Group 1 Automotive (NYSE:GPI) had its target price raised by Morgan Stanley from $55.00 to $67.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. The firm currently has an equal weight rating on the stock.
Several other equities analysts have also weighed in on GPI. Zacks Investment Research upgraded shares of Group 1 Automotive from a hold rating to a buy rating and set a $57.00 price objective on the stock in a report on Wednesday, December 19th. ValuEngine upgraded shares of Group 1 Automotive from a strong sell rating to a sell rating in a report on Thursday, January 10th. TheStreet upgraded shares of Group 1 Automotive from a c+ rating to a b- rating in a report on Thursday, January 31st. Seaport Global Securities initiated coverage on shares of Group 1 Automotive in a report on Wednesday, February 13th. They set a buy rating on the stock. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. initiated coverage on shares of Group 1 Automotive in a report on Tuesday, February 19th. They set an overweight rating and a $77.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $77.33.
Shares of NYSE GPI opened at $72.16 on Tuesday. Group 1 Automotive has a 1-year low of $48.69 and a 1-year high of $81.16. The stock has a market cap of $1.28 billion, a PE ratio of 8.10, a P/E/G ratio of 1.88 and a beta of 1.78. The company has a current ratio of 1.01, a quick ratio of 0.23 and a debt-to-equity ratio of 1.17.
Group 1 Automotive announced that its board has authorized a share buyback program on Thursday, February 21st that allows the company to repurchase $75.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Several institutional investors and hedge funds have recently bought and sold shares of GPI. Bank of New York Mellon Corp raised its holdings in shares of Group 1 Automotive by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 394,376 shares of the company’s stock worth $25,594,000 after acquiring an additional 5,049 shares during the last quarter. Martingale Asset Management L P grew its position in Group 1 Automotive by 120.8% in the 3rd quarter. Martingale Asset Management L P now owns 8,611 shares of the company’s stock worth $559,000 after purchasing an additional 4,711 shares in the last quarter. United Services Automobile Association grew its position in Group 1 Automotive by 7.3% in the 3rd quarter. United Services Automobile Association now owns 56,203 shares of the company’s stock worth $3,648,000 after purchasing an additional 3,840 shares in the last quarter. Hsbc Holdings PLC grew its position in Group 1 Automotive by 263.2% in the 3rd quarter. Hsbc Holdings PLC now owns 11,925 shares of the company’s stock worth $774,000 after purchasing an additional 8,642 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in Group 1 Automotive by 6.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 70,521 shares of the company’s stock worth $4,577,000 after purchasing an additional 4,284 shares in the last quarter. Institutional investors own 99.93% of the company’s stock.
About Group 1 Automotive
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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