Bank of New York Mellon Corp grew its holdings in shares of LKQ Co. (NASDAQ:LKQ) by 0.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,619,800 shares of the auto parts company’s stock after purchasing an additional 9,586 shares during the period. Bank of New York Mellon Corp owned about 0.82% of LKQ worth $83,573,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new stake in shares of LKQ during the 2nd quarter worth approximately $115,000. Assetmark Inc. boosted its position in shares of LKQ by 7,663.0% during the 2nd quarter. Assetmark Inc. now owns 4,192 shares of the auto parts company’s stock worth $134,000 after acquiring an additional 4,138 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of LKQ by 229.9% during the 2nd quarter. Captrust Financial Advisors now owns 4,632 shares of the auto parts company’s stock worth $148,000 after acquiring an additional 3,228 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of LKQ by 119.2% during the 2nd quarter. Macquarie Group Ltd. now owns 5,700 shares of the auto parts company’s stock worth $182,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Signition LP acquired a new stake in shares of LKQ during the 2nd quarter worth approximately $207,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.
LKQ opened at $27.73 on Friday. LKQ Co. has a twelve month low of $25.35 and a twelve month high of $43.86. The company has a quick ratio of 1.04, a current ratio of 2.65 and a debt-to-equity ratio of 0.87. The firm has a market cap of $9.03 billion, a PE ratio of 14.75, a PEG ratio of 0.86 and a beta of 1.27.
LKQ announced that its board has approved a share repurchase program on Thursday, October 25th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the auto parts company to purchase up to 5.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
Several research firms recently issued reports on LKQ. Barrington Research reiterated a “buy” rating and set a $45.00 price target on shares of LKQ in a research report on Thursday, July 26th. Zacks Investment Research raised shares of LKQ from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research note on Tuesday, August 7th. ValuEngine raised shares of LKQ from a “sell” rating to a “hold” rating in a research note on Wednesday, August 29th. BidaskClub downgraded shares of LKQ from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Finally, Raymond James dropped their price objective on shares of LKQ from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, October 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. LKQ currently has a consensus rating of “Buy” and an average price target of $43.25.
In other news, insider Dominick P. Zarcone acquired 2,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The stock was bought at an average cost of $26.55 per share, for a total transaction of $53,100.00. Following the completion of the transaction, the insider now directly owns 259,080 shares in the company, valued at approximately $6,878,574. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Varun Laroyia purchased 1,000 shares of LKQ stock in a transaction on Friday, October 26th. The stock was bought at an average price of $26.50 per share, with a total value of $26,500.00. Following the completion of the acquisition, the vice president now directly owns 75,673 shares of the company’s stock, valued at approximately $2,005,334.50. The disclosure for this purchase can be found here. Corporate insiders own 0.80% of the company’s stock.
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LKQ Corporation, together with its subsidiaries, distributes replacement parts, components, and systems used in the repair and maintenance of vehicles in North America, Europe, and Taiwan. It operates in three segments: North America, Europe, and Specialty. The company distributes bumper covers, automotive body panels, and lights, as well as automotive glass products, such as windshields; salvage products, including mechanical and collision parts comprising engines; transmissions; door assemblies; sheet metal products, such as trunk lids, fenders, and hoods; lights and bumper assemblies; scrap metal and other materials to metals recyclers; and brake pads, discs and sensors, clutches, steering and suspension products, filters, and oil and automotive fluids, as well as electrical products, including spark plugs and batteries.
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