20 annualized dividend and a yield of 0.75%. Lithia Motors’s dividend payout ratio (DPR) is 12.02%.
Several research firms have recently commented on LAD. Morgan Stanley boosted their price target on Lithia Motors from $144.00 to $151.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. ValuEngine raised Lithia Motors from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Bank of America lowered Lithia Motors from a “neutral” rating to an “underperform” rating in a research report on Friday, September 13th. Craig Hallum boosted their price target on Lithia Motors from $145.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Guggenheim boosted their price target on Lithia Motors from $147.00 to $171.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $135.30.
Lithia Motors Profile
Lithia Motors, Inc operates automotive franchises, and retails new and used vehicles in the United States. The company operates in three segments: Domestic, Import, and Luxury. It sells new and used cars, replacement parts, vehicle service contracts, vehicle protection products, and credit insurance products; provides vehicle maintenance, warranty, paint, and repair services; and arranges related financing.
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