196,358 Shares in Group 1 Automotive, Inc. $GPI Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 196,358 shares of Group 1 Automotive in the second quarter, worth approximately $57.2 million, giving it a 1.65% stake. Institutional investors collectively own 99.92% of the company.
• Group 1 Automotive’s latest quarter fell short of expectations: EPS was $9.61 versus the $10.60 consensus, while revenue declined 5.6% year over year to $5.39 billion. Shares opened at $264.62, near their 52-week low of $249.54.
• The company declared a quarterly dividend of $0.55 per share, or $2.20 annualized, representing a 0.8% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $392.44.

The Manufacturers Life Insurance Company bought a new stake in shares of Group 1 Automotive, Inc. (NYSE:GPI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 196,358 shares of the company's stock, valued at approximately $57,174,000. The Manufacturers Life Insurance Company owned 1.65% of Group 1 Automotive at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Torren Management LLC purchased a new position in shares of Group 1 Automotive during the 4th quarter worth $43,000. Johnson Financial Group Inc. bought a new stake in shares of Group 1 Automotive during the 3rd quarter valued at $55,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Group 1 Automotive in the 4th quarter worth $57,000. Global Retirement Partners LLC increased its stake in shares of Group 1 Automotive by 78.5% in the 4th quarter. Global Retirement Partners LLC now owns 191 shares of the company's stock worth $75,000 after purchasing an additional 84 shares in the last quarter. Finally, Allworth Financial LP bought a new position in Group 1 Automotive in the 2nd quarter worth $75,000. 99.92% of the stock is owned by hedge funds and other institutional investors.

Group 1 Automotive Trading Up 2.0%

Shares of GPI stock opened at $264.62 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.25 and a current ratio of 1.02. The stock has a fifty day simple moving average of $295.34 and a two-hundred day simple moving average of $316.80. The firm has a market capitalization of $3.15 billion, a PE ratio of 11.02, a PEG ratio of 0.78 and a beta of 0.82. Group 1 Automotive, Inc. has a 52-week low of $249.54 and a 52-week high of $488.39.

Group 1 Automotive (NYSE:GPI - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $9.61 EPS for the quarter, missing the consensus estimate of $10.60 by ($0.99). The business had revenue of $5.39 billion during the quarter, compared to analysts' expectations of $5.66 billion. Group 1 Automotive had a net margin of 1.31% and a return on equity of 15.66%. Group 1 Automotive's revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.82 earnings per share. On average, analysts predict that Group 1 Automotive, Inc. will post 38.96 EPS for the current fiscal year.

Group 1 Automotive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.20 dividend on an annualized basis and a yield of 0.8%. Group 1 Automotive's payout ratio is currently 9.16%.

Analysts Set New Price Targets

Several analysts have issued reports on GPI shares. JPMorgan Chase & Co. lowered Group 1 Automotive from an "overweight" rating to a "neutral" rating and cut their price target for the company from $380.00 to $320.00 in a report on Friday, July 31st. UBS Group lowered their price objective on Group 1 Automotive from $338.00 to $330.00 and set a "neutral" rating on the stock in a research report on Friday, July 10th. Barclays cut their price objective on Group 1 Automotive from $435.00 to $365.00 and set an "overweight" rating for the company in a research note on Wednesday, August 19th. Citigroup increased their target price on shares of Group 1 Automotive from $420.00 to $462.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Finally, Weiss Ratings downgraded shares of Group 1 Automotive from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, August 17th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $392.44.

Group 1 Automotive Profile

Group 1 Automotive, Inc NYSE: GPI is an international automotive retailer headquartered in Houston, Texas. The company operates an extensive network of franchised dealerships, offering new and pre-owned vehicles from leading domestic and import manufacturers. In addition to vehicle sales, Group 1 Automotive provides a full complement of aftersales services, including finance and insurance products, parts distribution, collision repair centers and vehicle maintenance.

Founded in 1997, Group 1 Automotive has grown through both organic expansion and strategic acquisitions to establish a presence across the United States, the United Kingdom and Brazil.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source