BlackRock Inc. Lowers Position in Group 1 Automotive, Inc. (NYSE:GPI)

Posted by on Mar 10th, 2023

BlackRock Inc. decreased its holdings in shares of Group 1 Automotive, Inc. (NYSE:GPI – Get Rating) by 7.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,603,233 shares of the company’s stock after selling 203,223 shares during the period. BlackRock Inc. owned 17.85% of Group 1 Automotive worth $371,922,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in Group 1 Automotive by 1.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,308,378 shares of the company’s stock worth $186,928,000 after buying an additional 12,792 shares during the period. Goldman Sachs Group Inc. boosted its position in Group 1 Automotive by 68.0% during the first quarter. Goldman Sachs Group Inc. now owns 621,455 shares of the company’s stock valued at $104,299,000 after purchasing an additional 251,565 shares in the last quarter. Macquarie Group Ltd. grew its stake in Group 1 Automotive by 0.6% in the second quarter. Macquarie Group Ltd. now owns 448,752 shares of the company’s stock valued at $76,198,000 after purchasing an additional 2,592 shares during the last quarter. Lakewood Capital Management LP raised its holdings in Group 1 Automotive by 0.9% in the third quarter. Lakewood Capital Management LP now owns 331,726 shares of the company’s stock worth $47,394,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Eminence Capital LP lifted its position in shares of Group 1 Automotive by 43.3% during the second quarter. Eminence Capital LP now owns 296,405 shares of the company’s stock valued at $50,330,000 after buying an additional 89,602 shares during the last quarter. Institutional investors own 97.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GPI shares. JPMorgan Chase & Co. raised their target price on shares of Group 1 Automotive from $220.00 to $230.00 and gave the company an “overweight” rating in a research note on Tuesday, February 21st. StockNews.com upgraded Group 1 Automotive from a “hold” rating to a “buy” rating in a research note on Friday, February 3rd. Morgan Stanley decreased their price objective on shares of Group 1 Automotive from $142.00 to $134.00 and set an “underweight” rating for the company in a research report on Tuesday, January 17th. Finally, Stephens boosted their target price on shares of Group 1 Automotive from $275.00 to $290.00 in a research report on Thursday, January 26th.

Insider Buying and Selling

In other Group 1 Automotive news, VP Darryl M. Burman sold 2,500 shares of Group 1 Automotive stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $205.50, for a total transaction of $513,750.00. Following the completion of the sale, the vice president now directly owns 19,945 shares in the company, valued at approximately $4,098,697.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Group 1 Automotive news, Director Lincoln Pereira sold 27,100 shares of the company’s stock in a transaction on Monday, January 30th. The shares were sold at an average price of $208.19, for a total value of $5,641,949.00. Following the sale, the director now directly owns 117,367 shares of the company’s stock, valued at $24,434,635.73. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Darryl M. Burman sold 2,500 shares of Group 1 Automotive stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $205.50, for a total value of $513,750.00. Following the transaction, the vice president now owns 19,945 shares of the company’s stock, valued at approximately $4,098,697.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,600 shares of company stock worth $7,091,904. 3.80% of the stock is owned by company insiders.

Group 1 Automotive Stock Performance

Shares of GPI opened at $226.62 on Friday. The stock has a 50-day moving average of $211.63 and a two-hundred day moving average of $186.45. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.33 and a current ratio of 1.03. The stock has a market cap of $3.22 billion, a P/E ratio of 4.82, a P/E/G ratio of 1.99 and a beta of 1.48. Group 1 Automotive, Inc. has a one year low of $136.16 and a one year high of $242.68.

Group 1 Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st will be given a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $1.80 dividend on an annualized basis and a yield of 0.79%. This is a positive change from Group 1 Automotive’s previous quarterly dividend of $0.39. Group 1 Automotive’s dividend payout ratio is currently 3.83%.

About Group 1 Automotive

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Group 1 Automotive, Inc engages in the automotive retailing industry. The firm operates through the following geographical segments: U.S, the UK, and Brazil. It also sells new and used cars and light trucks, arranges related vehicle financing, sells service contracts, provides automotive maintenance and repair services, and sells vehicle parts.

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Institutional Ownership by Quarter for Group 1 Automotive (NYSE:GPI)

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