Ultime notizie per Group 1 Automotive (NYSE:GPI) Azioni

Group 1 Automotive

As of July, Group 1 owns and operates 42 collision centers and 206 automotive dealerships in the us and the UK, offering 35 brands of automobiles altogether. About 150 of the stores are in the us with locations mostly in metropolitan areas in 17 states in the Northeast, Southeast, Midwest, and California. Texas alone contributed 38% of new-vehicle unit volume in 2023 and the UK about 19%. Texas, Oklahoma, and Massachusetts combined was 53%. Revenue in 2023 totaled $17.9 billion. The Inchcape UK deal should close in third-quarter 2024 and add nearly $3 billion of annual revenue. That deal will bring the UK store count to over 110. The company was founded in 1995 and is based in Houston.

Group 1 Automotive Inc

WESCAN ENERGY CORP ORD by Wescan Energy Corp.

Wescan Energy Corp

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs S&P 500 Core Premium Income ETF

This acquisition is expected to generate approximately&nbsp;$125 million&nbsp;in annual revenues. &nbsp;
Group 1 has now acquired an estimated&nbsp;$3.9 billion&nbsp;of annual revenues in 2024, which follows&nbsp;$1.1 billion&nbsp;of acquired revenues in 2023.

News

Group 1 Automotive Reports Acquisition Of Soper Of Lincoln BMW/MINI Located North Of London In The County Of Lincolnshire

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4267071-1&amp;h=2471754948&amp;u=http%3A%2F%2Fwww.group1corp.com%2F&amp;a=Group+1+Automotive%2C+Inc">Group 1 Automotive, Inc</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) ("Group 1" or the "Company"), a Fortune 250 automotive retailer with 260 dealerships located in the U.S. and U.K.,&nbsp;announced the appointment of Mark Raban as Chief Executive Officer ("CEO") of Group 1 Automotive U.K.
Raban brings more than 20 years of executive experience in automotive retail operations and finance to Group 1.&nbsp; In this new role, he will oversee the integration of the recently acquired Inchcape dealerships to drive strategic growth in the U.K.&nbsp; Leveraging the Company's expanded brand portfolio and presence, Raban will also focus on enhancing customer experience and reinforcing Group 1's strong OEM partnerships.
"Mark is a proven leader with a history of success in the U.K. motor trade," said Daryl Kenningham, Group 1's President and CEO.&nbsp; "Following the transformative growth of our U.K. business, he will be instrumental in creating a high-performing culture among our team members and engaging customers across our expanded dealership network."
Prior to joining Group 1, Raban progressed from Chief Financial Officer ("CFO") to CEO at Lookers Motor Group, a dealership group in the U.K. and Ireland.&nbsp; Prior to joining Lookers, he served as CFO of Marshall Motor Holdings and held senior finance roles at companies such as Inchcape Retail, Selfridges, and Borders.

Management

Group 1 Automotive Tapped Mark Raban Of Lookers Motor Group as CEO of UK Operations

