First Trust Advisors LP Purchases 4,414 Shares of Group 1 Automotive, Inc. (GPI)
First Trust Advisors LP lifted its position in shares of Group 1 Automotive, Inc. (NYSE:GPI) by 13.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,322 shares of the company’s stock after buying an additional 4,414 shares during the quarter. First Trust Advisors LP owned approximately 0.18% of Group 1 Automotive worth $2,351,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. James Investment Research Inc. grew its position in shares of Group 1 Automotive by 7.0% during the 2nd quarter. James Investment Research Inc. now owns 42,790 shares of the company’s stock worth $2,696,000 after buying an additional 2,795 shares in the last quarter. Smith Graham & Co. Investment Advisors LP grew its position in shares of Group 1 Automotive by 10.0% during the 2nd quarter. Smith Graham & Co. Investment Advisors LP now owns 137,638 shares of the company’s stock worth $8,671,000 after buying an additional 12,480 shares in the last quarter. OppenheimerFunds Inc. grew its position in shares of Group 1 Automotive by 0.6% during the 1st quarter. OppenheimerFunds Inc. now owns 608,094 shares of the company’s stock worth $39,732,000 after buying an additional 3,467 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Group 1 Automotive by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 158,974 shares of the company’s stock worth $10,387,000 after buying an additional 1,586 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd grew its position in shares of Group 1 Automotive by 745.3% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 3,711 shares of the company’s stock worth $242,000 after buying an additional 3,272 shares in the last quarter. 99.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE GPI opened at $72.81 on Monday. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.07 and a quick ratio of 0.26. The firm has a market cap of $1.45 billion, a P/E ratio of 9.42 and a beta of 1.92. Group 1 Automotive, Inc. has a 1-year low of $59.72 and a 1-year high of $84.47.
Group 1 Automotive announced that its board has approved a share repurchase plan on Wednesday, May 16th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 18th. Investors of record on Tuesday, September 4th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, August 31st. Group 1 Automotive’s dividend payout ratio (DPR) is currently 13.45%.
In related news, Director Lincoln Pereira sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $79.45, for a total transaction of $1,986,250.00. Following the completion of the sale, the director now directly owns 67,425 shares in the company, valued at approximately $5,356,916.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Darryl M. Burman sold 1,500 shares of the company’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $79.82, for a total value of $119,730.00. Following the sale, the vice president now owns 62,978 shares of the company’s stock, valued at $5,026,903.96. The disclosure for this sale can be found here. Insiders have sold a total of 38,200 shares of company stock valued at $3,012,805 over the last 90 days. 4.95% of the stock is currently owned by company insiders.
A number of research firms have recently issued reports on GPI. Zacks Investment Research raised Group 1 Automotive from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, June 20th. Morgan Stanley increased their price target on Group 1 Automotive from $59.00 to $64.00 and gave the stock a “sell” rating in a research report on Wednesday, August 15th. Stephens reissued a “hold” rating and set a $95.00 price target on shares of Group 1 Automotive in a research report on Friday, July 27th. Finally, ValuEngine downgraded Group 1 Automotive from a “hold” rating to a “sell” rating in a research report on Thursday, July 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Group 1 Automotive currently has a consensus rating of “Hold” and an average price target of $85.14.
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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