Lithia Motors (NYSE:LAD – Get Free Report) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $325.00 to $340.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 8.33% from the company’s current price.
Other research analysts also recently issued reports about the company. Barclays dropped their target price on Lithia Motors from $370.00 to $360.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. UBS Group downgraded Lithia Motors from a “buy” rating to a “neutral” rating and raised their price target for the stock from $370.00 to $440.00 in a report on Thursday, July 30th. Citigroup boosted their price target on Lithia Motors from $365.00 to $455.00 and gave the stock a “buy” rating in a research note on Monday. Zacks Research upgraded shares of Lithia Motors from a “strong sell” rating to a “hold” rating in a report on Thursday, April 23rd. Finally, Benchmark increased their price objective on shares of Lithia Motors from $400.00 to $475.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $425.20.
View Our Latest Analysis on LAD
Lithia Motors Stock Down 1.9%
Lithia Motors (NYSE:LAD – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $10.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.73 by $1.30. The business had revenue of $9.79 billion for the quarter, compared to analyst estimates of $9.64 billion. Lithia Motors had a net margin of 1.88% and a return on equity of 12.16%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.24 earnings per share. On average, research analysts predict that Lithia Motors will post 34.9 earnings per share for the current year.
Lithia Motors announced that its Board of Directors has approved a share buyback program on Tuesday, May 26th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
Insider Activity
In related news, Director Shauna Mcintyre sold 165 shares of Lithia Motors stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $305.64, for a total transaction of $50,430.60. Following the completion of the sale, the director owned 1,681 shares of the company’s stock, valued at $513,780.84. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard J. Bailey, Jr. sold 297 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 760 shares of the company’s stock, valued at $213,233.20. This represents a 28.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 782 shares of company stock worth $229,572. Company insiders own 1.08% of the company’s stock.
Institutional Investors Weigh In On Lithia Motors
A number of hedge funds and other institutional investors have recently made changes to their positions in LAD. Dimensional Fund Advisors LP grew its position in shares of Lithia Motors by 3.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,389,870 shares of the company’s stock valued at $347,074,000 after acquiring an additional 43,087 shares during the period. River Road Asset Management LLC boosted its position in Lithia Motors by 33.6% during the fourth quarter. River Road Asset Management LLC now owns 742,677 shares of the company’s stock worth $246,814,000 after purchasing an additional 186,628 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Lithia Motors by 5.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 612,377 shares of the company’s stock worth $206,873,000 after buying an additional 33,966 shares during the period. Hotchkis & Wiley Capital Management LLC increased its holdings in Lithia Motors by 3.6% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 426,120 shares of the company’s stock worth $134,654,000 after acquiring an additional 14,781 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Lithia Motors in the fourth quarter valued at about $125,214,000.
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.
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