Mirae Asset Global Investments Co. Ltd. Invests $1.14 Million in LKQ Co. (LKQ) Stock
Mirae Asset Global Investments Co. Ltd. bought a new position in LKQ Co. (NASDAQ:LKQ) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,859 shares of the auto parts company’s stock, valued at approximately $1,135,000.
A number of other institutional investors have also recently made changes to their positions in LKQ. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of LKQ by 2,700.0% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 4,200 shares of the auto parts company’s stock valued at $133,000 after acquiring an additional 4,050 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of LKQ by 229.9% during the second quarter. Captrust Financial Advisors now owns 4,632 shares of the auto parts company’s stock valued at $148,000 after acquiring an additional 3,228 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of LKQ by 119.2% during the second quarter. Macquarie Group Ltd. now owns 5,700 shares of the auto parts company’s stock valued at $182,000 after acquiring an additional 3,100 shares in the last quarter. Cerebellum GP LLC acquired a new position in shares of LKQ during the third quarter valued at about $186,000. Finally, Exane Asset Management acquired a new position in shares of LKQ during the second quarter valued at about $216,000. Institutional investors and hedge funds own 90.09% of the company’s stock.
Shares of NASDAQ LKQ opened at $24.60 on Friday. The company has a market capitalization of $7.83 billion, a P/E ratio of 13.09, a PEG ratio of 0.74 and a beta of 1.28. LKQ Co. has a 52 week low of $24.46 and a 52 week high of $43.86. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.04 and a current ratio of 2.65.
LKQ announced that its board has approved a stock buyback program on Thursday, October 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire up to 5.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, VP Varun Laroyia acquired 1,000 shares of the stock in a transaction on Friday, October 26th. The shares were acquired at an average price of $26.50 per share, for a total transaction of $26,500.00. Following the transaction, the vice president now owns 75,673 shares in the company, valued at approximately $2,005,334.50. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Dominick P. Zarcone acquired 2,000 shares of the stock in a transaction on Friday, October 26th. The stock was bought at an average price of $26.55 per share, for a total transaction of $53,100.00. Following the transaction, the insider now owns 259,080 shares in the company, valued at approximately $6,878,574. The disclosure for this purchase can be found here. 0.80% of the stock is owned by corporate insiders.
Several equities analysts have recently issued reports on the stock. Raymond James cut their price objective on shares of LKQ from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, October 10th. Barrington Research restated a “buy” rating on shares of LKQ in a report on Friday. Zacks Investment Research downgraded shares of LKQ from a “hold” rating to a “sell” rating in a report on Monday, November 19th. ValuEngine downgraded shares of LKQ from a “hold” rating to a “sell” rating in a report on Thursday, August 23rd. Finally, TheStreet lowered LKQ from a “b-” rating to a “c+” rating in a research report on Tuesday, October 23rd. Three analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $43.14.
LKQ Company Profile
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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