Group 1 Automotive, Inc. (GPI) to Issue Quarterly Dividend of $0.24 on September 15th
Group 1 Automotive, Inc. (NYSE:GPI) announced a quarterly dividend on Wednesday, August 16th, RTT News reports. Shareholders of record on Friday, September 1st will be given a dividend of 0.24 per share on Friday, September 15th. This represents a $0.96 annualized dividend and a yield of 1.77%. The ex-dividend date is Wednesday, August 30th.
Group 1 Automotive has raised its dividend by an average of 11.9% per year over the last three years and has raised its dividend every year for the last 7 years. Group 1 Automotive has a dividend payout ratio of 13.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Group 1 Automotive to earn $7.47 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 12.9%.
Shares of Group 1 Automotive (GPI) opened at 54.15 on Tuesday. The stock has a market capitalization of $1.09 billion, a P/E ratio of 8.32 and a beta of 1.62. The stock has a 50 day moving average of $58.78 and a 200 day moving average of $66.29. Group 1 Automotive has a 12-month low of $51.62 and a 12-month high of $83.18.
Group 1 Automotive (NYSE:GPI) last issued its quarterly earnings data on Thursday, July 27th. The company reported $1.87 EPS for the quarter, missing the Zacks’ consensus estimate of $1.99 by $0.12. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.70 billion. Group 1 Automotive had a return on equity of 15.73% and a net margin of 1.26%. Group 1 Automotive’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.16 earnings per share. Equities research analysts anticipate that Group 1 Automotive will post $7.09 EPS for the current fiscal year.
Group 1 Automotive declared that its Board of Directors has approved a share buyback program on Friday, May 12th that authorizes the company to buyback $75.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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A number of brokerages recently commented on GPI. TheStreet downgraded Group 1 Automotive from a “b-” rating to a “c+” rating in a research note on Thursday, August 17th. BidaskClub downgraded Group 1 Automotive from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. ValuEngine downgraded Group 1 Automotive from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Wells Fargo & Company reissued a “market perform” rating and issued a $66.00 price target (down previously from $75.00) on shares of Group 1 Automotive in a research note on Monday, July 17th. Finally, Zacks Investment Research cut Group 1 Automotive from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Group 1 Automotive has a consensus rating of “Hold” and a consensus price target of $68.50.
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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