Millennium Management LLC Has $9.01 Million Stake in Lithia Motors Inc (LAD)

Millennium Management LLC lifted its holdings in shares of Lithia Motors Inc (NYSE:LAD) by 222.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 95,295 shares of the company’s stock after acquiring an additional 65,784 shares during the quarter. Millennium Management LLC owned 0.39% of Lithia Motors worth $9,012,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Macquarie Group Ltd. purchased a new stake in shares of Lithia Motors during the second quarter worth about $2,085,000. Point72 Hong Kong Ltd increased its position in shares of Lithia Motors by 293.9% during the second quarter. Point72 Hong Kong Ltd now owns 2,265 shares of the company’s stock worth $214,000 after acquiring an additional 1,690 shares during the last quarter. Raymond James & Associates increased its position in shares of Lithia Motors by 124.2% during the second quarter. Raymond James & Associates now owns 35,464 shares of the company’s stock worth $3,354,000 after acquiring an additional 19,649 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of Lithia Motors by 11.1% during the second quarter. OppenheimerFunds Inc. now owns 64,725 shares of the company’s stock worth $6,121,000 after acquiring an additional 6,443 shares during the last quarter. Finally, Abrams Capital Management L.P. purchased a new stake in shares of Lithia Motors during the second quarter worth about $98,384,000.

LAD has been the subject of several research analyst reports. Morgan Stanley raised Lithia Motors to a “buy” rating in a report on Tuesday, July 10th. ValuEngine lowered Lithia Motors from a “hold” rating to a “sell” rating in a report on Friday, June 29th. Zacks Investment Research lowered Lithia Motors from a “buy” rating to a “hold” rating in a report on Thursday, July 12th. Stephens lowered Lithia Motors from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 25th. Finally, Craig Hallum lowered their price objective on Lithia Motors from $120.00 to $94.00 and set a “buy” rating for the company in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $111.50.

In related news, insider Chris Holzshu bought 1,250 shares of the stock in a transaction dated Friday, July 27th. The stock was bought at an average cost of $82.23 per share, with a total value of $102,787.50. Following the completion of the acquisition, the insider now owns 35,862 shares of the company’s stock, valued at $2,948,932.26. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John F. North bought 1,175 shares of the stock in a transaction dated Monday, July 30th. The shares were bought at an average cost of $84.91 per share, with a total value of $99,769.25. Following the completion of the acquisition, the insider now directly owns 15,481 shares of the company’s stock, valued at approximately $1,314,491.71. The disclosure for this purchase can be found here. 5.95% of the stock is currently owned by corporate insiders.

Shares of Lithia Motors stock opened at $78.11 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.20 and a quick ratio of 0.23. The stock has a market capitalization of $1.98 billion, a P/E ratio of 9.31, a PEG ratio of 0.70 and a beta of 1.55. Lithia Motors Inc has a fifty-two week low of $74.88 and a fifty-two week high of $127.99.

Lithia Motors (NYSE:LAD) last announced its quarterly earnings data on Wednesday, July 25th. The company reported $2.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.94 by ($0.42). The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.06 billion. Lithia Motors had a net margin of 2.28% and a return on equity of 20.30%. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.28 earnings per share. Equities research analysts anticipate that Lithia Motors Inc will post 9.5 earnings per share for the current fiscal year.

About Lithia Motors

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.

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

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