Convergence Investment Partners LLC Reduces Position in Group 1 Automotive, Inc. (GPI)
Convergence Investment Partners LLC decreased its position in shares of Group 1 Automotive, Inc. (NYSE:GPI) by 65.1% during the second quarter, Holdings Channel reports. The firm owned 10,962 shares of the company’s stock after selling 20,431 shares during the period. Convergence Investment Partners LLC’s holdings in Group 1 Automotive were worth $694,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of GPI. Acrospire Investment Management LLC raised its stake in shares of Group 1 Automotive by 1,300.0% in the first quarter. Acrospire Investment Management LLC now owns 1,400 shares of the company’s stock worth $104,000 after buying an additional 1,300 shares during the period. Victory Capital Management Inc. bought a new stake in shares of Group 1 Automotive during the first quarter worth about $113,000. Ameritas Investment Partners Inc. bought a new stake in shares of Group 1 Automotive during the first quarter worth about $133,000. Russell Investments Group Ltd. bought a new stake in shares of Group 1 Automotive during the fourth quarter worth about $145,000. Finally, State of Alaska Department of Revenue raised its stake in shares of Group 1 Automotive by 2.3% in the first quarter. State of Alaska Department of Revenue now owns 2,200 shares of the company’s stock worth $162,000 after buying an additional 50 shares during the period. 97.52% of the stock is owned by institutional investors.
Shares of Group 1 Automotive, Inc. (NYSE:GPI) opened at 55.34 on Thursday. The company has a 50 day moving average of $60.36 and a 200 day moving average of $67.46. Group 1 Automotive, Inc. has a 1-year low of $54.15 and a 1-year high of $83.18. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 8.51 and a beta of 1.62.
Group 1 Automotive (NYSE:GPI) last released its earnings results on Thursday, July 27th. The company reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by $0.12. The business had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.70 billion. Group 1 Automotive had a net margin of 1.26% and a return on equity of 15.73%. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period last year, the business posted $2.16 EPS. On average, equities analysts forecast that Group 1 Automotive, Inc. will post $7.09 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Wednesday, August 30th. Group 1 Automotive’s dividend payout ratio (DPR) is currently 14.75%.
Group 1 Automotive announced that its Board of Directors has approved a share repurchase plan on Friday, May 12th that permits the company to repurchase $75.00 million in shares. This repurchase authorization permits the company to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several equities research analysts recently issued reports on GPI shares. ValuEngine lowered shares of Group 1 Automotive from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Zacks Investment Research lowered shares of Group 1 Automotive from a “buy” rating to a “hold” rating in a research note on Wednesday, April 26th. BidaskClub raised shares of Group 1 Automotive from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and issued a $66.00 price objective (down previously from $75.00) on shares of Group 1 Automotive in a research note on Monday, July 17th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $68.50.
About Group 1 Automotive
Group 1 Automotive, Inc is an operator in the automotive retail industry. The Company, through its dealerships, sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services, and sells vehicle parts.
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