Analysts at Morgan Stanley sparked a shakeup across auto stocks Wednesday as the firm moved to the sidelines on automakers and turned more positive on <a href="https://www.benzinga.com/money/best-auto-parts-stocks">dealers and parts companies</a>.
What Happened: Morgan Stanley analyst Adam Jonas downgraded Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) on Wednesday as he cut his overall U.S. auto industry outlook from Attractive to In Line.
Jonas&#8217; more sour view of the auto industry landscape is being driven by a combination of factors he believes may not be fully understood by the market, including climbing inventories, vehicle affordability challenges, rising credit losses and delinquencies and growth slowdowns in China.
&#8220;In addition, our previous attractive industry view was supported by our expectation of significant strategic changes such as lower capex and potential consolidation (M&amp;A/partnership) to improve capital efficiency. While there has been some modicum of progress, it has failed to meet our expectations,&#8221; the Morgan Stanley analyst said in a new note to clients.
Jonas also noted Morgan Stanley had been optimistic about automakers getting a boost for being AI enablers, but that concerns about the significant capital requirements for AI development now counter thesis.
Finally, investors are looking for an opportunity in the market driven by the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/41008403/consumer-confidence-tumbles-as-concerns-over-labor-market-grow-odds-rise-for-50-b">Federal Reserve&#8217;s rate-cutting cycle</a>, but although rate cuts can provide &#8220;temporary&#8221; relief for automakers, cuts are not likely to drive material outperformance, Jonas said.
The Morgan Stanley analyst highlighted data showing that although U.S. auto stocks have modestly outperformed on average in the six months following a rate cut, they have historically underperformed over the subsequent six-month period.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41024067/mortgage-demand-soars-as-fed-interest-rate-cut-fuels-housing-market-revival-next-sp">Mortgage Demand Soars As Fed Interest Rate Cut Fuels Housing Market Revival: &#8216;Next Spring Could See A Real Rebound&#8217;</a>
Ford Downgrade: Morgan Stanley downgraded Ford from Overweight to Equal-Weight and lowered the price target from $16 to $12.
Jonas expects Ford to suffer greater market share losses through the end of the decade. The analyst also anticipates pricing headwinds and regulatory compliance risk, which could hurt profitability. Jonas lowered his normalized earnings expectations by 15.1%. 
Morgan Stanley has a bull case price target of $19 on Ford stock and a bear case price target of $6.
GM Downgrade: Morgan Stanley downgraded GM from <a href="https://www.benzinga.com/analyst-stock-ratings">Equal-Weight to Underweight</a> and lowered the price target from&nbsp;$47&nbsp;to&nbsp;$42.
Jonas sees a lot of the same headwinds in front of GM. He specifically pointed to <a href="https://www.benzinga.com/news/24/09/40981404/us-proposes-ban-on-vehicles-equipped-with-chinese-software-as-team-biden-cracks-down-on-foreign-adve">China concerns</a> as one of the main drivers of the downgrade. GM has significant exposure to the Chinese automakers through its joint ventures, the analyst said.
&#8220;In addition, we believe investors may not appreciate the potentially adverse impact that excess capacity in China has on other highly profitable regions in the global auto market,&#8221; Jonas said.
Morgan Stanley lowered its normalized earnings estimates for GM by 16.4% but left its bull case price target of $62 and bear case price target of $28 unchanged.
Rivian Downgrade: Morgan Stanley downgraded Rivian from Overweight to Equal-Weight and lowered the price target from $16 to $13.
&#8220;The downgrade reflects our incorporation of the capital intensity of AV/ADAS which may be required to fulfill the technological underpinnings that attracted Volkswagen as a JV partner,&#8221; Jonas said. 
The Morgan Stanley analyst increased his annual capex estimates by $200 to $300 million per year beginning in 2026 as he waits for management to announce details around its joint venture cost structure. 
Morgan Stanley&#8217;s new price target of $13 consists of $10 per share in value for the automotive business and $3 per share in value for Rivian&#8217;s software and services business. The firm has a bull case price target of $29 and a bear case target of $6.
Related Link: <a href="https://www.benzinga.com/news/24/09/40985825/tesla-and-chinese-ev-startups-outpace-toyota-volkswagen-in-critical-software-race-report">Tesla And Chinese EV Startups Outpace Toyota, Volkswagen In Critical Software Race: Report</a>
Why It Matters: On the flip side, Morgan Stanley upgraded franchise dealers as the firm believes we are in the later innings of mean reversion in the franchise dealer model relative to legacy automakers who are just now going through peak earnings and are battling increased headwinds. 
&#8220;We believe that our latent concerns about the franchise dealer business model (secular DTC bear case, mean reversion thesis) have proven largely mitigated and see greater risk in other pockets of our U.S. autos coverage,&#8221; Jonas said.
Franchise dealers have proven to be pretty resilient by managing costs and focusing more on parts and services profits. Given the slower-than-expected <a href="http://benzinga.com/topic/evs">EV</a> adoption pace, these companies stand to benefit from a longer internal combustion engine parts tail and strength in hybrids, the analyst said.
Furthermore, many of the franchise dealers are more geared toward the higher-end consumer, which helps insulate the companies from a broader deterioration in auto credit relative to other areas of Morgan Stanley&#8217;s coverage.
<ul>
<li>Morgan Stanley upgraded Group 1 Automotive Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) from Equal Weight to Overweight and raised the price target to $430.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Penske Automotive Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) from Underweight to Overweight and raised the price target from $115 to $180.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded AutoNation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) from Equal-Weight to Overweight and raised the price target from $145 to $200.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Asbury Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABG#NYSE">ABG</a>) from Underweight to Equal-Weight and raised the price target from $190 to $240.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Lithia Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAD#NYSE">LAD</a>) from Underweight to Equal-Weight and raised the price target from $225 to $310.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Sonic Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAH#NYSE">SAH</a>) from Underweight to Equal-Weight and raised the price target from $40 to $58.</li>
</ul>
F, GM, RIVN Price Action: At publication time, Ford shares were down 4.46% at $10.39, GM shares were down 5.51% at $45.42 and Rivian shares were down 6.42% at $11.10, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40973189/teslas-chinese-rival-byd-plans-to-assemble-evs-in-pakistan-after-india-said-no-we-have-big-ambit">Tesla&#8217;s Chinese Rival BYD Plans To Assemble EVs In Pakistan After India Said No: &#8216;We Have Big Ambitions&#8217;</a></li>
</ul>
Photo: Shutterstock.

