The Manufacturers Life Insurance Company Increases Stake in Lithia Motors, Inc. (NYSE:LAD) (2024)

Posted by Defense World Staff on Jun 6th, 2024

The Manufacturers Life Insurance Company raised its position in Lithia Motors, Inc. (NYSE:LAD – Free Report) by 1.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 138,193 shares of the company’s stock after purchasing an additional 1,850 shares during the period. The Manufacturers Life Insurance Company owned 0.50% of Lithia Motors worth $45,504,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Lithia Motors by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,807,407 shares of the company’s stock valued at $829,112,000 after purchasing an additional 10,649 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Lithia Motors by 0.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 678,611 shares of the company’s stock worth $200,414,000 after acquiring an additional 2,200 shares during the last quarter. FMR LLC increased its stake in shares of Lithia Motors by 10.3% in the 3rd quarter. FMR LLC now owns 492,273 shares of the company’s stock worth $145,383,000 after acquiring an additional 45,977 shares during the last quarter. Norges Bank acquired a new stake in shares of Lithia Motors in the 4th quarter worth $123,976,000. Finally, Eventide Asset Management LLC increased its stake in shares of Lithia Motors by 1.3% in the 3rd quarter. Eventide Asset Management LLC now owns 247,514 shares of the company’s stock worth $73,098,000 after acquiring an additional 3,234 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Morgan Stanley raised their target price on Lithia Motors from $220.00 to $230.00 and gave the stock an “underweight” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. cut their price objective on Lithia Motors from $285.00 to $270.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Craig Hallum cut their price objective on Lithia Motors from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. StockNews.com raised Lithia Motors from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Citigroup lowered their target price on Lithia Motors from $320.00 to $280.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $318.55.

Check Out Our Latest Research Report on LAD

Lithia Motors Stock Performance

Shares of LAD opened at $264.65 on Thursday. The stock has a 50-day simple moving average of $266.53 and a 200-day simple moving average of $284.10. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.28 and a current ratio of 1.17. The stock has a market capitalization of $7.25 billion, a PE ratio of 7.81, a PEG ratio of 3.10 and a beta of 1.62. Lithia Motors, Inc. has a 1 year low of $231.36 and a 1 year high of $331.96.

Lithia Motors (NYSE:LAD – Get Free Report) last posted its earnings results on Wednesday, April 24th. The company reported $6.11 earnings per share for the quarter, missing the consensus estimate of $7.85 by ($1.74). The business had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $8.58 billion. Lithia Motors had a return on equity of 15.62% and a net margin of 2.87%. Lithia Motors’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.44 EPS. On average, analysts predict that Lithia Motors, Inc. will post 28.78 earnings per share for the current fiscal year.

Lithia Motors Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.80%. This is an increase from Lithia Motors’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, May 9th. Lithia Motors’s dividend payout ratio is 6.26%.

Insider Activity at Lithia Motors

In other news, Director Shauna Mcintyre sold 138 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.42, for a total value of $35,109.96. Following the completion of the sale, the director now directly owns 2,228 shares of the company’s stock, valued at $566,847.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.79% of the stock is currently 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.