Group 1 Automotive, Inc. (NYSE:GPI) Stake Raised by Tabor Asset Management LP

Tabor Asset Management LP boosted its holdings in Group 1 Automotive, Inc. (NYSE:GPI) by 61.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,930 shares of the company’s stock after acquiring an additional 4,180 shares during the quarter. Group 1 Automotive comprises about 2.0% of Tabor Asset Management LP’s investment portfolio, making the stock its 24th biggest holding. Tabor Asset Management LP’s holdings in Group 1 Automotive were worth $4,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its position in Group 1 Automotive by 22.0% in the second quarter. The Manufacturers Life Insurance Company now owns 639,142 shares of the company’s stock worth $190,004,000 after acquiring an additional 115,143 shares in the last quarter. State Street Corp raised its holdings in Group 1 Automotive by 2.1% during the 3rd quarter. State Street Corp now owns 541,766 shares of the company’s stock worth $207,518,000 after buying an additional 10,969 shares during the period. FMR LLC raised its holdings in Group 1 Automotive by 133.0% during the 3rd quarter. FMR LLC now owns 407,930 shares of the company’s stock worth $156,253,000 after buying an additional 232,846 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Group 1 Automotive by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 152,923 shares of the company’s stock worth $58,576,000 after buying an additional 1,735 shares during the period. Finally, Hennessy Advisors Inc. raised its holdings in Group 1 Automotive by 18.1% during the 2nd quarter. Hennessy Advisors Inc. now owns 108,500 shares of the company’s stock worth $32,255,000 after buying an additional 16,600 shares during the period. 99.92% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Edward Mckissic sold 79 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $374.01, for a total value 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 represents a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.70% of the stock is currently owned by corporate insiders.

Group 1 Automotive Price Performance

NYSE GPI opened at $429.00 on Friday. The company has a 50 day simple moving average of $386.42 and a 200-day simple moving average of $349.80. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.00 and a quick ratio of 0.24. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 11.43 and a beta of 1.35. Group 1 Automotive, Inc. has a 52-week low of $255.73 and a 52-week high of $440.32.

Group 1 Automotive (NYSE:GPI) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $9.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.87 by $0.03. Group 1 Automotive had a net margin of 2.68% and a return on equity of 18.49%. The business had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the firm earned $12.07 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. Equities research analysts predict that Group 1 Automotive, Inc. will post 38.37 earnings per share for the current fiscal year.

Group 1 Automotive declared that its board has approved a share repurchase program on Tuesday, November 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 9.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Group 1 Automotive Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Group 1 Automotive Company Profile

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.