New York State Teachers Retirement System Sells 4,297 Shares of Lithia Motors, Inc. $LAD

New York State Teachers Retirement System cut its stake in Lithia Motors, Inc. (NYSE:LAD) by 12.7% in the first quarter, HoldingsChannel reports. The fund owned 29,446 shares of the company’s stock after selling 4,297 shares during the period. New York State Teachers Retirement System’s holdings in Lithia Motors were worth $7,353,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of LAD. Clearstead Advisors LLC grew its stake in shares of Lithia Motors by 111.4% during the fourth quarter. Clearstead Advisors LLC now owns 93 shares of the company’s stock valued at $31,000 after purchasing an additional 49 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Lithia Motors in the fourth quarter valued at approximately $34,000. Quarry LP raised its position in Lithia Motors by 101.9% in the 4th quarter. Quarry LP now owns 109 shares of the company’s stock worth $36,000 after purchasing an additional 55 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Lithia Motors during the 4th quarter worth $38,000. Finally, eCIO Inc. acquired a new position in Lithia Motors during the 4th quarter worth $42,000.

Insider Activity

In other Lithia Motors news, Director Richard J. Bailey, Jr. sold 297 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $280.57, for a total value of $83,329.29. Following the transaction, the director owned 760 shares of the company’s stock, valued at approximately $213,233.20. This represents a 28.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Shauna Mcintyre sold 245 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $294.64, for a total value of $72,186.80. Following the transaction, the director owned 1,846 shares in the company, valued at approximately $543,905.44. This trade represents a 11.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 782 shares of company stock worth $229,572 in the last three months. Insiders own 1.08% of the company’s stock.

Lithia Motors Trading Up 0.4%

LAD stock traded up $1.28 during midday trading on Tuesday, reaching $310.30. The company’s stock had a trading volume of 30,400 shares, compared to its average volume of 313,005. The business’s 50-day simple moving average is $289.90 and its 200-day simple moving average is $295.22. The company has a quick ratio of 0.24, a current ratio of 0.99 and a debt-to-equity ratio of 1.41. Lithia Motors, Inc. has a 52 week low of $239.78 and a 52 week high of $360.55. The stock has a market cap of $7.08 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 0.67 and a beta of 1.26.

Lithia Motors (NYSE:LAD) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $7.34 earnings per share for the quarter, beating analysts’ consensus estimates of $7.06 by $0.28. The company had revenue of $9.27 billion for the quarter, compared to the consensus estimate of $9.22 billion. Lithia Motors had a return on equity of 12.49% and a net margin of 1.88%.The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $7.66 EPS. As a group, sell-side analysts expect that Lithia Motors, Inc. will post 34.37 EPS for the current year.

Lithia Motors declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 26th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Lithia Motors Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a $0.57 dividend. This is a boost from Lithia Motors’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Friday, May 8th. Lithia Motors’s dividend payout ratio is currently 8.01%.

Analyst Ratings Changes

LAD has been the subject of several research reports. Wall Street Zen cut Lithia Motors from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Bank of America cut their price target on Lithia Motors from $335.00 to $320.00 in a research note on Monday, April 13th. Wells Fargo & Company raised their price target on Lithia Motors from $305.00 to $306.00 and gave the company an “equal weight” rating in a report on Monday. UBS Group assumed coverage on Lithia Motors in a research report on Wednesday, May 27th. They issued a “buy” rating and a $348.00 price objective for the company. Finally, Zacks Research raised Lithia Motors from a “strong sell” rating to a “hold” rating in a report on Thursday, April 23rd. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $368.22.

Lithia Motors Company Profile

Lithia Motors, Inc is an American automotive retailer headquartered in Medford, Oregon. Founded in 1946 as a small auto body and glass shop, the company has grown through organic expansion and strategic acquisitions to become one of the largest automotive retail networks in North America. Lithia operates dealerships across the United States and Canada, offering a broad portfolio of new and pre-owned vehicles from more than 40 different manufacturers.

The company’s core business activities include vehicle sales, financing, insurance, parts and service.