State Board of Administration of Florida Retirement System increased its stake in Lithia Motors, Inc. (NYSE:LAD) by 26.7% during the third quarter, according to its most recent filing with the SEC. The fund owned 15,477 shares of the company’s stock after buying an additional 3,265 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.06% of Lithia Motors worth $1,862,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the stock. Texas Permanent School Fund boosted its holdings in shares of Lithia Motors by 0.3% in the 2nd quarter. Texas Permanent School Fund now owns 17,359 shares of the company’s stock worth $1,636,000 after buying an additional 47 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Lithia Motors by 0.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 13,096 shares of the company’s stock worth $1,234,000 after buying an additional 75 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Lithia Motors by 7.3% in the 2nd quarter. D.A. Davidson & CO. now owns 1,104 shares of the company’s stock worth $104,000 after buying an additional 75 shares during the last quarter. Symphony Asset Management LLC boosted its holdings in shares of Lithia Motors by 1.2% in the 2nd quarter. Symphony Asset Management LLC now owns 6,692 shares of the company’s stock worth $631,000 after buying an additional 78 shares during the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Lithia Motors by 2.9% in the 2nd quarter. Amalgamated Bank now owns 3,228 shares of the company’s stock worth $304,000 after buying an additional 91 shares during the last quarter. 98.47% of the stock is currently owned by institutional investors.
Shares of Lithia Motors, Inc. (NYSE LAD) opened at $113.05 on Friday. The company has a market cap of $2,825.99, a PE ratio of 13.98, a price-to-earnings-growth ratio of 0.96 and a beta of 1.72. Lithia Motors, Inc. has a fifty-two week low of $80.88 and a fifty-two week high of $123.50. The company has a current ratio of 1.21, a quick ratio of 0.26 and a debt-to-equity ratio of 0.96.
Lithia Motors (NYSE:LAD) last released its quarterly earnings data on Wednesday, October 25th. The company reported $2.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.37 by ($0.19). The business had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Lithia Motors had a net margin of 2.14% and a return on equity of 21.02%. Lithia Motors’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the company earned $2.06 earnings per share. equities research analysts anticipate that Lithia Motors, Inc. will post 8.33 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Thursday, November 9th. Lithia Motors’s dividend payout ratio is presently 13.12%.
A number of brokerages recently weighed in on LAD. KeyCorp reissued a “buy” rating and issued a $130.00 price target (up from $119.00) on shares of Lithia Motors in a report on Wednesday, October 4th. Zacks Investment Research downgraded shares of Lithia Motors from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 10th. Berenberg Bank began coverage on shares of Lithia Motors in a report on Wednesday, October 4th. They issued a “hold” rating and a $126.00 price target on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $125.00 price objective on shares of Lithia Motors in a report on Thursday, August 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $116.00 price objective (up from $106.00) on shares of Lithia Motors in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $116.29.
In other news, CEO Bryan B. Deboer sold 20,820 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $104.13, for a total transaction of $2,167,986.60. Following the sale, the chief executive officer now directly owns 101,004 shares in the company, valued at $10,517,546.52. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas R. Becker sold 1,031 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $107.10, for a total value of $110,420.10. Following the sale, the director now owns 65,704 shares in the company, valued at $7,036,898.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 145,581 shares of company stock worth $16,905,722. Company insiders own 7.85% of the company’s stock.
About Lithia Motors
Lithia Motors, Inc is an operator of automotive franchises and a retailer of new and used vehicles and related services. As of February 28, 2017, it offered 30 brands of new vehicles and all brands of used vehicles in 154 stores in the United States and online at Lithia.com, DCHauto.com and CarboneCars.com.
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