Lithia Motors (NYSE:LAD – Get Free Report) had its price objective hoisted by stock analysts at Bank of America from $350.00 to $417.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 37.19% from the company’s previous close.
A number of other brokerages have also commented on LAD. Wall Street Zen lowered shares of Lithia Motors from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. UBS Group initiated coverage on shares of Lithia Motors in a research report on Wednesday, May 27th. They issued a “buy” rating and a $348.00 target price for the company. Zacks Research raised Lithia Motors from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 23rd. Barclays lowered their price target on Lithia Motors from $380.00 to $370.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Finally, Citigroup upped their price objective on Lithia Motors from $326.00 to $365.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $379.00.
Check Out Our Latest Analysis on Lithia Motors
Lithia Motors Stock Down 2.5%
Lithia Motors (NYSE:LAD – Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $7.34 earnings per share for the quarter, beating analysts’ consensus estimates of $7.06 by $0.28. Lithia Motors had a net margin of 1.88% and a return on equity of 12.49%. The business had revenue of $9.27 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the firm posted $7.66 earnings per share. Lithia Motors’s quarterly revenue was up 1.0% on a year-over-year basis. Sell-side analysts expect that Lithia Motors will post 34.37 earnings per share for the current fiscal year.
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 outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
Insider Transactions at Lithia Motors
In other Lithia Motors news, Director Richard J. Bailey, Jr. sold 297 shares of the business’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 value of $83,329.29. Following the completion of the sale, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Director Shauna Mcintyre sold 165 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $305.64, for a total value of $50,430.60. Following the sale, the director directly owned 1,681 shares of the company’s stock, valued at approximately $513,780.84. This trade represents a 8.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 782 shares of company stock valued at $229,572. 1.08% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Lithia Motors
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Lithia Motors in the 4th quarter worth $125,214,000. River Road Asset Management LLC raised its stake in shares of Lithia Motors by 33.6% during the fourth quarter. River Road Asset Management LLC now owns 742,677 shares of the company’s stock valued at $246,814,000 after acquiring an additional 186,628 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Lithia Motors during the fourth quarter worth about $58,409,000. Corient Private Wealth LLC grew its stake in shares of Lithia Motors by 8,474.0% in the fourth quarter. Corient Private Wealth LLC now owns 107,690 shares of the company’s stock worth $35,789,000 after purchasing an additional 106,434 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Lithia Motors by 183.6% during the 4th quarter. Marshall Wace LLP now owns 162,937 shares of the company’s stock valued at $54,149,000 after purchasing an additional 105,478 shares during the period.
Lithia Motors Company Profile
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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