Seven Eight Capital LP bought a new stake in Group 1 Automotive, Inc. (NYSE:GPI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,500 shares of the company’s stock, valued at approximately $617,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in GPI. Tyvor Capital LLC purchased a new stake in shares of Group 1 Automotive in the second quarter valued at $7,860,000. Canada Pension Plan Investment Board purchased a new stake in shares of Group 1 Automotive in the second quarter valued at $3,081,000. Foundry Partners LLC raised its stake in shares of Group 1 Automotive by 122.0% in the second quarter. Foundry Partners LLC now owns 78,971 shares of the company’s stock valued at $4,975,000 after acquiring an additional 43,395 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Group 1 Automotive by 590.7% in the second quarter. BNP Paribas Arbitrage SA now owns 48,349 shares of the company’s stock valued at $3,046,000 after acquiring an additional 41,349 shares during the period. Finally, Towle & Co. raised its stake in shares of Group 1 Automotive by 9.1% in the second quarter. Towle & Co. now owns 387,099 shares of the company’s stock valued at $24,387,000 after acquiring an additional 32,330 shares during the period. 99.86% of the stock is currently owned by institutional investors and hedge funds.
GPI stock opened at $57.55 on Friday. The stock has a market capitalization of $1.15 billion, a P/E ratio of 7.45, a P/E/G ratio of 4.02 and a beta of 1.95. Group 1 Automotive, Inc. has a 12 month low of $52.41 and a 12 month high of $84.47. The company has a current ratio of 1.03, a quick ratio of 0.26 and a debt-to-equity ratio of 0.77.
Group 1 Automotive declared that its board has approved a share repurchase plan on Thursday, October 25th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 9.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
Several research firms recently commented on GPI. Zacks Investment Research downgraded shares of Group 1 Automotive from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. TheStreet downgraded shares of Group 1 Automotive from a “b-” rating to a “c+” rating in a research note on Thursday, October 18th. ValuEngine raised shares of Group 1 Automotive from a “sell” rating to a “hold” rating in a research note on Thursday, July 5th. Finally, Stephens raised shares of Group 1 Automotive from an “equal weight” rating to an “overweight” rating and set a $95.00 price target on the stock in a research note on Monday, August 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $84.33.
In other Group 1 Automotive news, insider Frank Grese sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $76.98, for a total transaction of $384,900.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lincoln Pereira sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $79.45, for a total transaction of $1,986,250.00. Following the transaction, the director now directly owns 67,425 shares in the company, valued at approximately $5,356,916.25. The disclosure for this sale can be found here. Insiders sold a total of 38,200 shares of company stock worth $3,012,805 in the last ninety days. 4.95% of the stock is currently owned by insiders.
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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