Lithia Motors, Inc. $LAD Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Lithia Motors, Inc. (NYSE:LAD) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 215,848 shares of the company’s stock after selling 17,233 shares during the quarter. Bank of New York Mellon Corp owned about 0.83% of Lithia Motors worth $72,918,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of LAD. Invesco Ltd. lifted its stake in Lithia Motors by 4.4% during the 1st quarter. Invesco Ltd. now owns 119,466 shares of the company’s stock worth $35,068,000 after acquiring an additional 5,005 shares in the last quarter. Madison Asset Management LLC grew its position in Lithia Motors by 9.9% in the 1st quarter. Madison Asset Management LLC now owns 280,456 shares of the company’s stock valued at $82,325,000 after acquiring an additional 25,331 shares in the last quarter. Scotia Capital Inc. purchased a new stake in Lithia Motors during the first quarter worth about $3,505,000. Nuveen LLC acquired a new stake in shares of Lithia Motors during the first quarter worth about $32,824,000. Finally, Jump Financial LLC purchased a new position in shares of Lithia Motors in the first quarter valued at approximately $7,046,000.

Lithia Motors Stock Performance

Shares of LAD opened at $293.61 on Monday. The company has a market capitalization of $7.12 billion, a price-to-earnings ratio of 8.50, a price-to-earnings-growth ratio of 0.67 and a beta of 1.29. Lithia Motors, Inc. has a 52-week low of $262.10 and a 52-week high of $405.67. The company has a quick ratio of 0.30, a current ratio of 1.21 and a debt-to-equity ratio of 1.35. The stock has a 50 day moving average price of $320.33 and a 200 day moving average price of $318.51.

Lithia Motors (NYSE:LAD) last issued its earnings results on Wednesday, October 22nd. The company reported $9.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.53 by $0.97. Lithia Motors had a net margin of 2.39% and a return on equity of 13.42%. The business had revenue of $9.68 billion during the quarter, compared to analysts’ expectations of $9.38 billion. During the same quarter in the prior year, the business posted $8.21 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts predict that Lithia Motors, Inc. will post 34.45 EPS for the current fiscal year.

Lithia Motors announced that its Board of Directors has authorized a stock repurchase program on Tuesday, August 26th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the company to buy up to 9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Lithia Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Friday, November 7th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, November 7th. Lithia Motors’s payout ratio is presently 6.37%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on LAD shares. Benchmark reaffirmed a “buy” rating on shares of Lithia Motors in a research note on Thursday, October 23rd. Jefferies Financial Group assumed coverage on shares of Lithia Motors in a research note on Thursday, September 4th. They issued a “buy” rating and a $400.00 price target for the company. Guggenheim cut their price objective on Lithia Motors from $383.00 to $380.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Weiss Ratings lowered Lithia Motors from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their target price on Lithia Motors from $320.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $380.11.

About Lithia Motors

Lithia Motors, Inc operates as an automotive retailer worldwide. It operates in two segments, Vehicle Operations and Financing Operations. The company’s Vehicle Operations segment sells new and used vehicles; provides parts, repair, and maintenance services; vehicle finance; and insurance products. Its Financing Operations segment provides financing to customers buying and leasing retail vehicles.