Hennessy Advisors Inc. Sells 39,200 Shares of Lithia Motors Inc. (LAD)
Hennessy Advisors Inc. decreased its stake in Lithia Motors Inc. (NYSE:LAD) by 12.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 275,418 shares of the company’s stock after selling 39,200 shares during the period. Hennessy Advisors Inc.’s holdings in Lithia Motors were worth $26,308,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the company. Franklin Resources Inc. bought a new stake in shares of Lithia Motors during the second quarter valued at approximately $29,296,000. Palestra Capital Management LLC raised its stake in shares of Lithia Motors by 109.1% in the second quarter. Palestra Capital Management LLC now owns 783,347 shares of the company’s stock valued at $55,672,000 after buying an additional 408,800 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Lithia Motors during the second quarter valued at approximately $15,254,000. State of New Jersey Common Pension Fund D raised its stake in shares of Lithia Motors by 513.7% in the second quarter. State of New Jersey Common Pension Fund D now owns 224,000 shares of the company’s stock valued at $15,920,000 after buying an additional 187,500 shares during the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of Lithia Motors during the second quarter valued at approximately $12,173,000. Institutional investors own 92.17% of the company’s stock.
Lithia Motors Inc. (NYSE:LAD) traded up 0.21% during midday trading on Tuesday, hitting $92.31. 46,238 shares of the company traded hands. The stock has a 50 day moving average of $87.70 and a 200 day moving average of $83.58. Lithia Motors Inc. has a 12-month low of $68.70 and a 12-month high of $126.56. The stock has a market cap of $2.32 billion, a P/E ratio of 12.31 and a beta of 1.64.
Lithia Motors (NYSE:LAD) last issued its earnings results on Thursday, October 20th. The company reported $2.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.16 by $0.10. Lithia Motors had a return on equity of 22.67% and a net margin of 2.31%. The company earned $2.38 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period in the prior year, the business earned $2.03 earnings per share. Lithia Motors’s quarterly revenue was up 8.9% on a year-over-year basis. Equities research analysts predict that Lithia Motors Inc. will post $7.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 25th. Stockholders of record on Friday, November 11th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Tuesday, November 8th. Lithia Motors’s dividend payout ratio (DPR) is 13.33%.
LAD has been the topic of several research analyst reports. Wolfe Research initiated coverage on shares of Lithia Motors in a research report on Wednesday, August 31st. They set an “outperform” rating on the stock. Zacks Investment Research upgraded shares of Lithia Motors from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a research report on Tuesday, October 4th. KeyCorp began coverage on shares of Lithia Motors in a research report on Wednesday, November 16th. They issued an “overweight” rating on the stock. Finally, Stephens set a $114.00 price objective on shares of Lithia Motors and gave the stock a “buy” rating in a research report on Friday, October 21st. Six research analysts have rated the stock with a buy rating, Lithia Motors presently has a consensus rating of “Buy” and a consensus target price of $111.20.
In other news, Director Sidney B. Deboer sold 17,600 shares of the firm’s stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $93.00, for a total transaction of $1,636,800.00. Following the transaction, the director now directly owns 155,677 shares of the company’s stock, valued at $14,477,961. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.41% of the company’s stock.
Lithia Motors Company Profile
Lithia Motors, Inc is an operator of automotive franchises and a retailer of new and used vehicles and services. The Company operates in three segments: Domestic, Import and Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles of Chrysler, General Motors and Ford.
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