Hsbc Holdings PLC grew its position in Lithia Motors, Inc. (NYSE:LAD – Free Report) by 10.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,489 shares of the company’s stock after buying an additional 1,974 shares during the quarter. Hsbc Holdings PLC’s holdings in Lithia Motors were worth $5,100,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in LAD. Norges Bank acquired a new stake in shares of Lithia Motors during the 4th quarter worth approximately $125,214,000. River Road Asset Management LLC raised its position in Lithia Motors by 33.6% in the fourth quarter. River Road Asset Management LLC now owns 742,677 shares of the company’s stock valued at $246,814,000 after purchasing an additional 186,628 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in Lithia Motors during the 4th quarter worth approximately $58,409,000. Corient Private Wealth LLC lifted its holdings in shares of Lithia Motors by 8,474.0% during 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 period. Finally, Marshall Wace LLP grew its position in shares of Lithia Motors by 183.6% in the 4th quarter. Marshall Wace LLP now owns 162,937 shares of the company’s stock valued at $54,149,000 after buying an additional 105,478 shares during the last quarter.
Insider Buying and Selling at Lithia Motors
In related news, Director Shauna Mcintyre sold 165 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $513,780.84. This represents a 8.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard J. Bailey, Jr. sold 297 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $280.57, for a total value of $83,329.29. Following the completion of the sale, the director directly owned 760 shares of the company’s stock, valued at $213,233.20. The trade was a 28.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 782 shares of company stock valued at $229,572 in the last quarter. 1.08% of the stock is currently owned by corporate insiders.
Lithia Motors Stock Performance
Lithia Motors (NYSE:LAD – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $7.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.06 by $0.28. The business had revenue of $9.27 billion during the quarter, compared to the consensus estimate of $9.22 billion. Lithia Motors had a return on equity of 12.49% and a net margin of 1.88%.The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $7.66 EPS. On average, analysts expect that Lithia Motors, Inc. will post 34.19 EPS for the current fiscal year.
Lithia Motors declared that its board has authorized a stock repurchase program on Tuesday, May 26th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Lithia Motors Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Friday, May 8th. This is a positive change from Lithia Motors’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a dividend yield of 0.7%. Lithia Motors’s payout ratio is presently 8.01%.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Lithia Motors from $326.00 to $365.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Bank of America upped their price target on shares of Lithia Motors from $350.00 to $417.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on Lithia Motors from $320.00 to $325.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Weiss Ratings raised Lithia Motors from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Finally, Wall Street Zen downgraded Lithia Motors from a “hold” rating to a “sell” rating in a research note on Monday. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $380.33.
Get Our Latest Stock Report on Lithia Motors
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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