Group 1 Automotive, Inc. $GPI Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in Group 1 Automotive by 4.8%, now owning approximately 4.37% of the company worth $216 million.
• Several institutional investors, including Nuveen LLC and Wellington Management Group LLP, have significantly increased their stakes in Group 1 Automotive during the first quarter of the year.
• Group 1 Automotive declared a quarterly dividend of $0.50 per share, representing an annualized yield of 0.4%, which will be paid to shareholders on September 16th.

The Manufacturers Life Insurance Company reduced its stake in Group 1 Automotive, Inc. (NYSE:GPI - Free Report) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 565,609 shares of the company's stock after selling 28,398 shares during the period. The Manufacturers Life Insurance Company owned 4.37% of Group 1 Automotive worth $216,034,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Elequin Capital LP bought a new position in Group 1 Automotive in the 1st quarter worth about $29,000. Bessemer Group Inc. grew its stake in Group 1 Automotive by 60.3% in the 1st quarter. Bessemer Group Inc. now owns 109 shares of the company's stock worth $41,000 after acquiring an additional 41 shares in the last quarter. Fifth Third Bancorp grew its stake in Group 1 Automotive by 24.8% in the 1st quarter. Fifth Third Bancorp now owns 146 shares of the company's stock worth $56,000 after acquiring an additional 29 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Group 1 Automotive in the 1st quarter worth approximately $87,000. Finally, GAMMA Investing LLC lifted its position in shares of Group 1 Automotive by 95.9% in the 1st quarter. GAMMA Investing LLC now owns 237 shares of the company's stock worth $91,000 after purchasing an additional 116 shares during the period. 99.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GPI has been the subject of several research reports. Morgan Stanley upped their price target on shares of Group 1 Automotive from $470.00 to $485.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Zacks Research cut shares of Group 1 Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. JPMorgan Chase & Co. upped their price target on shares of Group 1 Automotive from $415.00 to $425.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Citigroup upped their price target on shares of Group 1 Automotive from $463.00 to $495.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Guggenheim cut shares of Group 1 Automotive from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Group 1 Automotive currently has a consensus rating of "Hold" and a consensus target price of $479.43.

Insider Buying and Selling at Group 1 Automotive

In other Group 1 Automotive news, CFO Daniel James Mchenry sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $441.71, for a total transaction of $1,325,130.00. Following the transaction, the chief financial officer owned 16,674 shares in the company, valued at approximately $7,365,072.54. This represents a 15.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lincoln Pereira sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $469.34, for a total transaction of $3,285,380.00. Following the transaction, the director owned 82,967 shares in the company, valued at $38,939,731.78. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,525 shares of company stock worth $4,829,950. 2.10% of the stock is owned by corporate insiders.

Group 1 Automotive Stock Performance

Group 1 Automotive stock traded up $4.87 during mid-day trading on Wednesday, reaching $472.14. 76,332 shares of the company traded hands, compared to its average volume of 165,352. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.05 and a quick ratio of 0.24. Group 1 Automotive, Inc. has a fifty-two week low of $336.33 and a fifty-two week high of $490.09. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 1.15 and a beta of 0.86. The firm's fifty day moving average is $443.36 and its two-hundred day moving average is $429.09.

Group 1 Automotive (NYSE:GPI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $11.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.31 by $1.21. Group 1 Automotive had a net margin of 2.18% and a return on equity of 18.10%. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same quarter in the prior year, the business posted $9.82 EPS. Group 1 Automotive's revenue for the quarter was up 21.4% compared to the same quarter last year. On average, equities research analysts expect that Group 1 Automotive, Inc. will post 41 earnings per share for the current fiscal year.

Group 1 Automotive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $2.00 dividend on an annualized basis and a yield of 0.4%. Group 1 Automotive's dividend payout ratio is presently 5.51%.

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.