Mitsubishi UFJ Trust & Banking Corp lowered its position in shares of LKQ Co. (NASDAQ:LKQ) by 61.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 237,607 shares of the auto parts company’s stock after selling 386,165 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.07% of LKQ worth $7,525,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of LKQ. Piedmont Investment Advisors LLC purchased a new position in LKQ during the second quarter worth about $115,000. Daiwa Securities Group Inc. raised its stake in LKQ by 19.3% during the second quarter. Daiwa Securities Group Inc. now owns 11,418 shares of the auto parts company’s stock worth $364,000 after purchasing an additional 1,850 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in LKQ by 7.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,065,636 shares of the auto parts company’s stock worth $33,994,000 after purchasing an additional 73,388 shares during the period. Assetmark Inc. raised its stake in LKQ by 7,663.0% during the second quarter. Assetmark Inc. now owns 4,192 shares of the auto parts company’s stock worth $134,000 after purchasing an additional 4,138 shares during the period. Finally, Chevy Chase Trust Holdings Inc. raised its stake in LKQ by 3.4% during the second quarter. Chevy Chase Trust Holdings Inc. now owns 458,168 shares of the auto parts company’s stock worth $14,615,000 after purchasing an additional 14,936 shares during the period. Institutional investors and hedge funds own 90.09% of the company’s stock.
LKQ stock opened at $25.63 on Friday. The company has a market capitalization of $8.39 billion, a PE ratio of 12.38, a P/E/G ratio of 0.80 and a beta of 1.28. LKQ Co. has a 1 year low of $25.35 and a 1 year high of $43.86. The company has a current ratio of 2.65, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87.
LKQ declared that its Board of Directors has authorized a share repurchase plan on Thursday, October 25th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the auto parts company to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have commented on the stock. Zacks Investment Research raised shares of LKQ from a “sell” rating to a “hold” rating in a research note on Wednesday. Raymond James reduced their target price on shares of LKQ from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, October 10th. ValuEngine downgraded shares of LKQ from a “hold” rating to a “sell” rating in a research note on Tuesday, September 11th. BidaskClub downgraded shares of LKQ from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Finally, Barrington Research reissued a “buy” rating and issued a $45.00 price target on shares of LKQ in a research note on Monday, October 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $43.25.
In other LKQ news, VP Varun Laroyia acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average price of $26.50 per share, for a total transaction of $26,500.00. Following the completion of the acquisition, the vice president now owns 75,673 shares of the company’s stock, valued at approximately $2,005,334.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dominick P. Zarcone acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average price of $26.55 per share, with a total value of $53,100.00. Following the acquisition, the insider now directly owns 259,080 shares of the company’s stock, valued at approximately $6,878,574. The disclosure for this purchase can be found here. 0.80% of the stock is currently owned by insiders.
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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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