Patton Albertson Miller Group LLC Acquires Shares of 560 Group 1 Automotive, Inc. (NYSE:GPI)

27 Nov 2024, 11:22 by Sarita Garza · The Markets Daily

Patton Albertson Miller Group LLC acquired a new position in Group 1 Automotive, Inc. (NYSE:GPI – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 560 shares of the company’s stock, valued at approximately $215,000.

Several other large investors also recently made changes to their positions in GPI. The Manufacturers Life Insurance Company lifted its position in Group 1 Automotive by 22.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 639,142 shares of the company’s stock worth $190,004,000 after buying an additional 115,143 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Group 1 Automotive by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 152,923 shares of the company’s stock worth $58,576,000 after acquiring an additional 1,735 shares during the last quarter. Hennessy Advisors Inc. lifted its position in shares of Group 1 Automotive by 18.1% during the second quarter. Hennessy Advisors Inc. now owns 108,500 shares of the company’s stock worth $32,255,000 after purchasing an additional 16,600 shares in the last quarter. Shellback Capital LP grew its stake in shares of Group 1 Automotive by 27.1% during the second quarter. Shellback Capital LP now owns 95,302 shares of the company’s stock valued at $28,331,000 after purchasing an additional 20,302 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Group 1 Automotive by 596.3% in the third quarter. Thrivent Financial for Lutherans now owns 76,384 shares of the company’s stock valued at $29,259,000 after purchasing an additional 65,414 shares in the last quarter. Institutional investors own 99.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on Group 1 Automotive from $420.00 to $425.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Morgan Stanley raised Group 1 Automotive from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $285.00 to $430.00 in a research note on Wednesday, September 25th. Guggenheim raised their price target on Group 1 Automotive from $420.00 to $442.00 and gave the company a “buy” rating in a report on Thursday, November 21st. StockNews.com raised Group 1 Automotive from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Stephens started coverage on shares of Group 1 Automotive in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $394.00 target price on the stock. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $425.20.

Get Our Latest Research Report on GPI

Group 1 Automotive Stock Down 0.2 %

NYSE:GPI opened at $432.45 on Wednesday. The company has a quick ratio of 0.24, a current ratio of 1.00 and a debt-to-equity ratio of 0.91. Group 1 Automotive, Inc. has a 12-month low of $255.73 and a 12-month high of $440.32. The stock’s fifty day simple moving average is $378.88 and its 200-day simple moving average is $343.82. The firm has a market capitalization of $5.76 billion, a P/E ratio of 11.52 and a beta of 1.33.

Group 1 Automotive (NYSE:GPI – Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $9.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.87 by $0.03. The firm had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Group 1 Automotive had a return on equity of 18.49% and a net margin of 2.68%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $12.07 earnings per share. Equities research analysts expect that Group 1 Automotive, Inc. will post 38.38 earnings per share for the current year.

Group 1 Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 0.43%. The ex-dividend date is Monday, December 2nd. Group 1 Automotive’s payout ratio is presently 5.01%.

Group 1 Automotive announced that its Board of Directors has initiated a stock repurchase program on Tuesday, November 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 9.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, VP Edward Mckissic sold 79 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $374.01, for a total value of $29,546.79. Following the completion of the sale, the vice president now owns 6,259 shares in the company, valued at $2,340,928.59. This represents a 1.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.70% of the company’s stock.

Group 1 Automotive Profile

(Free Report)

Group 1 Automotive, Inc, through its subsidiaries, operates in the automotive retail industry in the United States and the United Kingdom. The company sells new and used cars, light trucks, and vehicle parts, as well as service and insurance contracts; arranges related vehicle financing; and offers automotive maintenance and repair services.