Harfst & Associates Inc. held its stake in Lithia Motors Inc (NYSE:LAD) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,760 shares of the company’s stock at the end of the first quarter. Harfst & Associates Inc.’s holdings in Lithia Motors were worth $322,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Lithia Motors during the fourth quarter worth approximately $14,886,000. State Board of Administration of Florida Retirement System raised its stake in Lithia Motors by 33.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 15,518 shares of the company’s stock valued at $1,503,000 after buying an additional 3,926 shares during the last quarter. Comerica Bank raised its stake in Lithia Motors by 2.2% in the fourth quarter. Comerica Bank now owns 51,027 shares of the company’s stock valued at $5,170,000 after buying an additional 1,096 shares during the last quarter. State Street Corp raised its stake in Lithia Motors by 0.3% in the fourth quarter. State Street Corp now owns 580,231 shares of the company’s stock valued at $56,188,000 after buying an additional 1,579 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Lithia Motors during the fourth quarter valued at about $2,221,000. Institutional investors own 98.94% of the company’s stock.
Lithia Motors (NYSE:LAD) last announced its quarterly earnings data on Wednesday, April 19th. The company reported $1.78 EPS for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. Lithia Motors had a return on equity of 21.87% and a net margin of 2.27%. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the business posted $1.55 earnings per share. The firm’s revenue was up 12.8% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 26th. Shareholders of record on Friday, May 12th were paid a dividend of $0.27 per share. This is a boost from Lithia Motors’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, May 10th. This represents a $1.08 annualized dividend and a yield of 1.20%. Lithia Motors’s dividend payout ratio (DPR) is 13.19%.
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LAD has been the topic of a number of research analyst reports. Bank of America Corporation downgraded shares of Lithia Motors from a “neutral” rating to an “underperform” rating and set a $92.00 price target on the stock. in a report on Friday. Morgan Stanley dropped their price objective on shares of Lithia Motors from $115.00 to $106.00 and set an “overweight” rating on the stock in a report on Friday, June 9th. Zacks Investment Research downgraded shares of Lithia Motors from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. Seaport Global Securities assumed coverage on shares of Lithia Motors in a report on Wednesday, June 14th. They set a “neutral” rating on the stock. Finally, Jefferies Group LLC set a $115.00 price target on shares of Lithia Motors and gave the stock a “buy” rating in a report on Thursday, March 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Lithia Motors currently has an average rating of “Hold” and a consensus price target of $105.83.
In other Lithia Motors news, Director Sidney B. Deboer sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $98.00, for a total transaction of $490,000.00. Following the completion of the sale, the director now owns 79,468 shares of the company’s stock, valued at $7,787,864. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Sidney B. Deboer sold 10,000 shares of the firm’s stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $95.38, for a total value of $953,800.00. Following the sale, the director now directly owns 79,625 shares of the company’s stock, valued at approximately $7,594,632.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,300 shares of company stock valued at $8,311,241. 7.85% of the stock is owned by insiders.
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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