Teachers Retirement System of The State of Kentucky decreased its stake in Lithia Motors, Inc. (NYSE:LAD) by 44.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,873 shares of the company’s stock after selling 3,909 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Lithia Motors were worth $1,545,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Kestra Advisory Services LLC purchased a new position in shares of Lithia Motors in the 3rd quarter valued at about $1,149,000. Great West Life Assurance Co. Can increased its stake in shares of Lithia Motors by 11.2% in the second quarter. Great West Life Assurance Co. Can now owns 12,062 shares of the company’s stock worth $4,145,000 after buying an additional 1,210 shares during the last quarter. Cinctive Capital Management LP bought a new stake in shares of Lithia Motors in the second quarter worth $9,321,000. Wells Fargo & Company MN boosted its holdings in Lithia Motors by 78.5% in the second quarter. Wells Fargo & Company MN now owns 285,850 shares of the company’s stock worth $98,229,000 after purchasing an additional 125,712 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of Lithia Motors by 153.9% during the second quarter. State Board of Administration of Florida Retirement System now owns 23,066 shares of the company’s stock valued at $7,926,000 after acquiring an additional 13,982 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.
In other news, Director Shauna Mcintyre sold 270 shares of the business’s stock in a transaction dated Wednesday, December 15th. The stock was sold at an average price of $277.53, for a total value of $74,933.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.00% of the company’s stock.
Lithia Motors (NYSE:LAD) last posted its earnings results on Tuesday, October 19th. The company reported $11.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $9.30 by $1.91. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $5.75 billion. Lithia Motors had a return on equity of 26.99% and a net margin of 4.67%. Lithia Motors’s quarterly revenue was up 70.4% on a year-over-year basis. During the same period last year, the firm earned $6.89 earnings per share. Sell-side analysts expect that Lithia Motors, Inc. will post 38.35 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 19th. Investors of record on Friday, November 12th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend was Wednesday, November 10th. Lithia Motors’s payout ratio is currently 4.16%.
Several analysts have issued reports on LAD shares. Morgan Stanley cut their price objective on Lithia Motors from $335.00 to $303.00 and set an “underweight” rating on the stock in a report on Wednesday, November 17th. Seaport Res Ptn restated a “buy” rating on shares of Lithia Motors in a research note on Friday, October 22nd. Finally, Zacks Investment Research upgraded Lithia Motors from a “hold” rating to a “strong-buy” rating and set a $324.00 target price on the stock in a report on Tuesday, December 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $410.67.
Lithia Motors Company Profile
Lithia Motors, Inc engages in the operation of automotive franchises and retail of new and used vehicles. It operates through the following segments: Domestic, Import and Luxury. The Domestic segment comprises of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors, and Ford.
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