Analyst Color

Upgrades

Downgrades

Price Target

General

RIVN

Analyst Ditches Automakers For Auto Dealers, Parts Companies

Morgan Stanley analyst Adam Jonas upgrades Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) from Equal-Weight to Overweight and raises the price target from $285 to $430.

Analyst Ratings

Morgan Stanley Upgrades Group 1 Automotive to Overweight, Raises Price Target to $430

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CJET

DENN

FRZA

GSUN

JZXN

LAZR

MGOL

PENN

PLBY

PTON

SERV

TDUP

VEEE

YOSH

ZAPP

Shares of companies within the broader consumer discretionary sector are trading higher following better-than-expected consumer sentiment data. Strong earnings from RH and anticipated rate cuts may be lifting the sector.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/64cba32c0a40e5000113e0cf/jeff-lick">Stephens &amp; Co. analyst Jeff Lick i</a>nitiated coverage on AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) with an Overweight rating and announced a price target of $210. AutoNation shares fell 0.2% to close at $158.67 on Wednesday. <a href="https://www.benzinga.com/quote/AN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JMP Securities analyst Trevor Walsh initiated coverage on Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) with a Market Perform rating. Rocket Lab shares gained 8.6% to close at $6.68 on Wednesday. <a href="https://www.benzinga.com/quote/RKLB/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/61aa12038d115900012d093d/steven-shemesh">RBC Capital analyst Steven Shemesh </a>initiated coverage on Sprouts Farmers Market, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) with a Sector Perform rating and announced a price target of $107. Sprouts Farmers Market shares fell 0.8% to close at $100.70 on Wednesday. <a href="https://www.benzinga.com/quote/SFM/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59ee0921efacff0001caaebe/dae-gon%20ha">Stifel analyst Dae Gon Ha</a> initiated coverage on Inozyme Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INZY#NASDAQ">INZY</a>) with a Buy rating and announced a price target of $16. Inozyme Pharma shares fell 1% to close at $5.21 on Wednesday. <a href="https://www.benzinga.com/quote/INZY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stephens &amp; Co. analyst Jeff Lick initiated coverage on Group 1 Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with an Equal-Weight rating and announced a price target of $394. Group 1 Automotive shares fell 2% to close at $340.14 on Wednesday. <a href="https://www.benzinga.com/quote/GPI/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying AN stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="522" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-1024x522.png" alt="" class="wp-image-544323" style="width:561px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-1024x522.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-768x392.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99.png 1317w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next:<a href="https://www.benzinga.com/top-stories/24/09/40813043/jim-cramer-not-the-time-to-own-oil-when-asked-about-exxon-mobil-says-ibm-is-performing-well"> </a>
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/09/40813043/jim-cramer-not-the-time-to-own-oil-when-asked-about-exxon-mobil-says-ibm-is-performing-well">Jim Cramer: &#8216;Not The Time To Own Oil,&#8217; When Asked About Exxon Mobil; Says IBM Is &#8216;Performing Well&#8217;</a></li>
</ul>

Initiation

Markets

Trading Ideas

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RKLB

This AutoNation Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Thursday

Stephens &amp; Co. analyst Jeff Lick initiates coverage on Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with a Equal-Weight rating and announces Price Target of $394.

