Oppenheimer Asset Management Inc. lessened its stake in Lithia Motors Inc (NYSE:LAD) by 28.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 8,894 shares of the company’s stock after selling 3,586 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Lithia Motors were worth $841,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. grew its stake in Lithia Motors by 6.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 184,850 shares of the company’s stock worth $18,582,000 after buying an additional 11,787 shares in the last quarter. IndexIQ Advisors LLC grew its stake in Lithia Motors by 8.5% in the 2nd quarter. IndexIQ Advisors LLC now owns 21,760 shares of the company’s stock worth $2,058,000 after buying an additional 1,707 shares in the last quarter. Wells Fargo & Company MN grew its stake in Lithia Motors by 6.5% in the 1st quarter. Wells Fargo & Company MN now owns 334,988 shares of the company’s stock worth $33,673,000 after buying an additional 20,490 shares in the last quarter. OppenheimerFunds Inc. grew its stake in Lithia Motors by 7.9% in the 1st quarter. OppenheimerFunds Inc. now owns 58,282 shares of the company’s stock worth $5,859,000 after buying an additional 4,287 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Lithia Motors by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 187,889 shares of the company’s stock worth $18,887,000 after buying an additional 5,321 shares in the last quarter.
In other news, Director Sidney B. Deboer sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $102.00, for a total value of $1,020,000.00. Following the completion of the sale, the director now directly owns 1,028 shares in the company, valued at approximately $104,856. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John F. North purchased 1,175 shares of the stock in a transaction that occurred on Monday, July 30th. The shares were purchased at an average price of $84.91 per share, with a total value of $99,769.25. Following the completion of the acquisition, the insider now directly owns 15,481 shares in the company, valued at $1,314,491.71. The disclosure for this purchase can be found here. Insiders own 5.95% of the company’s stock.
Lithia Motors (NYSE:LAD) last announced its quarterly earnings data on Wednesday, July 25th. The company reported $2.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.94 by ($0.42). The business had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.06 billion. Lithia Motors had a return on equity of 20.30% and a net margin of 2.28%. The company’s revenue was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.28 earnings per share. equities research analysts expect that Lithia Motors Inc will post 9.5 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 29th. Stockholders of record on Wednesday, August 15th were issued a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, August 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.40%. Lithia Motors’s payout ratio is 13.83%.
A number of equities analysts have commented on LAD shares. Zacks Investment Research cut shares of Lithia Motors from a “buy” rating to a “hold” rating in a research note on Monday, May 21st. ValuEngine cut shares of Lithia Motors from a “hold” rating to a “sell” rating in a research note on Friday, June 29th. Morgan Stanley raised shares of Lithia Motors to a “buy” rating in a research note on Tuesday, July 10th. Stephens cut shares of Lithia Motors from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 25th. Finally, Craig Hallum cut their price target on shares of Lithia Motors from $120.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $113.57.
Lithia Motors Company Profile
Lithia Motors, Inc operates automotive franchises, and retails new and used vehicles in the United States. The company operates in three segments: Domestic, Import, and Luxury. It sells new and used cars, replacement parts, vehicle service contracts, vehicle protection products, and credit insurance products; provides vehicle maintenance, warranty, paint, and repair services; and arranges related financing.
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