The Manufacturers Life Insurance Company lessened its holdings in shares of Group 1 Automotive, Inc. (NYSE:GPI) by 22.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,044,460 shares of the company’s stock after selling 307,272 shares during the quarter. The Manufacturers Life Insurance Company owned 5.45% of Group 1 Automotive worth $67,786,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Vident Investment Advisory LLC raised its stake in Group 1 Automotive by 1.5% during the 2nd quarter. Vident Investment Advisory LLC now owns 44,100 shares of the company’s stock worth $2,778,000 after buying an additional 660 shares during the period. Rhumbline Advisers raised its stake in shares of Group 1 Automotive by 1.5% in the 2nd quarter. Rhumbline Advisers now owns 51,977 shares of the company’s stock valued at $3,275,000 after purchasing an additional 759 shares during the period. Flinton Capital Management LLC raised its stake in shares of Group 1 Automotive by 74.4% in the 2nd quarter. Flinton Capital Management LLC now owns 2,400 shares of the company’s stock valued at $151,000 after purchasing an additional 1,024 shares during the period. Meadow Creek Investment Management LLC raised its stake in shares of Group 1 Automotive by 74.4% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 3,300 shares of the company’s stock valued at $208,000 after purchasing an additional 1,408 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Group 1 Automotive by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 389,327 shares of the company’s stock valued at $24,527,000 after purchasing an additional 1,416 shares during the period. 99.86% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on GPI shares. Zacks Investment Research downgraded Group 1 Automotive from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. TheStreet downgraded Group 1 Automotive from a “b-” rating to a “c+” rating in a research note on Thursday, October 18th. Morgan Stanley raised Group 1 Automotive from an “underweight” rating to an “equal weight” rating and set a $61.00 price target on the stock in a research note on Wednesday, November 14th. Buckingham Research raised Group 1 Automotive from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Monday, October 29th. They noted that the move was a valuation call. Finally, ValuEngine downgraded Group 1 Automotive from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Group 1 Automotive has an average rating of “Hold” and a consensus target price of $77.60.
Group 1 Automotive (NYSE:GPI) last announced its quarterly earnings data on Thursday, October 25th. The company reported $2.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.39 by $0.08. The company had revenue of $2.89 billion during the quarter. Group 1 Automotive had a return on equity of 15.48% and a net margin of 2.05%. On average, analysts expect that Group 1 Automotive, Inc. will post 8.88 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Friday, November 30th. Group 1 Automotive’s payout ratio is 13.45%.
Group 1 Automotive declared that its Board of Directors has authorized a stock buyback plan on Thursday, October 25th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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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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