Stephens & Co. Initiates Coverage On Group 1 Automotive with Equal-Weight Rating, Announces Price Target of $394

Throughout the last three months, 4 analysts have evaluated Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>), offering a diverse set of opinions from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $375.0, a high estimate of $435.00, and a low estimate of $285.00. Marking an increase of 9.09%, the current average surpasses the previous average price target of $343.75. 
<img src="https://www.benzinga.com/files/images/story/2024/1725980413_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
A comprehensive examination of how financial experts perceive Group 1 Automotive is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Rajat Gupta</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$420.00</td>
<td>$360.00</td>
</tr>
<tr>
<td>Adam Jonas</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$285.00</td>
<td>$260.00</td>
</tr>
<tr>
<td>Rajat Gupta</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$360.00</td>
<td>$310.00</td>
</tr>
<tr>
<td>John Murphy</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$435.00</td>
<td>$445.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Group 1 Automotive. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Group 1 Automotive compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Group 1 Automotive's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Group 1 Automotive's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/GPI/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Group 1 Automotive analyst ratings.</a>
<h2>About Group 1 Automotive</h2>
As of July, Group 1 owns and operates 42 collision centers and 206 automotive dealerships in the us and the UK, offering 35 brands of automobiles altogether. About 150 of the stores are in the us with locations mostly in metropolitan areas in 17 states in the Northeast, Southeast, Midwest, and California. Texas alone contributed 38% of new-vehicle unit volume in 2023 and the UK about 19%. Texas, Oklahoma, and Massachusetts combined was 53%. Revenue in 2023 totaled $17.9 billion. The Inchcape UK deal should close in third-quarter 2024 and add nearly $3 billion of annual revenue. That deal will bring the UK store count to over 110. The company was founded in 1995 and is based in Houston.
<h3>Breaking Down Group 1 Automotive's Financial Performance</h3>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
Positive Revenue Trend: Examining Group 1 Automotive's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 3.02% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Net Margin: Group 1 Automotive's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 2.94% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Group 1 Automotive's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 4.9% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Group 1 Automotive's ROA excels beyond industry benchmarks, reaching 1.59%. This signifies efficient management of assets and strong financial health.
Debt Management: Group 1 Automotive's debt-to-equity ratio is below the industry average at 1.67, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What 4 Analyst Ratings Have To Say About Group 1 Automotive

JP Morgan analyst Rajat Gupta maintains Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with a Overweight and raises the price target from $360 to $420.

JP Morgan Maintains Overweight on Group 1 Automotive, Raises Price Target to $420

Morgan Stanley analyst Adam Jonas maintains Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with a Equal-Weight and raises the price target from $260 to $285.

Morgan Stanley Maintains Equal-Weight on Group 1 Automotive, Raises Price Target to $285

JP Morgan analyst Rajat Gupta maintains Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with a Overweight and raises the price target from $310 to $360.

JP Morgan Maintains Overweight on Group 1 Automotive, Raises Price Target to $360

Offerings

Group 1 Automotive Intends To Offer For Sale $500M Of Senior Unsecured Notes Due 2030

