Millennium Management LLC Reduces Holdings in Lithia Motors Inc (NYSE:LAD)

Millennium Management LLC lowered its position in shares of Lithia Motors Inc (NYSE:LAD) by 94.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,259 shares of the company’s stock after selling 1,710,283 shares during the period. Millennium Management LLC’s holdings in Lithia Motors were worth $12,742,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Squarepoint Ops LLC grew its position in Lithia Motors by 37.3% during the 3rd quarter. Squarepoint Ops LLC now owns 36,094 shares of the company’s stock worth $4,778,000 after purchasing an additional 9,807 shares during the last quarter. Castleark Management LLC raised its holdings in shares of Lithia Motors by 12.7% in the third quarter. Castleark Management LLC now owns 95,365 shares of the company’s stock valued at $12,624,000 after buying an additional 10,745 shares during the last quarter. GQ Asset Management LLC purchased a new stake in shares of Lithia Motors in the third quarter valued at about $105,000. Coldstream Capital Management Inc. acquired a new stake in shares of Lithia Motors during the third quarter worth about $208,000. Finally, Point72 Asset Management L.P. boosted its stake in shares of Lithia Motors by 100.0% during the third quarter. Point72 Asset Management L.P. now owns 800 shares of the company’s stock worth $106,000 after buying an additional 400 shares during the period.

In related news, Director Sidney B. Deboer sold 19,048 shares of Lithia Motors stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $160.00, for a total transaction of $3,047,680.00. Following the completion of the sale, the director now owns 19,430 shares in the company, valued at approximately $3,108,800. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kenneth E. Roberts sold 1,758 shares of Lithia Motors stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $160.60, for a total value of $282,334.80. Following the sale, the director now owns 100,356 shares of the company’s stock, valued at approximately $16,117,173.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,739 shares of company stock worth $16,878,883. 5.21% of the stock is owned by corporate insiders.

A number of equities analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Lithia Motors from $144.00 to $151.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Guggenheim boosted their price target on shares of Lithia Motors from $147.00 to $171.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Craig Hallum boosted their price target on shares of Lithia Motors from $145.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. ValuEngine raised shares of Lithia Motors from a “sell” rating to a “hold” rating in a report on Friday, October 25th. Finally, Bank of America downgraded shares of Lithia Motors from a “neutral” rating to an “underperform” rating in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $135.30.

Shares of LAD opened at $156.55 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.22 and a debt-to-equity ratio of 1.12. The stock has a market cap of $3.73 billion, a P/E ratio of 15.69, a PEG ratio of 1.41 and a beta of 1.13. The company has a 50-day moving average of $155.34 and a two-hundred day moving average of $132.18. Lithia Motors Inc has a 12-month low of $67.90 and a 12-month high of $165.26.

Lithia Motors (NYSE:LAD) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.09 by $0.30. Lithia Motors had a net margin of 2.13% and a return on equity of 20.95%. The business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the business earned $2.83 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts forecast that Lithia Motors Inc will post 11.81 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, November 7th. This represents a $1.20 annualized dividend and a dividend yield of 0.77%. Lithia Motors’s dividend payout ratio is currently 12.02%.

Lithia Motors Company Profile

Lithia Motors, Inc operates automotive franchises, and retails new and used vehicles in the United States. The company operates in three segments: Domestic, Import, and Luxury. It sells new and used cars, replacement parts, vehicle service contracts, vehicle protection products, and credit insurance products; provides vehicle maintenance, warranty, paint, and repair services; and arranges related financing.

Further Reading: What is the Gross Domestic Product (GDP)?

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Institutional Ownership by Quarter for Lithia Motors (NYSE:LAD)

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