Readystate Asset Management LP Takes $607,000 Position in Group 1 Automotive, Inc. (NYSE:GPI)

Readystate Asset Management LP acquired a new stake in Group 1 Automotive, Inc. (NYSE:GPI - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,585 shares of the company's stock, valued at approximately $607,000.

Other hedge funds have also modified their holdings of the company. Assetmark Inc. boosted its stake in shares of Group 1 Automotive by 51.9% in the third quarter. Assetmark Inc. now owns 82 shares of the company's stock worth $31,000 after buying an additional 28 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Group 1 Automotive in the third quarter worth about $36,000. Avior Wealth Management LLC purchased a new stake in shares of Group 1 Automotive in the third quarter worth about $46,000. Hexagon Capital Partners LLC boosted its stake in shares of Group 1 Automotive by 53.7% in the second quarter. Hexagon Capital Partners LLC now owns 146 shares of the company's stock worth $43,000 after buying an additional 51 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Group 1 Automotive in the second quarter worth about $48,000. 99.92% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Edward Mckissic sold 79 shares of Group 1 Automotive stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $374.01, for a total value of $29,546.79. Following the completion of the sale, the vice president now directly owns 6,259 shares of the company's stock, valued at approximately $2,340,928.59. The trade was a 1.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.

Group 1 Automotive Price Performance

Shares of NYSE GPI traded up $2.15 during midday trading on Friday, hitting $430.55. The stock had a trading volume of 80,534 shares, compared to its average volume of 134,744. The company has a market capitalization of $5.73 billion, a PE ratio of 11.47 and a beta of 1.35. The stock has a 50 day simple moving average of $387.31 and a 200-day simple moving average of $350.63. Group 1 Automotive, Inc. has a 1 year low of $255.73 and a 1 year high of $440.32. The company has a quick ratio of 0.24, a current ratio of 1.00 and a debt-to-equity ratio of 0.91.

Group 1 Automotive (NYSE:GPI - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $9.90 earnings per share for the quarter, beating the consensus estimate of $9.87 by $0.03. Group 1 Automotive had a return on equity of 18.49% and a net margin of 2.68%. The business had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the business posted $12.07 earnings per share. The business's quarterly revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts expect that Group 1 Automotive, Inc. will post 38.37 EPS for the current fiscal year.

Group 1 Automotive announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 9.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Group 1 Automotive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, December 2nd. This represents a $1.88 annualized dividend and a yield of 0.44%. Group 1 Automotive's dividend payout ratio (DPR) is 5.01%.

Analyst Ratings Changes

A number of brokerages have recently commented on GPI. JPMorgan Chase & Co. upped their target price on Group 1 Automotive from $420.00 to $425.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Morgan Stanley upgraded Group 1 Automotive from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $285.00 to $430.00 in a research report on Wednesday, September 25th. Guggenheim increased their price target on Group 1 Automotive from $420.00 to $442.00 and gave the stock a "buy" rating in a research report on Thursday, November 21st. Stephens started coverage on Group 1 Automotive in a research report on Thursday, September 12th. They set an "equal weight" rating and a $394.00 price target on the stock. Finally, StockNews.com upgraded Group 1 Automotive from a "sell" rating to a "hold" rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $425.20.

Group 1 Automotive Company Profile

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.