Eventide Asset Management LLC Has $67.56 Million Stock Position in Lithia Motors, Inc. $LAD

Key Points

• Eventide Asset Management LLC increased its stake in Lithia Motors by 6.1%, acquiring an additional 13,291 shares, bringing its total to approximately 230,189 shares valued at $67.6 million.
• Securities analysts have generally rated Lithia Motors as a "Moderate Buy", with a consensus target price of $379.00, although estimates have varied among firms.
• Lithia Motors announced a $750 million share repurchase plan and recently declared a quarterly dividend of $0.55 per share, reflecting confidence in its stock valuation.

Eventide Asset Management LLC increased its holdings in shares of Lithia Motors, Inc. (NYSE:LAD - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,189 shares of the company's stock after purchasing an additional 13,291 shares during the period. Lithia Motors makes up 1.3% of Eventide Asset Management LLC's portfolio, making the stock its 18th biggest position. Eventide Asset Management LLC owned approximately 0.88% of Lithia Motors worth $67,557,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Steadfast Capital Management LP lifted its stake in Lithia Motors by 137.8% in the 4th quarter. Steadfast Capital Management LP now owns 460,298 shares of the company's stock valued at $164,524,000 after acquiring an additional 266,715 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Lithia Motors in the 1st quarter valued at approximately $36,762,000. Nuveen LLC bought a new stake in Lithia Motors in the 1st quarter valued at approximately $32,824,000. Janney Montgomery Scott LLC lifted its stake in Lithia Motors by 1,865.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 92,293 shares of the company's stock valued at $27,092,000 after acquiring an additional 87,597 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Lithia Motors by 44,194.6% in the 1st quarter. GAMMA Investing LLC now owns 73,972 shares of the company's stock valued at $21,714,000 after acquiring an additional 73,805 shares in the last quarter.

Wall Street Analyst Weigh In

LAD has been the topic of several research reports. JPMorgan Chase & Co. cut their target price on Lithia Motors from $335.00 to $315.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 5th. Citigroup upped their price objective on Lithia Motors from $378.00 to $383.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Guggenheim dropped their price objective on Lithia Motors from $383.00 to $380.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Bank of America upped their price objective on Lithia Motors from $430.00 to $500.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Finally, Jefferies Financial Group assumed coverage on Lithia Motors in a research note on Thursday, September 4th. They set a "buy" rating and a $400.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $380.91.

Insider Buying and Selling

In other Lithia Motors news, Director Shauna Mcintyre sold 256 shares of the company's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $293.05, for a total value of $75,020.80. Following the transaction, the director directly owned 1,376 shares of the company's stock, valued at $403,236.80. This represents a 15.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

Lithia Motors Stock Performance

NYSE LAD traded up $2.07 on Tuesday, reaching $341.64. The stock had a trading volume of 124,379 shares, compared to its average volume of 335,441. 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 fifty day moving average of $320.77 and a two-hundred day moving average of $313.47. Lithia Motors, Inc. has a 1-year low of $255.32 and a 1-year high of $405.67. The company has a market cap of $8.76 billion, a P/E ratio of 10.12, a price-to-earnings-growth ratio of 0.53 and a beta of 1.31.

Lithia Motors (NYSE:LAD - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $10.24 EPS for the quarter, beating analysts' consensus estimates of $9.78 by $0.46. Lithia Motors had a return on equity of 13.21% and a net margin of 2.39%.The firm had revenue of $9.58 billion for the quarter, compared to analyst estimates of $9.56 billion. On average, equities research analysts anticipate that Lithia Motors, Inc. will post 34.45 EPS for the current year.

Lithia Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Friday, August 8th. Lithia Motors's dividend payout ratio is currently 6.52%.

Lithia Motors announced that its board has initiated a stock repurchase program on Tuesday, August 26th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

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.