Municipal Employees Retirement System of Michigan acquired a new stake in Group 1 Automotive, Inc. (NYSE:GPI) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,740 shares of the company’s stock, valued at approximately $777,000. Municipal Employees Retirement System of Michigan owned 0.08% of Group 1 Automotive at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of GPI. Bank of New York Mellon Corp grew its position in Group 1 Automotive by 6.8% during the fourth quarter. Bank of New York Mellon Corp now owns 421,274 shares of the company’s stock valued at $22,209,000 after buying an additional 26,898 shares during the period. BlueMountain Capital Management LLC increased its position in shares of Group 1 Automotive by 294.6% during the third quarter. BlueMountain Capital Management LLC now owns 7,422 shares of the company’s stock worth $482,000 after acquiring an additional 5,541 shares during the last quarter. Investment Counselors of Maryland LLC increased its position in shares of Group 1 Automotive by 100.8% during the fourth quarter. Investment Counselors of Maryland LLC now owns 371,162 shares of the company’s stock worth $19,568,000 after acquiring an additional 186,312 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Group 1 Automotive by 8.9% during the fourth quarter. Prudential Financial Inc. now owns 302,535 shares of the company’s stock worth $15,949,000 after acquiring an additional 24,643 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Group 1 Automotive during the third quarter worth about $14,704,000. Institutional investors and hedge funds own 99.93% of the company’s stock.
A number of analysts have recently issued reports on the company. Zacks Investment Research raised Group 1 Automotive from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a research report on Tuesday, April 16th. Morgan Stanley lifted their target price on Group 1 Automotive from $55.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. ValuEngine upgraded Group 1 Automotive from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Goldman Sachs Group upgraded Group 1 Automotive from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $67.00 to $77.00 in a research note on Monday, March 4th. Finally, JPMorgan Chase & Co. started coverage on Group 1 Automotive in a research note on Tuesday, February 19th. They issued an “overweight” rating and a $77.00 price target for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Group 1 Automotive has a consensus rating of “Buy” and a consensus price target of $77.33.
Group 1 Automotive (NYSE:GPI) last issued its earnings results on Tuesday, February 5th. The company reported $2.31 EPS for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.03. Group 1 Automotive had a return on equity of 15.31% and a net margin of 1.36%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same period in the previous year, the firm posted $2.11 earnings per share. Group 1 Automotive’s quarterly revenue was down .7% compared to the same quarter last year. Analysts expect that Group 1 Automotive, Inc. will post 9.24 EPS for the current fiscal year.
Group 1 Automotive announced that its board has authorized a share buyback plan on Thursday, February 21st that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
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Group 1 Automotive Company Profile
Group 1 Automotive, Inc, through its subsidiaries, operates in the automotive retail industry. The company sells new and used cars, light trucks, and vehicle parts, as well as service insurance contracts; arranges related vehicle financing; and offers automotive maintenance and repair services. It has operations primarily in the metropolitan areas in Alabama, California, Florida, Georgia, Kansas, Louisiana, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, Oklahoma, South Carolina, and Texas in the United States; 32 towns in the United Kingdom; and metropolitan markets in the states of Sao Paulo, Parana, Mato Grosso do Sul, and Santa Catarina, Brazil.
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