The Manufacturers Life Insurance Company lowered its position in Group 1 Automotive (NYSE:GPI) by 2.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,687,106 shares of the company’s stock after selling 42,600 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Group 1 Automotive worth $110,236,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in Group 1 Automotive in the 4th quarter worth $119,000. Amalgamated Bank acquired a new position in Group 1 Automotive in the 4th quarter worth $203,000. MANA Advisors LLC acquired a new position in Group 1 Automotive in the 4th quarter worth $213,000. Cornerstone Capital Management Holdings LLC. acquired a new position in Group 1 Automotive in the 4th quarter worth $248,000. Finally, Ellington Management Group LLC acquired a new position in Group 1 Automotive in the 4th quarter worth $284,000.
A number of equities analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of Group 1 Automotive from $53.00 to $62.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 14th. Zacks Investment Research upgraded shares of Group 1 Automotive from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a research note on Tuesday. Buckingham Research downgraded shares of Group 1 Automotive from a “buy” rating to a “neutral” rating in a research note on Tuesday, March 20th. ValuEngine downgraded shares of Group 1 Automotive from a “buy” rating to a “hold” rating in a research note on Tuesday, March 20th. Finally, Stephens restated a “hold” rating and set a $86.00 price objective on shares of Group 1 Automotive in a research note on Wednesday, March 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Group 1 Automotive currently has a consensus rating of “Hold” and an average target price of $82.00.
Group 1 Automotive (NYSE:GPI) last posted its quarterly earnings data on Thursday, April 26th. The company reported $1.70 EPS for the quarter, topping the Zacks’ consensus estimate of $1.54 by $0.16. Group 1 Automotive had a net margin of 1.86% and a return on equity of 15.47%. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the business posted $1.53 EPS. The company’s quarterly revenue was up 13.5% on a year-over-year basis. sell-side analysts expect that Group 1 Automotive will post 8.61 earnings per share for the current fiscal year.
Group 1 Automotive announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 16th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be paid a $0.26 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $1.04 annualized dividend and a yield of 1.45%. Group 1 Automotive’s dividend payout ratio (DPR) is currently 13.45%.
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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