Royal Bank of Canada lifted its stake in shares of Lithia Motors, Inc. (NYSE:LAD) by 10.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,820 shares of the company’s stock after purchasing an additional 16,468 shares during the quarter. Royal Bank of Canada owned about 0.76% of Lithia Motors worth $17,133,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its position in shares of Lithia Motors by 7.3% during the 2nd quarter. D.A. Davidson & CO. now owns 1,104 shares of the company’s stock worth $104,000 after purchasing an additional 75 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Lithia Motors by 9.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,198 shares of the company’s stock worth $113,000 after purchasing an additional 105 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Lithia Motors by 10.0% during the 1st quarter. Public Employees Retirement System of Ohio now owns 1,602 shares of the company’s stock worth $137,000 after purchasing an additional 146 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Lithia Motors during the 1st quarter worth about $176,000. Finally, Brighton Jones LLC bought a new position in shares of Lithia Motors during the 2nd quarter worth about $201,000. 98.47% of the stock is currently owned by institutional investors.
Lithia Motors, Inc. (LAD) opened at 115.03 on Friday. The company has a 50-day moving average of $113.09 and a 200 day moving average of $98.49. The company has a market cap of $2.88 billion, a PE ratio of 13.87 and a beta of 1.71. Lithia Motors, Inc. has a 12 month low of $75.85 and a 12 month high of $123.50.
Lithia Motors (NYSE:LAD) last issued its earnings results on Friday, July 28th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.05. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $1.96 earnings per share. On average, equities analysts forecast that Lithia Motors, Inc. will post $8.61 earnings per share for the current fiscal year.
A number of equities analysts have recently issued reports on LAD shares. Bank of America Corporation cut shares of 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. Jefferies Group LLC reissued a “buy” rating and set 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. Morgan Stanley reissued an “overweight” rating and set a $116.00 price objective (up previously from $106.00) on shares of Lithia Motors in a research report on Wednesday, August 2nd. 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 on the stock in a research report on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $116.00.
In other news, CEO Bryan B. Deboer sold 20,820 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $104.13, for a total value of $2,167,986.60. Following the transaction, the chief executive officer now owns 101,004 shares in the company, valued at $10,517,546.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sidney B. Deboer sold 71,756 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $103.40, for a total transaction of $7,419,570.40. Following the completion of the transaction, the director now owns 28,668 shares in the company, valued at approximately $2,964,271.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,337 shares of company stock worth $24,430,932. Insiders own 7.85% of the company’s stock.
Lithia Motors 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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