BlackRock Inc. Has $266.65 Million Holdings in Lithia Motors, Inc. (LAD)
BlackRock Inc. cut its position in shares of Lithia Motors, Inc. (NYSE:LAD) by 2.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,829,759 shares of the company’s stock after selling 71,623 shares during the quarter. BlackRock Inc. owned 11.78% of Lithia Motors worth $266,647,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. First Trust Advisors LP boosted its holdings in shares of Lithia Motors by 23.6% in the second quarter. First Trust Advisors LP now owns 25,190 shares of the company’s stock worth $2,374,000 after buying an additional 4,811 shares during the period. Brighton Jones LLC purchased a new position in shares of Lithia Motors in the second quarter worth approximately $201,000. Ray Gerald L & Associates Ltd. increased its position in shares of Lithia Motors by 9.1% in the second quarter. Ray Gerald L & Associates Ltd. now owns 5,400 shares of the company’s stock worth $509,000 after acquiring an additional 450 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Lithia Motors in the first quarter worth approximately $176,000. Finally, Municipal Employees Retirement System of Michigan increased its position in shares of Lithia Motors by 5.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock worth $531,000 after acquiring an additional 310 shares in the last quarter. 98.47% of the stock is owned by institutional investors.
LAD has been the topic of a number of recent analyst reports. Jefferies Group LLC restated a “buy” rating and set a $115.00 price target on shares of Lithia Motors in a report on Wednesday, June 28th. BidaskClub raised shares of Lithia Motors from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Seaport Global Securities began coverage on shares of Lithia Motors in a research note on Wednesday, June 14th. They issued a “neutral” rating for the company. Morgan Stanley lowered their price objective on shares of Lithia Motors from $115.00 to $106.00 and set an “overweight” rating on the stock in a research report on Friday, June 9th. Finally, Zacks Investment Research upgraded shares of Lithia Motors from a “hold” rating to a “strong-buy” rating and set a $121.00 price objective on the stock in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $112.00.
Lithia Motors, Inc. (LAD) opened at 121.77 on Wednesday. Lithia Motors, Inc. has a 1-year low of $75.85 and a 1-year high of $123.50. The firm’s 50-day moving average price is $110.16 and its 200 day moving average price is $97.08. The stock has a market cap of $3.05 billion, a PE ratio of 14.68 and a beta of 1.71.
Lithia Motors (NYSE:LAD) last issued its earnings results on Friday, July 28th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.23 by $0.05. Lithia Motors had a net margin of 2.26% and a return on equity of 21.66%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period last year, the business posted $1.96 EPS. Lithia Motors’s revenue was up 15.6% on a year-over-year basis. Equities research analysts expect that Lithia Motors, Inc. will post $8.62 EPS for the current year.
In other news, Director Sidney B. Deboer sold 13,200 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $97.50, for a total value of $1,287,000.00. Following the completion of the sale, the director now directly owns 48,668 shares of the company’s stock, valued at $4,745,130. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider George Chun-Wai Liang sold 1,970 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $105.62, for a total value of $208,071.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 312,981 shares of company stock worth $33,812,652. Company insiders own 7.85% of the company’s stock.
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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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