Shares of General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) fell sharply during Wednesday's session after the company reported worse-than-expected <a href="https://www.benzinga.com/news/earnings/24/07/39934099/general-dynamics-hits-high-revenue-but-faces-earnings-hiccup-in-q2-details">second-quarter EPS results</a>.
Revenue for the quarter increased 18% year-over-year to $11.976 billion, beating the consensus of $11.438 billion. EPS of $3.26 (up 20.7% YoY) missed the consensus of $3.29, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
General Dynamics shares declined 5.2% to $279.26 on Wednesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>NuZee, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUZE#NASDAQ">NUZE</a>) jumped 192% to $3.01.</li>
<li>Dermata Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRMA#NASDAQ">DRMA</a>) rose 142.4% to $3.0799 after falling over 22% on Tuesday.</li>
<li>Selina Hospitality PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNA#NASDAQ">SLNA</a>) surged 134% to $0.0609.</li>
<li>Bone Biologics Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBLG#NASDAQ">BBLG</a>) gained 86% to $2.3300.</li>
<li>Carbon Revolution Public Limited Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CREV#NASDAQ">CREV</a>) gained 74.5% to $10.82.</li>
<li>Pieris Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIRS#NASDAQ">PIRS</a>) jumped 73.4% to $13.77 after the company announced that the company entered into a definitive merger agreement with Palvella Therapeutics.</li>
<li>Sangamo Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGMO#NASDAQ">SGMO</a>) gained 50% to $0.60 after licensing partner Pfizer&#8217;s Phase 3 AFFINE trial evaluating giroctocogene fitelparvovec met its primary endpoint.</li>
<li>Alpha Teknova, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKNO#NASDAQ">TKNO</a>) gained 28% to $3.2212.</li>
<li>KORE Group Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KORE#NASDAQ">KORE</a>) gained 21.8% to $2.84.</li>
<li>NaaS Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAAS#NASDAQ">NAAS</a>) rose 20.5% to $6.87 after reporting unaudited 2024 second quarter and first half financial results.</li>
<li>PROG Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRG#NYSE">PRG</a>) climbed 20.4% to $41.71 after the company reported better-than-expected second-quarter financial results. Also, the company raised its FY24 guidance above estimates.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) gained 19.4% to $94.69. The company on Monday announced a private placement financing.</li>
<li>Silynxcom Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYNX#NYSE">SYNX</a>) rose 18.4% to $3.71. Silynxcom received $815,000 in orders from Israel Defense Forces since July 2024.</li>
<li>NewGenIvf Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIVF#NASDAQ">NIVF</a>) shares gained 16.4% to $1.0009 after the company announced steady progress in its due diligence efforts in its proposed reverse merger with COVIRIX Medical and anticipates completion by the end of August 2024.</li>
<li>Flex Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLEX#NASDAQ">FLEX</a>) gained 10.9% to $32.96 after the company reported better-than-expected second-quarter financial results.</li>
<li>Manhattan Associates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) climbed 10.5% to $249.78 after the company reported better-than-expected second-quarter financial results.</li>
<li>Group 1 Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) gained 9.6% to $333.95 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) rose 9.2% to $113.18 after the company reported second-quarter financial results.</li>
<li>Allarity Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALLR#NASDAQ">ALLR</a>) gained 8.7% to $0.1809. Allarity Therapeutics revealed on Monday it received a "Wells Notice" from the U.S. Securities and Exchange Commission (SEC).</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) gained 7.9% to $18.61 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) shares surged 7.5% to $113.33 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
<li>Alkermes plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALKS#NASDAQ">ALKS</a>) gained 7% to $26.69 after the company reported better-than-expected <a>second-quarter </a>financial results.</li>
<li>Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) gained 6.8% to $148.17 after the company reported better-than-expected second-quarter financial results and the company and raised its FY24 guidance above estimates. Also, the company announced it authorized a $1.5 billion share buyback.</li>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) gained 3.1% to $18.78 following second-quarter earnings.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Azitra, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZTR#NYSE">AZTR</a>) shares dipped 74.4% to $1.27. Azitra announced the pricing of $10.0 million public offering.</li>
<li>Next Technology Holding Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXTT#NASDAQ">NXTT</a>) fell 58% to $2.42.</li>
<li>Bausch Health Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHC#NYSE">BHC</a>) dipped 43.8% to $4.25.</li>
<li>Nuwellis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUWE#NASDAQ">NUWE</a>) fell 37.2% to $2.6199 after the company announced the pricing of a $2 million public offering of 469,340 common shares at $4.24 a share.</li>
