Cinctive Capital Management LP Cuts Stake in Group 1 Automotive, Inc. (NYSE:GPI)

Cinctive Capital Management LP lowered its holdings in shares of Group 1 Automotive, Inc. (NYSE:GPI) by 74.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 7,579 shares of the company’s stock after selling 21,895 shares during the period. Cinctive Capital Management LP owned about 0.06% of Group 1 Automotive worth $2,903,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Assetmark Inc. lifted its stake in shares of Group 1 Automotive by 51.9% in the 3rd quarter. Assetmark Inc. now owns 82 shares of the company’s stock valued at $31,000 after acquiring an additional 28 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in Group 1 Automotive in the third quarter valued at approximately $36,000. Avior Wealth Management LLC purchased a new stake in shares of Group 1 Automotive during the third quarter valued at approximately $46,000. Hexagon Capital Partners LLC grew its holdings 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 purchasing an additional 51 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Group 1 Automotive in the second quarter worth $48,000. Hedge funds and other institutional investors own 99.92% of the company’s stock.

Group 1 Automotive Price Performance

GPI stock opened at $428.13 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.00 and a quick ratio of 0.24. Group 1 Automotive, Inc. has a 1 year low of $255.73 and a 1 year high of $440.32. The firm has a 50-day moving average of $383.39 and a 200 day moving average of $347.81. The company has a market cap of $5.70 billion, a P/E ratio of 11.41 and a beta of 1.35.

Group 1 Automotive (NYSE:GPI) last announced its earnings results on Wednesday, October 30th. The company reported $9.90 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the company earned $12.07 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts forecast that Group 1 Automotive, Inc. will post 38.37 EPS for the current year.

Group 1 Automotive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Monday, December 2nd. Group 1 Automotive’s dividend payout ratio is currently 5.01%.

Group 1 Automotive announced that its Board of Directors has approved a share repurchase program on Tuesday, November 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 9.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GPI shares. Guggenheim increased their price target on shares of Group 1 Automotive from $420.00 to $442.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. StockNews.com upgraded shares of Group 1 Automotive from a “sell” rating to a “hold” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised 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 raised Group 1 Automotive from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $285.00 to $430.00 in a research report on Wednesday, September 25th. Finally, Stephens started coverage on Group 1 Automotive in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $394.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Group 1 Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $425.20.

Insider Activity

In related news, VP Edward Mckissic sold 79 shares of Group 1 Automotive stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $374.01, for a total transaction of $29,546.79. Following the completion of the transaction, the vice president now directly owns 6,259 shares of the company’s stock, valued at $2,340,928.59. This trade represents a 1.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.70% of the company’s stock.

About Group 1 Automotive

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.