HITE Hedge Asset Management LLC Purchases 17,951 Shares of Group 1 Automotive, Inc. $GPI

Key Points

• HITE Hedge Asset Management LLC increased its stake in Group 1 Automotive by 265.6% in the first quarter, acquiring an additional 17,951 shares for a total holding of 24,710 shares worth approximately $9.44 million.
• Group 1 Automotive reported $11.52 EPS for the last quarter, exceeding analysts' expectations and marking a year-over-year revenue growth of 21.4% to $5.70 billion.
• The company will be paying a quarterly dividend of $0.50 per share, providing an annualized yield of 0.5%, with an upcoming ex-dividend date on September 2nd.

HITE Hedge Asset Management LLC grew its position in shares of Group 1 Automotive, Inc. (NYSE:GPI - Free Report) by 265.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,710 shares of the company's stock after purchasing an additional 17,951 shares during the period. HITE Hedge Asset Management LLC owned about 0.19% of Group 1 Automotive worth $9,438,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Captrust Financial Advisors lifted its position in Group 1 Automotive by 4.2% in the 4th quarter. Captrust Financial Advisors now owns 571 shares of the company's stock worth $241,000 after buying an additional 23 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of 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 during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Group 1 Automotive by 2.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,144 shares of the company's stock valued at $437,000 after purchasing an additional 30 shares in the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Group 1 Automotive by 1.2% in the 1st quarter. SummerHaven Investment Management LLC now owns 2,718 shares of the company's stock valued at $1,038,000 after purchasing an additional 31 shares in the last quarter. Finally, Xponance Inc. grew its holdings in shares of Group 1 Automotive by 2.5% during the 1st quarter. Xponance Inc. now owns 1,302 shares of the company's stock valued at $497,000 after purchasing an additional 32 shares during the last quarter. 99.92% of the stock is currently owned by hedge funds and other institutional investors.

Group 1 Automotive Price Performance

Shares of GPI opened at $442.26 on Monday. Group 1 Automotive, Inc. has a twelve month low of $336.33 and a twelve month high of $490.09. The company has a market capitalization of $5.72 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.10 and a beta of 0.83. The firm has a 50 day moving average of $437.75 and a 200 day moving average of $429.34. The company has a quick ratio of 0.24, a current ratio of 1.05 and a debt-to-equity ratio of 0.97.

Group 1 Automotive (NYSE:GPI - Get Free Report) last announced 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 firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.65 billion. During the same quarter last year, the firm posted $9.82 EPS. The business's quarterly revenue was up 21.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Group 1 Automotive, Inc. will post 41 earnings per share for the current fiscal year.

Group 1 Automotive Announces Dividend

The business also recently announced 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 0.5%. Group 1 Automotive's payout ratio is currently 5.51%.

Wall Street Analyst Weigh In

GPI has been the topic of several analyst reports. Citigroup lifted their price objective on Group 1 Automotive from $463.00 to $495.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Morgan Stanley set a $485.00 price objective on Group 1 Automotive and gave the company an "overweight" rating in a research note on Thursday. Guggenheim lowered shares of Group 1 Automotive from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. Benchmark began coverage on shares of Group 1 Automotive in a report on Tuesday, June 24th. They issued a "hold" rating on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Group 1 Automotive from $415.00 to $425.00 and gave the stock a "neutral" rating in a report on Tuesday, August 5th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $479.43.

Insiders Place Their Bets

In other Group 1 Automotive news, Director Steven Mizell sold 525 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $417.98, for a total value of $219,439.50. Following the transaction, the director owned 8 shares of the company's stock, valued at approximately $3,343.84. This represents a 98.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel James Mchenry sold 3,000 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $441.71, for a total value of $1,325,130.00. Following the sale, the chief financial officer owned 16,674 shares of the company's stock, valued at approximately $7,365,072.54. This represents a 15.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

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.

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