Lithia Motors, Inc. (NYSE:LAD) Holdings Increased by Bank of New York Mellon Corp (2024)

Bank of New York Mellon Corp increased its stake in Lithia Motors, Inc. (NYSE:LAD – Free Report) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 260,470 shares of the company’s stock after acquiring an additional 5,390 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of Lithia Motors worth $65,756,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Lithia Motors by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 2,823,369 shares of the company’s stock worth $929,679,000 after acquiring an additional 15,962 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Lithia Motors by 7.2% during the first quarter. Canada Pension Plan Investment Board now owns 727,849 shares of the company’s stock valued at $218,981,000 after purchasing an additional 48,938 shares during the last quarter. Norges Bank acquired a new stake in Lithia Motors during the fourth quarter valued at approximately $123,976,000. Cadian Capital Management LP bought a new stake in Lithia Motors during the fourth quarter worth approximately $105,370,000. Finally, Eventide Asset Management LLC grew its position in Lithia Motors by 8.2% in the fourth quarter. Eventide Asset Management LLC now owns 267,877 shares of the company’s stock worth $88,207,000 after buying an additional 20,363 shares during the last quarter.

Lithia Motors Stock Performance

LAD stock opened at $301.05 on Friday. The firm has a 50 day simple moving average of $270.44 and a 200 day simple moving average of $272.42. Lithia Motors, Inc. has a 52 week low of $231.36 and a 52 week high of $331.96. The stock has a market cap of $8.25 billion, a P/E ratio of 8.89, a P/E/G ratio of 3.59 and a beta of 1.63. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.28 and a current ratio of 1.19.

Lithia Motors (NYSE:LAD – Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $7.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.09 by $0.78. Lithia Motors had a net margin of 2.52% and a return on equity of 13.81%. The company had revenue of $9.23 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same quarter last year, the business posted $10.91 EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. Research analysts anticipate that Lithia Motors, Inc. will post 27.62 earnings per share for the current fiscal year.

Lithia Motors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date of this dividend was Friday, August 9th. Lithia Motors’s dividend payout ratio (DPR) is presently 6.26%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on LAD shares. Bank of America raised their price objective on Lithia Motors from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on Lithia Motors from $280.00 to $315.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. StockNews.com cut Lithia Motors from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Wells Fargo & Company upped their price objective on shares of Lithia Motors from $266.00 to $302.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group lifted their target price on shares of Lithia Motors from $300.00 to $335.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $321.50.

Read Our Latest Stock Report on LAD

Insider Activity

In related news, Director Shauna Mcintyre sold 306 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $289.65, for a total transaction of $88,632.90. Following the transaction, the director now owns 1,922 shares of the company’s stock, valued at $556,707.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Shauna Mcintyre sold 306 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $289.65, for a total transaction of $88,632.90. Following the transaction, the director now owns 1,922 shares of the company’s stock, valued at approximately $556,707.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Sidney B. Deboer sold 11,938 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $290.86, for a total value of $3,472,286.68. Following the completion of the transaction, the director now directly owns 46,129 shares in the company, valued at $13,417,080.94. The disclosure for this sale can be found here. 1.79% of the stock is owned by corporate insiders.

Lithia Motors Profile

(Free Report)

Lithia Motors, Inc operates as an automotive retailer worldwide. It operates in two segments, Vehicle Operations and Financing Operations. The company's Vehicle Operations segment sells new and used vehicles; provides parts, repair, and maintenance services; vehicle finance; and insurance products.

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