Pzena Investment Management LLC increased its stake in LKQ Corporation (NASDAQ:LKQ – Free Report) by 49.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,556,858 shares of the auto parts company’s stock after buying an additional 7,414,573 shares during the quarter. LKQ comprises approximately 1.5% of Pzena Investment Management LLC’s holdings, making the stock its 24th largest holding. Pzena Investment Management LLC owned approximately 8.92% of LKQ worth $514,973,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of LKQ. Root Financial Partners LLC boosted its position in shares of LKQ by 142.4% during the first quarter. Root Financial Partners LLC now owns 1,217 shares of the auto parts company’s stock valued at $36,000 after buying an additional 715 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of LKQ in the second quarter worth approximately $25,000. Cedar Mountain Advisors LLC purchased a new stake in shares of LKQ in the first quarter worth approximately $28,000. Global Retirement Partners LLC bought a new stake in shares of LKQ during the 2nd quarter worth approximately $25,000. Finally, Thor Investment Management Inc. OH ADV lifted its stake in shares of LKQ by 2.2% during the 3rd quarter. Thor Investment Management Inc. OH ADV now owns 46,499 shares of the auto parts company’s stock worth $1,062,000 after acquiring an additional 981 shares during the last quarter. 95.63% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at LKQ
In other news, Director Andrew C. Clarke acquired 21,800 shares of the business’s stock in a transaction dated Friday, October 30th. The shares were acquired at an average cost of $18.35 per share, with a total value of $400,030.00. Following the completion of the acquisition, the director owned 56,850 shares of the company’s stock, valued at approximately $1,043,197.50. This trade represents a 62.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael Scott Powell purchased 10,000 shares of LKQ stock in a transaction on Monday, November 2nd. The shares were acquired at an average cost of $19.15 per share, with a total value of $191,500.00. Following the completion of the transaction, the director directly owned 20,998 shares in the company, valued at $402,111.70. The trade was a 90.93% increase in their position. The SEC filing for this purchase provides additional information. 0.38% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Several equities analysts have commented on the company. Robert W. Baird cut their price objective on LKQ from $30.00 to $23.00 and set an “outperform” rating on the stock in a research report on Monday, October 26th. Zacks Research downgraded LKQ from a “hold” rating to a “strong sell” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. lowered their target price on shares of LKQ from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, October 30th. Weiss Ratings cut shares of LKQ from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday. Finally, Roth Capital downgraded shares of LKQ from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $35.00 to $18.00 in a research note on Monday, October 26th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $26.07.
View Our Latest Stock Analysis on LKQ
LKQ News Roundup
Here are the key news stories impacting LKQ this week:
- Positive Sentiment: Two directors made sizable open-market purchases: Andrew Clarke bought 21,800 shares for about $400,000, and Michael Scott Powell bought 10,000 shares for about $191,500. Insider buying can signal confidence, though it does not guarantee a turnaround. Director purchase report
- Negative Sentiment: Multiple law firms announced investigations into potential securities claims, citing allegations that LKQ may have provided materially misleading business information. These are investigations, not findings of wrongdoing, but the headlines may add uncertainty and pressure sentiment. Rosen Law investigation announcement
- Negative Sentiment: Reported consensus price targets were reduced, including cuts of 16.53% to $27.19 and 17.48% to €24.15, signaling more cautious expectations. Report on consensus price-target reduction
- Negative Sentiment: Recent quarterly results missed expectations: LKQ reported $0.50 in earnings per share versus the $0.58 consensus and revenue of $3.32 billion versus $3.36 billion expected. Revenue fell 5.1% year over year, adding to concerns about its operating outlook.
LKQ Price Performance
Shares of LKQ stock opened at $20.94 on Thursday. The company has a market cap of $5.29 billion, a P/E ratio of 20.94 and a beta of 0.87. The stock’s 50-day moving average is $22.43 and its 200 day moving average is $27.01. LKQ Corporation has a 1-year low of $16.85 and a 1-year high of $37.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.75 and a quick ratio of 0.67.
LKQ (NASDAQ:LKQ – Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The auto parts company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.08). The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.36 billion. LKQ had a return on equity of 9.57% and a net margin of 1.89%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 EPS. Research analysts predict that LKQ Corporation will post 2.22 earnings per share for the current fiscal year.
LKQ Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 19th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Thursday, November 19th. LKQ’s dividend payout ratio (DPR) is currently 120.00%.
About LKQ
LKQ Corporation is a global distributor of automotive parts and accessories. The company supplies replacement parts, components and equipment to professional repair shops, collision-repair businesses, insurers, dealerships and other commercial customers. Its product offerings include recycled original-equipment parts, aftermarket parts, specialty vehicle products, tools and equipment.
LKQ’s operations include the procurement, dismantling and distribution of salvaged vehicles, allowing it to provide recycled engines, transmissions, body panels and other components.
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