State Board of Administration of Florida Retirement System trimmed its holdings in shares of Group 1 Automotive, Inc. (NYSE:GPI) by 27.7% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,808 shares of the company’s stock after selling 2,603 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Group 1 Automotive were worth $429,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of Group 1 Automotive by 13.2% during the 1st quarter. BlackRock Inc. now owns 2,949,848 shares of the company’s stock worth $192,744,000 after acquiring an additional 343,818 shares in the last quarter. Abrams Capital Management L.P. grew its stake in shares of Group 1 Automotive by 99.8% during the 1st quarter. Abrams Capital Management L.P. now owns 500,471 shares of the company’s stock worth $32,701,000 after acquiring an additional 250,000 shares in the last quarter. Tyvor Capital LLC bought a new position in shares of Group 1 Automotive during the 2nd quarter worth approximately $7,860,000. Prudential Financial Inc. grew its stake in shares of Group 1 Automotive by 36.9% during the 1st quarter. Prudential Financial Inc. now owns 357,361 shares of the company’s stock worth $23,350,000 after acquiring an additional 96,349 shares in the last quarter. Finally, UBS Group AG grew its stake in shares of Group 1 Automotive by 21.4% during the 1st quarter. UBS Group AG now owns 335,355 shares of the company’s stock worth $21,912,000 after acquiring an additional 59,187 shares in the last quarter. 99.77% of the stock is owned by institutional investors and hedge funds.
In other Group 1 Automotive news, insider Daryl Kenningham sold 2,700 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $77.75, for a total transaction of $209,925.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lincoln Pereira sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $79.45, for a total value of $1,986,250.00. Following the sale, the director now directly owns 67,425 shares of the company’s stock, valued at approximately $5,356,916.25. The disclosure for this sale can be found here. In the last three months, insiders sold 38,200 shares of company stock valued at $3,012,805. 4.95% of the stock is currently owned by insiders.
Several equities analysts have recently weighed in on GPI shares. Zacks Investment Research raised shares of Group 1 Automotive from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a research note on Tuesday, June 12th. ValuEngine raised shares of Group 1 Automotive from a “sell” rating to a “hold” rating in a research note on Thursday, July 5th. Stephens reaffirmed a “hold” rating and set a $95.00 price target on shares of Group 1 Automotive in a research note on Friday, July 27th. Finally, Morgan Stanley raised their price target on shares of Group 1 Automotive from $59.00 to $64.00 and gave the stock a “sell” rating in a research note on Wednesday, August 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Group 1 Automotive has an average rating of “Hold” and an average target price of $82.88.
NYSE GPI opened at $74.89 on Thursday. The company has a market capitalization of $1.53 billion, a PE ratio of 9.08 and a beta of 1.92. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.07 and a quick ratio of 0.26. Group 1 Automotive, Inc. has a 12 month low of $59.72 and a 12 month high of $84.47.
Group 1 Automotive (NYSE:GPI) last released its quarterly earnings data on Thursday, July 26th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.14 by $0.31. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.92 billion. Group 1 Automotive had a return on equity of 15.73% and a net margin of 1.97%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.87 EPS. sell-side analysts forecast that Group 1 Automotive, Inc. will post 8.86 earnings per share for the current year.
Group 1 Automotive announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 16th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 18th. Stockholders of record on Tuesday, September 4th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Friday, August 31st. Group 1 Automotive’s payout ratio is presently 13.45%.
Group 1 Automotive Profile
Group 1 Automotive, Inc, through its subsidiaries, operates in the automotive retail industry. It sells new and used cars, light trucks, and vehicle parts; arranges vehicle financing; sells service and insurance contracts; and provides automotive maintenance and repair services. The company has operations primarily in the metropolitan areas of Alabama, California, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, Oklahoma, South Carolina, and Texas in the United States; 28 towns in the United Kingdom; and in the metropolitan markets of Sao Paulo, Parana, Mato Grosso do Sul, and Santa Catarina, Brazil.
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