Group 1 Automotive, Inc. (NYSE:GPI)’s share price rose 11.7% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $79.59 and last traded at $78.73. Approximately 1,193,074 shares traded hands during trading, an increase of 330% from the average daily volume of 277,420 shares. The stock had previously closed at $70.47.
The company reported $2.23 EPS for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.50. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.80 billion. Group 1 Automotive had a net margin of 1.26% and a return on equity of 15.73%. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company posted $1.96 earnings per share.
GPI has been the topic of a number of research reports. Goldman Sachs Group, Inc. (The) raised shares of Group 1 Automotive from a “sell” rating to a “neutral” rating and raised their target price for the stock from $56.00 to $67.00 in a research report on Thursday, September 7th. Zacks Investment Research raised shares of Group 1 Automotive from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. KeyCorp reaffirmed a “hold” rating on shares of Group 1 Automotive in a research report on Wednesday, October 4th. ValuEngine lowered shares of Group 1 Automotive from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Stephens reaffirmed an “equal weight” rating and set a $87.00 target price (up from $83.00) on shares of Group 1 Automotive in a research report on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $73.80.
In other news, CFO John C. Rickel sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $66.99, for a total transaction of $669,900.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 6.08% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GPI. BlackRock Inc. boosted its stake in shares of Group 1 Automotive by 47,561.6% during the first quarter. BlackRock Inc. now owns 2,537,979 shares of the company’s stock valued at $188,015,000 after purchasing an additional 2,532,654 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Group 1 Automotive by 25.5% during the first quarter. Vanguard Group Inc. now owns 2,153,519 shares of the company’s stock valued at $159,532,000 after purchasing an additional 437,387 shares in the last quarter. Crescent Grove Advisors LLC bought a new position in shares of Group 1 Automotive during the second quarter valued at approximately $21,536,000. The Manufacturers Life Insurance Company boosted its stake in shares of Group 1 Automotive by 19.6% during the second quarter. The Manufacturers Life Insurance Company now owns 1,802,293 shares of the company’s stock valued at $114,122,000 after purchasing an additional 295,967 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Group 1 Automotive by 25.9% during the second quarter. Northern Trust Corp now owns 765,256 shares of the company’s stock valued at $48,456,000 after purchasing an additional 157,223 shares in the last quarter. Hedge funds and other institutional investors own 97.67% of the company’s stock.
The stock’s 50-day moving average price is $69.19 and its 200-day moving average price is $63.75. The firm has a market cap of $1.58 billion, a PE ratio of 12.10 and a beta of 1.63.
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About Group 1 Automotive
Group 1 Automotive, Inc is an operator in the automotive retail industry. The Company, through its dealerships, sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services, and sells vehicle parts.
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