Group 1 Automotive (NYSE:GPI) Major Shareholder Conifer Management, L.L.C. Buys 45,000 Shares of Company Stock

Key Points

• Conifer Management purchased 45,000 Group 1 Automotive shares at an average price of $240.52, investing approximately $10.8 million and increasing its ownership by 2.35% to 1.96 million shares.
• The purchase follows a series of sizable acquisitions by Conifer, which has bought hundreds of thousands of additional shares since September, signaling continued accumulation by the major shareholder.
• Group 1 Automotive shares traded near $244.25, while the company’s latest quarterly results missed analyst expectations; analysts maintain a consensus “Hold” rating with an average price target of $341.67.

Group 1 Automotive, Inc. (NYSE:GPI - Get Free Report) major shareholder Conifer Management, L.L.C. acquired 45,000 shares of the company's stock in a transaction dated Thursday, October 22nd. The shares were acquired at an average cost of $240.52 per share, with a total value of $10,823,400.00. Following the completion of the purchase, the insider owned 1,957,290 shares in the company, valued at approximately $470,767,390.80. This represents a 2.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Conifer Management, L.L.C. also recently made the following trade(s):

• On Monday, October 26th, Conifer Management, L.L.C. acquired 20,471 shares of Group 1 Automotive stock. The shares were bought at an average cost of $246.14 per share, with a total value of $5,038,731.94.
• On Friday, October 23rd, Conifer Management, L.L.C. bought 34,529 shares of Group 1 Automotive stock. The stock was purchased at an average cost of $242.41 per share, for a total transaction of $8,370,174.89.
• On Monday, September 28th, Conifer Management, L.L.C. purchased 133,472 shares of Group 1 Automotive stock. The stock was acquired at an average price of $243.58 per share, for a total transaction of $32,511,109.76.
• On Wednesday, September 30th, Conifer Management, L.L.C. acquired 71,592 shares of Group 1 Automotive stock. The shares were acquired at an average price of $242.03 per share, with a total value of $17,327,411.76.
• On Tuesday, September 29th, Conifer Management, L.L.C. bought 68,648 shares of Group 1 Automotive stock. The stock was acquired at an average cost of $239.48 per share, for a total transaction of $16,439,823.04.
• On Friday, September 25th, Conifer Management, L.L.C. acquired 50,532 shares of Group 1 Automotive stock. The stock was bought at an average cost of $252.06 per share, for a total transaction of $12,737,095.92.
• On Thursday, September 24th, Conifer Management, L.L.C. bought 75,756 shares of Group 1 Automotive stock. The shares were purchased at an average cost of $248.00 per share, for a total transaction of $18,787,488.00.
• On Friday, September 18th, Conifer Management, L.L.C. bought 37,650 shares of Group 1 Automotive stock. The stock was purchased at an average price of $249.88 per share, with a total value of $9,407,982.00.
• On Thursday, September 17th, Conifer Management, L.L.C. purchased 28,000 shares of Group 1 Automotive stock. The shares were purchased at an average cost of $266.06 per share, with a total value of $7,449,680.00.
• On Thursday, September 10th, Conifer Management, L.L.C. purchased 36,647 shares of Group 1 Automotive stock. The shares were purchased at an average cost of $280.86 per share, for a total transaction of $10,292,676.42.

Group 1 Automotive Stock Down 0.3%

Group 1 Automotive stock traded down $0.72 during midday trading on Monday, hitting $244.25. 235,954 shares of the stock were exchanged, compared to its average volume of 262,904. Group 1 Automotive, Inc. has a 1 year low of $224.65 and a 1 year high of $429.00. The firm has a market cap of $2.91 billion, a P/E ratio of 10.17, a P/E/G ratio of 1.50 and a beta of 0.92. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.02 and a quick ratio of 0.25. The company has a 50 day moving average price of $254.89 and a two-hundred day moving average price of $310.29.

Group 1 Automotive (NYSE:GPI - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $9.61 earnings per share for the quarter, missing analysts' consensus estimates of $10.60 by ($0.99). Group 1 Automotive had a net margin of 1.31% and a return on equity of 15.66%. The firm had revenue of $5.39 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the previous year, the company earned $10.82 earnings per share. The business's quarterly revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts predict that Group 1 Automotive, Inc. will post 37.68 earnings per share for the current fiscal year.

Group 1 Automotive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.55 per share. The ex-dividend date was Tuesday, September 1st. This represents a $2.20 annualized dividend and a yield of 0.9%. Group 1 Automotive's payout ratio is currently 9.16%.

Analysts Set New Price Targets

GPI has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Group 1 Automotive from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, August 17th. KeyCorp set a $425.00 price target on shares of Group 1 Automotive in a research note on Wednesday, October 7th. Seaport Research Partners set a $420.00 price target on shares of Group 1 Automotive in a report on Monday, August 3rd. Zacks Research downgraded shares of Group 1 Automotive from a "hold" rating to a "strong sell" rating in a research note on Monday, August 10th. Finally, DA Davidson set a $425.00 price objective on shares of Group 1 Automotive in a report on Friday, July 10th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Group 1 Automotive has a consensus rating of "Hold" and an average price target of $341.67.

Hedge Funds Weigh In On Group 1 Automotive

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Group 1 Automotive during the second quarter valued at $593,420,000. Conifer Management L.L.C. bought a new position in Group 1 Automotive during the 2nd quarter worth $281,561,390. Dimensional Fund Advisors LP increased its holdings in shares of Group 1 Automotive by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 688,416 shares of the company's stock worth $227,612,000 after acquiring an additional 10,100 shares during the period. Lakewood Capital Management LP bought a new stake in Group 1 Automotive in the 2nd quarter valued at about $72,098,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Group 1 Automotive in the 2nd quarter valued at about $57,174,000. 99.92% of the stock is currently owned by institutional investors.

About Group 1 Automotive

Group 1 Automotive, Inc is an international automotive retailer headquartered in Houston, Texas. The company operates dealerships that sell new and used automobiles and light trucks from a broad range of manufacturers.

In addition to vehicle sales, Group 1 Automotive provides automotive financing and insurance products, vehicle maintenance and repair, collision services, replacement parts, and other related services. Its dealerships also market vehicles through digital retailing platforms.

Founded in 1997, Group 1 Automotive serves customers through a network of dealerships and automotive service locations in the United States, the United Kingdom, and Brazil.

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