Zacks Research Has Bullish Forecast for GPI FY2024 Earnings

Group 1 Automotive, Inc. (NYSE:GPI - Free Report) - Research analysts at Zacks Research increased their FY2024 earnings per share estimates for Group 1 Automotive in a report issued on Wednesday, November 13th. Zacks Research analyst L. Shahu now anticipates that the company will post earnings per share of $38.50 for the year, up from their previous forecast of $38.27. The consensus estimate for Group 1 Automotive's current full-year earnings is $38.60 per share. Zacks Research also issued estimates for Group 1 Automotive's Q4 2024 earnings at $9.31 EPS, Q1 2025 earnings at $9.61 EPS, Q2 2025 earnings at $10.25 EPS, Q4 2025 earnings at $9.90 EPS and FY2026 earnings at $41.99 EPS.

Group 1 Automotive (NYSE:GPI - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $9.90 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the company posted $12.07 EPS. Group 1 Automotive's revenue for the quarter was up 11.0% on a year-over-year basis.

Other research analysts also recently issued reports about the company. Bank of America cut their price objective on Group 1 Automotive from $445.00 to $435.00 and set a "buy" rating on the stock in a research note on Monday, July 22nd. Morgan Stanley upgraded Group 1 Automotive from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $285.00 to $430.00 in a report on Wednesday, September 25th. StockNews.com raised Group 1 Automotive from a "sell" rating to a "hold" rating in a research note on Friday, November 8th. JPMorgan Chase & Co. raised their price target on Group 1 Automotive from $420.00 to $425.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 5th. Finally, Stephens initiated coverage on Group 1 Automotive in a research report on Thursday, September 12th. They issued an "equal weight" rating and a $394.00 target price on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Group 1 Automotive presently has an average rating of "Moderate Buy" and a consensus target price of $397.80.

Group 1 Automotive Trading Up 0.9 %

Shares of NYSE:GPI traded up $3.85 during midday trading on Friday, reaching $414.81. The company had a trading volume of 101,362 shares, compared to its average volume of 134,893. Group 1 Automotive has a 1-year low of $255.73 and a 1-year high of $422.28. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.33. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.24 and a current ratio of 1.00. The company has a fifty day simple moving average of $371.84 and a two-hundred day simple moving average of $338.39.

Group 1 Automotive announced that its Board of Directors has authorized a share buyback program on Tuesday, November 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 9.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.

Group 1 Automotive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 0.45%. The ex-dividend date is Monday, December 2nd. Group 1 Automotive's dividend payout ratio (DPR) is presently 5.01%.

Insider Activity

In related news, VP Edward Mckissic sold 79 shares of the company's stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $374.01, for a total value of $29,546.79. Following the completion of the transaction, the vice president now directly owns 6,259 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Group 1 Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the company. Assetmark Inc. raised its stake in 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 in the last quarter. Arizona State Retirement System raised its stake in Group 1 Automotive by 0.9% in the second quarter. Arizona State Retirement System now owns 3,832 shares of the company's stock worth $1,139,000 after buying an additional 33 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Group 1 Automotive by 17.1% in the second quarter. EverSource Wealth Advisors LLC now owns 267 shares of the company's stock worth $79,000 after buying an additional 39 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Group 1 Automotive by 20.0% in the third quarter. Nomura Asset Management Co. Ltd. now owns 264 shares of the company's stock worth $101,000 after buying an additional 44 shares in the last quarter. Finally, SummerHaven Investment Management LLC raised its stake in Group 1 Automotive by 1.7% in the second quarter. SummerHaven Investment Management LLC now owns 2,854 shares of the company's stock worth $848,000 after buying an additional 49 shares in the last quarter. 99.92% of the stock is owned by institutional investors.

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.