Bank of New York Mellon Corp Cuts Position in Group 1 Automotive, Inc. $GPI

Bank of New York Mellon Corp cut its position in Group 1 Automotive, Inc. (NYSE:GPI) by 12.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,672 shares of the company’s stock after selling 12,648 shares during the quarter. Bank of New York Mellon Corp’s holdings in Group 1 Automotive were worth $30,309,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its position in Group 1 Automotive by 366,770.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 25,431,464 shares of the company’s stock valued at $10,002,195,000 after acquiring an additional 25,424,532 shares in the last quarter. Norges Bank acquired a new position in shares of Group 1 Automotive in the fourth quarter worth $98,125,000. Franklin Resources Inc. grew its stake in shares of Group 1 Automotive by 968.8% in the third quarter. Franklin Resources Inc. now owns 84,412 shares of the company’s stock worth $36,931,000 after acquiring an additional 76,514 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Group 1 Automotive by 2,053.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 51,972 shares of the company’s stock worth $20,403,000 after acquiring an additional 49,559 shares during the period. Finally, Man Group plc purchased a new stake in shares of Group 1 Automotive during the second quarter worth $17,959,000. Hedge funds and other institutional investors own 99.92% of the company’s stock.

Group 1 Automotive Price Performance

GPI stock opened at $331.14 on Monday. The company has a market capitalization of $3.94 billion, a P/E ratio of 12.64, a PEG ratio of 0.88 and a beta of 0.83. Group 1 Automotive, Inc. has a twelve month low of $279.10 and a twelve month high of $488.39. The business has a 50 day simple moving average of $312.66 and a 200-day simple moving average of $333.48. The company has a current ratio of 0.95, a quick ratio of 0.21 and a debt-to-equity ratio of 1.00.

Group 1 Automotive (NYSE:GPI) last announced its earnings results on Thursday, April 30th. The company reported $8.66 EPS for the quarter, missing analysts’ consensus estimates of $8.82 by ($0.16). The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.42 billion. Group 1 Automotive had a net margin of 1.46% and a return on equity of 16.63%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.17 earnings per share. As a group, equities analysts anticipate that Group 1 Automotive, Inc. will post 41.57 EPS for the current year.

Group 1 Automotive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.55 dividend. The ex-dividend date was Monday, June 1st. This represents a $2.20 dividend on an annualized basis and a yield of 0.7%. Group 1 Automotive’s payout ratio is currently 8.40%.

Analyst Ratings Changes

A number of research analysts recently issued reports on GPI shares. Benchmark reiterated a “buy” rating on shares of Group 1 Automotive in a report on Friday, July 10th. JPMorgan Chase & Co. decreased their price target on shares of Group 1 Automotive from $390.00 to $380.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Group 1 Automotive in a report on Friday, June 12th. Evercore set a $440.00 price objective on shares of Group 1 Automotive in a research report on Tuesday, July 7th. Finally, Citigroup increased their target price on Group 1 Automotive from $420.00 to $462.00 and gave the company a “buy” rating in a report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $426.89.

About Group 1 Automotive

Group 1 Automotive, Inc (NYSE: GPI) is an international automotive retailer headquartered in Houston, Texas. The company operates an extensive network of franchised dealerships, offering new and pre-owned vehicles from leading domestic and import manufacturers. In addition to vehicle sales, Group 1 Automotive provides a full complement of aftersales services, including finance and insurance products, parts distribution, collision repair centers and vehicle maintenance.

Founded in 1997, Group 1 Automotive has grown through both organic expansion and strategic acquisitions to establish a presence across the United States, the United Kingdom and Brazil.