Eventide Asset Management LLC Reduces Stake in Lithia Motors, Inc. $LAD

Eventide Asset Management LLC lowered its holdings in Lithia Motors, Inc. (NYSE:LAD) by 13.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 156,374 shares of the company’s stock after selling 24,801 shares during the period. Eventide Asset Management LLC’s holdings in Lithia Motors were worth $52,000,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of LAD. Clearstead Advisors LLC lifted its holdings in Lithia Motors by 111.4% in the 4th quarter. Clearstead Advisors LLC now owns 93 shares of the company’s stock worth $31,000 after buying an additional 49 shares during the period. V Square Quantitative Management LLC purchased a new stake in Lithia Motors in the 4th quarter worth approximately $34,000. Quarry LP lifted its holdings in Lithia Motors by 101.9% in the 4th quarter. Quarry LP now owns 109 shares of the company’s stock worth $36,000 after buying an additional 55 shares during the period. Los Angeles Capital Management LLC purchased a new stake in Lithia Motors in the 4th quarter worth approximately $38,000. Finally, eCIO Inc. purchased a new stake in Lithia Motors in the 4th quarter worth approximately $42,000.

Wall Street Analysts Forecast Growth

LAD has been the subject of several research analyst reports. Weiss Ratings cut Lithia Motors from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their target price on Lithia Motors from $320.00 to $325.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Citigroup raised their target price on Lithia Motors from $326.00 to $365.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Bank of America lowered their target price on Lithia Motors from $335.00 to $320.00 in a research note on Monday, April 13th. Finally, Barclays lowered their target price on Lithia Motors from $380.00 to $370.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $368.11.

Insiders Place Their Bets

In other Lithia Motors news, Director Richard J. Bailey, Jr. sold 297 shares of Lithia Motors stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $280.57, for a total transaction of $83,329.29. Following the completion of the transaction, the director owned 760 shares in the company, valued at approximately $213,233.20. The trade was a 28.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Shauna Mcintyre sold 245 shares of Lithia Motors stock in a transaction on Monday, May 11th. The shares were sold at an average price of $294.64, for a total value of $72,186.80. Following the transaction, the director owned 1,846 shares of the company’s stock, valued at $543,905.44. The trade was a 11.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 707 shares of company stock valued at $205,947 in the last quarter. 1.08% of the stock is owned by company insiders.

Lithia Motors Trading Up 0.3%

LAD opened at $313.47 on Friday. The stock has a market cap of $7.15 billion, a PE ratio of 11.01, a PEG ratio of 0.69 and a beta of 1.26. The company has a quick ratio of 0.24, a current ratio of 0.99 and a debt-to-equity ratio of 1.41. The business has a 50 day moving average of $281.07 and a 200-day moving average of $298.85. Lithia Motors, Inc. has a 52 week low of $239.78 and a 52 week high of $360.55.

Lithia Motors (NYSE:LAD) last released its earnings results on Wednesday, April 29th. The company reported $7.34 EPS for the quarter, beating analysts’ consensus estimates of $7.06 by $0.28. The company had revenue of $9.27 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Lithia Motors had a return on equity of 12.49% and a net margin of 1.88%.The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $7.66 EPS. Equities research analysts predict that Lithia Motors, Inc. will post 34.37 earnings per share for the current fiscal year.

Lithia Motors Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.57 per share. The ex-dividend date was Friday, May 8th. This is a positive change from Lithia Motors’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a yield of 0.7%. Lithia Motors’s dividend payout ratio (DPR) is presently 8.01%.

Lithia Motors declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 26th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

About Lithia Motors

Lithia Motors, Inc is an American automotive retailer headquartered in Medford, Oregon. Founded in 1946 as a small auto body and glass shop, the company has grown through organic expansion and strategic acquisitions to become one of the largest automotive retail networks in North America. Lithia operates dealerships across the United States and Canada, offering a broad portfolio of new and pre-owned vehicles from more than 40 different manufacturers.

The company’s core business activities include vehicle sales, financing, insurance, parts and service.