Royal Bank of Canada trimmed its position in Lithia Motors Inc (NYSE:LAD) by 55.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 14,127 shares of the company’s stock after selling 17,804 shares during the period. Royal Bank of Canada’s holdings in Lithia Motors were worth $1,678,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Lithia Motors by 6.4% during the second quarter. BlackRock Inc. now owns 3,602,153 shares of the company’s stock worth $427,863,000 after purchasing an additional 217,265 shares during the period. FMR LLC boosted its holdings in shares of Lithia Motors by 6,081.4% during the first quarter. FMR LLC now owns 205,098 shares of the company’s stock worth $19,022,000 after purchasing an additional 201,780 shares during the period. Redwood Investments LLC acquired a new stake in shares of Lithia Motors during the second quarter worth approximately $19,895,000. Man Group plc boosted its holdings in shares of Lithia Motors by 253.6% during the second quarter. Man Group plc now owns 219,460 shares of the company’s stock worth $26,067,000 after purchasing an additional 157,395 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Lithia Motors by 104.3% during the second quarter. Bank of America Corp DE now owns 272,001 shares of the company’s stock worth $32,308,000 after purchasing an additional 138,872 shares during the period.
LAD has been the subject of several research reports. Craig Hallum raised their price target on shares of Lithia Motors from $125.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Bank of America cut shares of Lithia Motors from a “neutral” rating to an “underperform” rating in a report on Friday, September 13th. Longbow Research restated a “buy” rating and set a $132.00 price target on shares of Lithia Motors in a report on Sunday, July 7th. JPMorgan Chase & Co. raised their price target on shares of Lithia Motors from $117.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley raised their price target on shares of Lithia Motors from $144.00 to $151.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $125.22.
Lithia Motors (NYSE:LAD) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.08. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.19 billion. Lithia Motors had a net margin of 2.24% and a return on equity of 20.74%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.52 earnings per share. On average, sell-side analysts anticipate that Lithia Motors Inc will post 11.3 earnings per share for the current fiscal year.
In related news, Director Kenneth E. Roberts sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $131.27, for a total transaction of $656,350.00. Following the transaction, the director now owns 104,203 shares of the company’s stock, valued at $13,678,727.81. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Louis Miramontes sold 450 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $131.34, for a total transaction of $59,103.00. Following the transaction, the director now directly owns 2,746 shares in the company, valued at approximately $360,659.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,173 shares of company stock worth $812,899. Insiders own 5.21% of the company’s stock.
About Lithia Motors
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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