Tower Research Capital LLC (TR) has significantly increased its ownership of Group 1 Automotive, Inc. (NYSE:GPI – Free Report) by 66.4% during the third quarter of the fiscal year, as reported by HoldingsChannel.com. Following this acquisition, the fund now holds 1,541 shares of the company’s stock, having acquired an additional 615 shares during this period. According to the most recent filings with the Securities and Exchange Commission (SEC), TRC’s holdings in Group 1 Automotive were valued at $414,000.
Several other hedge funds and institutional investors have also made notable moves with their stakes in Group 1 Automotive. Financial Management Professionals Inc. recently acquired a new stake in the company, while Parkside Financial Bank & Trust and Federated Hermes Inc. augmented their stakes during the third quarter. Additionally, Gladius Capital Management LP and Amundi both purchased new stakes in Group 1 Automotive during the third and fourth quarters, respectively.
Group 1 Automotive’s stock opened at $262.25 on the New York Stock Exchange last Friday, with a 50-day simple moving average of $273.21 and a 200-day simple moving average of $271.27. Currently, Group 1 Automotive holds a market capitalization of $3.59 billion and boasts a PE ratio of 6.15, making it an appealing prospect for investors.
Moreover, Group 1 Automotive recently announced its plan to distribute a quarterly dividend, which is scheduled to be paid on Friday, March 15th. Shareholders of record by March 1st will receive a dividend of $0.47 per share, representing a $1.88 dividend on an annualized basis and a yield of 0.72%. The company’s dividend payout ratio currently stands at 4.41%.
On the analyst front, Morgan Stanley upgraded Group 1 Automotive from an “underweight” rating to an “equal weight” rating, while Stephens reissued an “overweight” rating and set a target price of $330.00 on the stock.
Group 1 Automotive, Inc. is a significant player in the automotive retail industry in both the United States and the United Kingdom. The company is involved in the sale of new and used cars, light trucks, and vehicle parts, as well as offering service and insurance contracts, vehicle financing, and automotive maintenance and repair services.
For those interested in keeping abreast of the latest filings and insider trades for Group 1 Automotive, Inc., HoldingsChannel.com provides updates on the latest 13F filings and insider trades for the company’s stock.
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