Essex Financial Services Inc. Makes New Investment in Lithia Motors, Inc. (NYSE:LAD)

Essex Financial Services Inc. purchased a new position in shares of Lithia Motors, Inc. (NYSE:LAD) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 589 shares of the company’s stock, valued at approximately $211,000.

Other large investors also recently modified their holdings of the company. Versor Investments LP grew its holdings in Lithia Motors by 7.0% in the third quarter. Versor Investments LP now owns 856 shares of the company’s stock worth $272,000 after purchasing an additional 56 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Lithia Motors by 17.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 259,916 shares of the company’s stock valued at $82,560,000 after buying an additional 37,677 shares during the period. Capstone Investment Advisors LLC bought a new stake in Lithia Motors in the 3rd quarter valued at about $731,000. Wealth Enhancement Advisory Services LLC acquired a new position in Lithia Motors during the 3rd quarter worth approximately $248,000. Finally, Franklin Resources Inc. boosted its holdings in Lithia Motors by 2.4% in the third quarter. Franklin Resources Inc. now owns 95,899 shares of the company’s stock worth $29,585,000 after acquiring an additional 2,261 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LAD. Wells Fargo & Company upped their target price on Lithia Motors from $346.00 to $397.00 and gave the stock an “equal weight” rating in a research report on Thursday. Benchmark began coverage on shares of Lithia Motors in a research report on Wednesday, January 8th. They set a “buy” rating and a $400.00 target price for the company. Guggenheim raised their price target on shares of Lithia Motors from $380.00 to $418.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Stephens increased their price objective on Lithia Motors from $360.00 to $405.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. cut their target price on Lithia Motors from $405.00 to $400.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $362.50.

Lithia Motors Price Performance

LAD opened at $380.41 on Friday. Lithia Motors, Inc. has a fifty-two week low of $243.00 and a fifty-two week high of $405.67. The firm has a 50-day moving average of $363.40 and a 200 day moving average of $334.89. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.27 and a current ratio of 1.18. The firm has a market cap of $10.13 billion, a P/E ratio of 12.98, a PEG ratio of 4.90 and a beta of 1.67.

Lithia Motors (NYSE:LAD) last released its earnings results on Wednesday, February 12th. The company reported $7.79 earnings per share for the quarter, beating analysts’ consensus estimates of $7.33 by $0.46. Lithia Motors had a net margin of 2.31% and a return on equity of 12.95%. On average, research analysts expect that Lithia Motors, Inc. will post 29.23 EPS for the current year.

Lithia Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.56%. Lithia Motors’s dividend payout ratio is presently 7.24%.

Insider Transactions at Lithia Motors

In other news, COO Adam Chamberlain sold 403 shares of Lithia Motors stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $384.28, for a total value of $154,864.84. Following the completion of the transaction, the chief operating officer now owns 2,605 shares in the company, valued at $1,001,049.40. This trade represents a 13.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gary M. Glandon sold 242 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $382.86, for a total transaction of $92,652.12. Following the sale, the insider now owns 1,729 shares in the company, valued at $661,964.94. The trade was a 12.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,339 shares of company stock worth $7,997,621. 1.79% of the stock is owned by company insiders.

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.