Group 1 Automotive, Inc. (NYSE:GPI) Shares Purchased by Verition Fund Management LLC

Verition Fund Management LLC boosted its position in shares of Group 1 Automotive, Inc. (NYSE:GPI) by 3,663.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 55,280 shares of the company’s stock after acquiring an additional 53,811 shares during the quarter. Verition Fund Management LLC owned about 0.42% of Group 1 Automotive worth $21,174,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Captrust Financial Advisors acquired a new position in Group 1 Automotive in the 3rd quarter worth approximately $210,000. Rockefeller Capital Management L.P. acquired a new stake in shares of Group 1 Automotive in the third quarter worth $13,117,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Group 1 Automotive by 4.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,328 shares of the company’s stock worth $1,275,000 after purchasing an additional 137 shares during the last quarter. De Lisle Partners LLP acquired a new position in Group 1 Automotive during the third quarter valued at $5,901,000. Finally, Glenmede Trust Co. NA boosted its holdings in Group 1 Automotive by 33.2% in the third quarter. Glenmede Trust Co. NA now owns 1,059 shares of the company’s stock valued at $406,000 after purchasing an additional 264 shares during the last quarter. 99.92% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Group 1 Automotive

In related news, VP Edward Mckissic sold 79 shares of Group 1 Automotive stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $374.01, for a total transaction of $29,546.79. Following the transaction, the vice president now owns 6,259 shares in the company, valued at approximately $2,340,928.59. This trade represents a 1.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.70% of the stock is owned by insiders.

Group 1 Automotive Stock Down 0.2 %

GPI opened at $426.87 on Friday. The company has a market cap of $5.69 billion, a PE ratio of 11.37 and a beta of 1.33. Group 1 Automotive, Inc. has a twelve month low of $255.73 and a twelve month high of $440.32. The company has a 50-day moving average price of $381.61 and a 200 day moving average price of $345.90. The company has a quick ratio of 0.24, a current ratio of 1.00 and a debt-to-equity ratio of 0.91.

Group 1 Automotive (NYSE:GPI) last released its earnings results on Wednesday, October 30th. The company reported $9.90 earnings per share for the quarter, beating the consensus estimate of $9.87 by $0.03. Group 1 Automotive had a return on equity of 18.49% and a net margin of 2.68%. The business had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the business posted $12.07 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Group 1 Automotive, Inc. will post 38.38 earnings per share for the current fiscal year.

Group 1 Automotive announced that its board has initiated a stock buyback program on Tuesday, November 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 9.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Group 1 Automotive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.88 annualized dividend and a yield of 0.44%. Group 1 Automotive’s dividend payout ratio is presently 5.01%.

Analyst Upgrades and Downgrades

GPI has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on Group 1 Automotive from $420.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Guggenheim upped their price objective on Group 1 Automotive from $420.00 to $442.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Stephens started coverage on shares of Group 1 Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $394.00 target price for the company. StockNews.com raised shares of Group 1 Automotive from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, Morgan Stanley raised shares of Group 1 Automotive from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $285.00 to $430.00 in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $425.20.

About Group 1 Automotive

Group 1 Automotive, Inc, through its subsidiaries, operates in the automotive retail industry in the United States and the United Kingdom. The company sells new and used cars, light trucks, and vehicle parts, as well as service and insurance contracts; arranges related vehicle financing; and offers automotive maintenance and repair services.