State of Tennessee Treasury Department decreased its holdings in shares of Lithia Motors Inc (NYSE:LAD) by 2.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 15,019 shares of the company’s stock after selling 395 shares during the period. State of Tennessee Treasury Department’s holdings in Lithia Motors were worth $1,989,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Advisory Services Network LLC grew its stake in shares of Lithia Motors by 290.5% during the second quarter. Advisory Services Network LLC now owns 246 shares of the company’s stock valued at $29,000 after buying an additional 183 shares during the last quarter. Advisors Preferred LLC bought a new position in Lithia Motors in the second quarter worth approximately $37,000. Quest Capital Management Inc. ADV bought a new position in Lithia Motors in the third quarter worth approximately $45,000. Point72 Asset Management L.P. bought a new position in Lithia Motors in the second quarter worth approximately $48,000. Finally, Private Capital Group LLC grew its stake in Lithia Motors by 132.2% in the second quarter. Private Capital Group LLC now owns 404 shares of the company’s stock worth $38,000 after purchasing an additional 230 shares in the last quarter.
Lithia Motors stock opened at $159.58 on Friday. The business has a fifty day moving average of $138.36 and a two-hundred day moving average of $125.74. The company has a quick ratio of 0.22, a current ratio of 1.18 and a debt-to-equity ratio of 1.12. The firm has a market cap of $3.72 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.52 and a beta of 1.12. Lithia Motors Inc has a twelve month low of $67.90 and a twelve month high of $162.65.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.20 dividend on an annualized basis and a yield of 0.75%. Lithia Motors’s dividend payout ratio is currently 12.02%.
LAD has been the topic of several research analyst reports. ValuEngine raised Lithia Motors from a “sell” rating to a “hold” rating in a research note on Friday, October 25th. Guggenheim increased their price objective on Lithia Motors from $147.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Morgan Stanley increased their price objective on Lithia Motors from $144.00 to $151.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Bank of America cut Lithia Motors from a “neutral” rating to an “underperform” rating in a research note on Friday, September 13th. Finally, Craig Hallum increased their price objective on Lithia Motors from $145.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $135.30.
In other Lithia Motors news, major shareholder Abrams Capital Management, L.P sold 73,933 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $152.42, for a total transaction of $11,268,867.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth E. Roberts sold 1,758 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $160.60, for a total value of $282,334.80. Following the sale, the director now owns 100,356 shares of the company’s stock, valued at approximately $16,117,173.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,141 shares of company stock valued at $14,546,656. 5.21% of the stock is owned by company insiders.
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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