Group 1 Automotive (NYSE:GPI) Major Shareholder Conifer Management, L.L.C. Purchases 36,647 Shares of Stock

Key Points

• Conifer Management increased its Group 1 Automotive stake by purchasing 36,647 shares at an average $280.86, investing approximately $10.3 million. The major shareholder now owns 1.45 million shares valued at roughly $406.3 million, following several additional purchases earlier in September.
• Group 1 Automotive shares fell 1.3% to $278.24, while the company’s latest quarterly results missed analyst expectations. Earnings were $9.61 per share versus estimates of $10.60, and revenue declined 5.6% year over year to $5.39 billion.
• The company declared a quarterly dividend of $0.55 per share, equivalent to an annualized $2.20 payout and a 0.8% yield. Analysts’ consensus rating is “Hold,” with an average price target of $373.38.

Group 1 Automotive, Inc. (NYSE:GPI - Get Free Report) major shareholder Conifer Management, L.L.C. bought 36,647 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The shares were bought at an average price of $280.86 per share, for a total transaction of $10,292,676.42. Following the completion of the acquisition, the insider owned 1,446,640 shares in the company, valued at approximately $406,303,310.40. This trade represents a 2.60% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% 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 Wednesday, September 9th, Conifer Management, L.L.C. purchased 47,353 shares of Group 1 Automotive stock. The stock was bought at an average price of $282.48 per share, with a total value of $13,376,275.44.
• On Friday, September 4th, Conifer Management, L.L.C. acquired 57,159 shares of Group 1 Automotive stock. The shares were purchased at an average price of $300.15 per share, for a total transaction of $17,156,273.85.
• On Thursday, September 3rd, Conifer Management, L.L.C. bought 83,121 shares of Group 1 Automotive stock. The shares were purchased at an average cost of $282.63 per share, for a total transaction of $23,492,488.23.
• On Wednesday, September 2nd, Conifer Management, L.L.C. bought 26,561 shares of Group 1 Automotive stock. The stock was purchased at an average price of $276.03 per share, with a total value of $7,331,632.83.
• On Tuesday, September 1st, Conifer Management, L.L.C. purchased 3,539 shares of Group 1 Automotive stock. The shares were purchased at an average cost of $269.66 per share, with a total value of $954,326.74.

Group 1 Automotive Stock Down 1.3%

Group 1 Automotive stock traded down $3.60 during midday trading on Friday, hitting $278.24. 121,142 shares of the stock were exchanged, compared to its average volume of 189,817. Group 1 Automotive, Inc. has a 1 year low of $249.54 and a 1 year high of $485.57. 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 firm has a market cap of $3.32 billion, a P/E ratio of 11.59, a P/E/G ratio of 0.87 and a beta of 0.82. The company has a 50 day moving average price of $289.22 and a two-hundred day moving average price of $311.88.

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). The firm 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%. The business's quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $10.82 earnings per share. On average, sell-side analysts predict that Group 1 Automotive, Inc. will post 38.96 earnings per share 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 dividend payout ratio is currently 9.16%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Seaport Research Partners set a $420.00 price objective on Group 1 Automotive in a report on Monday, August 3rd. Barclays reduced their target price 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. UBS Group dropped their price target on shares of Group 1 Automotive from $338.00 to $330.00 and set a "neutral" rating for the company in a research note on Friday, July 10th. Benchmark reaffirmed a "buy" rating on shares of Group 1 Automotive in a report on Friday, July 10th. Finally, DA Davidson set a $425.00 price objective on shares of Group 1 Automotive in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $373.38.

Hedge Funds Weigh In On Group 1 Automotive

Several large investors have recently added to or reduced their stakes in GPI. NewEdge Advisors LLC increased its position in Group 1 Automotive by 6.1% in the 2nd quarter. NewEdge Advisors LLC now owns 471 shares of the company's stock valued at $206,000 after acquiring an additional 27 shares in the last quarter. Lido Advisors LLC grew its stake in shares of Group 1 Automotive by 3.4% during the fourth quarter. Lido Advisors LLC now owns 935 shares of the company's stock valued at $399,000 after purchasing an additional 31 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of Group 1 Automotive by 3.3% during the second quarter. Evergreen Capital Management LLC now owns 1,156 shares of the company's stock valued at $505,000 after purchasing an additional 37 shares during the last quarter. Corient Private Wealth LP boosted its holdings in Group 1 Automotive by 6.2% in the second quarter. Corient Private Wealth LP now owns 702 shares of the company's stock valued at $204,000 after acquiring an additional 41 shares during the last quarter. Finally, State of Wyoming increased its position in Group 1 Automotive by 28.2% in the fourth quarter. State of Wyoming now owns 191 shares of the company's stock worth $75,000 after purchasing an additional 42 shares during the period. 99.92% of the stock is currently owned by institutional investors.

About Group 1 Automotive

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.