State of Alaska Department of Revenue Cuts Holdings in Lithia Motors, Inc. $LAD

State of Alaska Department of Revenue lessened its position in Lithia Motors, Inc. (NYSE:LAD) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,930 shares of the company’s stock after selling 190 shares during the quarter. State of Alaska Department of Revenue’s holdings in Lithia Motors were worth $989,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Lithia Motors by 8.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 844 shares of the company’s stock valued at $302,000 after acquiring an additional 64 shares during the last quarter. NBC Securities Inc. purchased a new position in Lithia Motors during the first quarter valued at $59,000. UMB Bank n.a. grew its holdings in shares of Lithia Motors by 63.7% during the first quarter. UMB Bank n.a. now owns 203 shares of the company’s stock valued at $60,000 after buying an additional 79 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Lithia Motors by 86.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 12,053 shares of the company’s stock worth $3,538,000 after buying an additional 5,592 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Lithia Motors by 50.9% during the 1st quarter. GAMMA Investing LLC now owns 252 shares of the company’s stock valued at $74,000 after buying an additional 85 shares during the last quarter.

Lithia Motors Price Performance

LAD opened at $320.86 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.22 and a quick ratio of 0.29. The firm has a market capitalization of $8.23 billion, a PE ratio of 9.51, a price-to-earnings-growth ratio of 0.65 and a beta of 1.28. The business’s 50-day moving average is $319.16 and its two-hundred day moving average is $315.48. Lithia Motors, Inc. has a 1 year low of $262.10 and a 1 year high of $405.67.

Lithia Motors (NYSE:LAD) last posted its earnings results on Tuesday, July 29th. The company reported $10.24 EPS for the quarter, beating analysts’ consensus estimates of $9.78 by $0.46. The company had revenue of $9.58 billion during the quarter, compared to analysts’ expectations of $9.56 billion. Lithia Motors had a net margin of 2.39% and a return on equity of 13.21%. Research analysts anticipate that Lithia Motors, Inc. will post 34.45 earnings per share for the current fiscal year.

Lithia Motors declared that its board has initiated a stock repurchase plan on Tuesday, August 26th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Lithia Motors Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were paid a $0.55 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. Lithia Motors’s dividend payout ratio (DPR) is 6.52%.

Insider Transactions at Lithia Motors

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

Analysts Set New Price Targets

LAD has been the subject of several recent research reports. Guggenheim cut their price target on Lithia Motors from $383.00 to $380.00 and set a “buy” rating for the company in a report on Monday, August 11th. Jefferies Financial Group began coverage on Lithia Motors in a research note on Thursday, September 4th. They issued a “buy” rating and a $400.00 price objective on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Lithia Motors in a research note on Saturday, September 27th. Wells Fargo & Company dropped their target price on Lithia Motors from $364.00 to $317.00 and set an “equal weight” rating for the company in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Lithia Motors from $335.00 to $315.00 and set an “overweight” rating on the stock in a report on Tuesday, August 5th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Lithia Motors currently has an average rating of “Moderate Buy” and a consensus price target of $376.50.

Lithia Motors 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.