State Treasurer State of Michigan lifted its position in LKQ Co. (NASDAQ:LKQ) by 3.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 94,752 shares of the auto parts company’s stock after acquiring an additional 3,100 shares during the quarter. State Treasurer State of Michigan’s holdings in LKQ were worth $3,001,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Northern Trust Corp raised its position in shares of LKQ by 2.5% in the 2nd quarter. Northern Trust Corp now owns 3,526,926 shares of the auto parts company’s stock worth $112,509,000 after acquiring an additional 85,952 shares in the last quarter. North Run Capital LP bought a new position in shares of LKQ in the 2nd quarter worth approximately $10,687,000. Marshall Wace LLP bought a new position in shares of LKQ in the 2nd quarter worth approximately $1,429,000. Bank of New York Mellon Corp raised its position in shares of LKQ by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,619,800 shares of the auto parts company’s stock worth $83,573,000 after acquiring an additional 9,586 shares in the last quarter. Finally, Davy Asset Management Ltd bought a new position in shares of LKQ in the 2nd quarter worth approximately $644,000. 89.46% of the stock is owned by hedge funds and other institutional investors.
LKQ stock opened at $26.68 on Wednesday. The company has a current ratio of 2.65, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $8.39 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.80 and a beta of 1.19. LKQ Co. has a twelve month low of $25.35 and a twelve month high of $43.86.
LKQ announced that its Board of Directors has approved a stock repurchase plan on Thursday, October 25th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the auto parts company to repurchase up to 5.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
In other LKQ news, VP Varun Laroyia bought 1,000 shares of the business’s stock in a transaction on Friday, October 26th. The shares were acquired at an average cost of $26.50 per share, for a total transaction of $26,500.00. Following the purchase, the vice president now owns 75,673 shares in the company, valued at approximately $2,005,334.50. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dominick P. Zarcone bought 2,000 shares of the business’s stock in a transaction on Friday, October 26th. The shares were acquired at an average price of $26.55 per share, for a total transaction of $53,100.00. Following the completion of the purchase, 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. Company insiders own 0.80% of the company’s stock.
LKQ has been the subject of several research reports. Zacks Investment Research raised LKQ from a “hold” rating to a “strong-buy” rating and set a $37.00 target price for the company in a research report on Friday, July 6th. ValuEngine raised LKQ from a “sell” rating to a “hold” rating in a research report on Sunday, July 8th. BidaskClub raised LKQ from a “hold” rating to a “buy” rating in a research report on Wednesday, July 11th. Finally, Barrington Research reissued a “buy” rating and issued a $45.00 target price on shares of LKQ in a research report on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $43.25.
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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