Lithia Motors (NYSE:LAD) Given New $385.00 Price Target at Bank of America

Lithia Motors (NYSE:LAD) had its price target cut by Bank of America from $500.00 to $385.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently weighed in on LAD. JPMorgan Chase & Co. dropped their target price on shares of Lithia Motors from $335.00 to $315.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 5th. The Goldman Sachs Group started coverage on shares of Lithia Motors in a report on Tuesday, June 3rd. They issued a “neutral” rating and a $340.00 price target on the stock. Guggenheim cut their price objective on shares of Lithia Motors from $383.00 to $380.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Wells Fargo & Company cut their price objective on shares of Lithia Motors from $364.00 to $317.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 30th. Finally, Jefferies Financial Group started coverage on shares of Lithia Motors in a research report on Thursday, September 4th. They set a “buy” rating and a $400.00 price target for the company. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $370.45.

Lithia Motors Trading Down 2.2%

NYSE:LAD opened at $337.15 on Wednesday. Lithia Motors has a one year low of $255.32 and a one year high of $405.67. The company has a market cap of $8.64 billion, a PE ratio of 10.00, a PEG ratio of 0.53 and a beta of 1.31. The firm has a 50-day moving average of $320.51 and a 200-day moving average of $313.85. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.22 and a quick ratio of 0.29.

Lithia Motors (NYSE:LAD) last released its quarterly earnings results on Tuesday, July 29th. The company reported $10.24 earnings per share for the quarter, topping the consensus estimate of $9.78 by $0.46. Lithia Motors had a net margin of 2.39% and a return on equity of 13.21%. The business had revenue of $9.58 billion for the quarter, compared to analysts’ expectations of $9.56 billion. As a group, equities research analysts expect that Lithia Motors will post 34.45 EPS for the current fiscal year.

Lithia Motors announced that its Board of Directors has approved a share buyback plan on Tuesday, August 26th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the company to purchase up to 9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Lithia Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 8th. Lithia Motors’s dividend payout ratio is currently 6.52%.

Insider Buying and Selling

In other Lithia Motors news, Director Shauna Mcintyre sold 256 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $293.05, for a total transaction of $75,020.80. Following the completion of the sale, the director directly owned 1,376 shares of the company’s stock, valued at approximately $403,236.80. This represents a 15.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Lithia Motors

Several large investors have recently added to or reduced their stakes in LAD. Bessemer Group Inc. lifted its holdings in Lithia Motors by 114.6% during the second quarter. Bessemer Group Inc. now owns 88 shares of the company’s stock valued at $29,000 after purchasing an additional 47 shares in the last quarter. Hantz Financial Services Inc. raised its stake in Lithia Motors by 1,383.3% during the second quarter. Hantz Financial Services Inc. now owns 89 shares of the company’s stock valued at $30,000 after purchasing an additional 83 shares in the last quarter. Parallel Advisors LLC increased its position in Lithia Motors by 106.2% during the second quarter. Parallel Advisors LLC now owns 134 shares of the company’s stock valued at $45,000 after acquiring an additional 69 shares during the last quarter. eCIO Inc. bought a new position in Lithia Motors during the first quarter valued at $55,000. Finally, NBC Securities Inc. bought a new position in Lithia Motors during the first quarter valued at $59,000.

Lithia Motors Company Profile

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. Its Financing Operations segment provides financing to customers buying and leasing retail vehicles.