<li>Agape ATP Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATPC#NASDAQ">ATPC</a>) dipped 34.2% to $0.1414.</li>
<li>Lamb Weston Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) declined 26.9% to $57.46 after the company reported worse-than-expected quarterly financial results. Also, the company issued its FY25 EPS guidance below estimates.</li>
<li>Conn&#8217;s, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CONN#NASDAQ">CONN</a>) shares fell 26.7% to $0.3717 as the company announced plans to close 71 locations across 13 states.</li>
<li>Vintage Wine Estates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VWE#NASDAQ">VWE</a>) fell 24.5% to $0.0868 after the company announced bankruptcy filing and voluntary delisting and SEC deregistration.</li>
<li>Snow Lake Resources Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITM#NASDAQ">LITM</a>) declined 24.2% to $0.7350 after the company issued an update on Black Lake Uranium Project.</li>
<li>AtlasClear Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATCH#NASDAQ">ATCH</a>) shares declined 23.8% to $0.4228 after gaining 11% on Tuesday.</li>
<li>Verastem, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTM#NASDAQ">VSTM</a>) shares fell 22.7% to $2.7750 after the company reported pricing of $55.0 million public offering of common stock, warrants and pre-funded warrants.</li>
<li>Sage Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAGE#NASDAQ">SAGE</a>) dipped 17.8% to $10.75 after the Phase 2 KINETIC 2 study of SAGE-324 did not demonstrate a statistically significant dose-response relationship on the primary endpoint.</li>
<li>Hawaiian Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HA#NASDAQ">HA</a>) dipped 13% to $11.33.</li>
<li>SFL Corporation Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFL#NYSE">SFL</a>) shares fell 12.3% to $12.23 after the company announced an offering of 8 million common shares.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell 12% to $216.78. Tesla reported weaker-than-expected earnings for its second quarter, while sales topped estimates. The company reported second-quarter deliveries of 443,956 vehicles and production of 410,831 vehicles, down 5% and 14% year-over-year, respectively.</li>
<li>Karooooo Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KARO#NASDAQ">KARO</a>) dipped 11.3% to $31.90 as the company announced the launch of secondary public offering of ordinary shares.</li>
<li>Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>) fell 10.2% to $15.29.</li>
<li>Kanzhun Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BZ#NASDAQ">BZ</a>) dipped 9.5% to $14.41.</li>
<li>Chijet Motor Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CJET#NASDAQ">CJET</a>) fell 9.3% to $4.61 after jumping 55% on Tuesday.</li>
<li>Allegro MicroSystems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGM#NASDAQ">ALGM</a>) dipped 9.1% to $25.14 after the company announced a primary offering of 25 million shares.</li>
<li>Geron Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GERN#NASDAQ">GERN</a>) shares declined 8.8% to $4.2150 after the company announced the departure of CCO Anil Kapur.</li>
<li>The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) fell 8.4% to $92.45.</li>
<li>Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) fell 8.2% to $56.97.</li>
<li>Deutsche Bank Aktiengesellschaft (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>) shares fell 8% to $15.69 following second-quarter earnings.</li>
<li>NANO Nuclear Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNE#NASDAQ">NNE</a>) declined 8% to $14.25.</li>
<li>Weatherford International plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WFRD#NASDAQ">WFRD</a>) dipped 7.6% to $123.57 after the company reported worse-than-expected second-quarter financial results.</li>
<li>Roper Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NYSE">ROP</a>) fell 7.4% to $532.08 after the company reported worse-than-expected second-quarter sales results and issued third-quarter adjusted EPS guidance below estimates.</li>
<li>Volato Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOAR#NYSE">SOAR</a>) shares fell 7.1% to $0.5479 after gaining around 23% on Tuesday.</li>
<li>Fortive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTV#NYSE">FTV</a>) fell 6.9% to $71.36 after the company reported worse-than-expected second-quarter sales results and issued FY24 sales guidance below estimates.</li>
<li>Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) fell 5.5% to $367.84 after Piper Sandler downgraded the stock from an Overweight to Neutral and lowered its price target from $494 to $404.</li>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) shares declined 4.1% to $174.29. Alphabet reported upbeat earnings and sales results for its second quarter on Tuesday. The company also announced a cash dividend of 20 cents per share to be paid on Sept.16 to shareholders of record as of Sept. 9.</li>
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares fell 3.8% to $254.72 following third-quarter results.</li>
</ul>
Now Read This:  
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39932485/jim-cramer-calls-axsome-a-double-or-nothing-stock-says-sap-is-incredible">Cramer Calls Axsome A &#8216;Double Or Nothing Stock,&#8217; Says SAP Is &#8216;Incredible</a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39932485/jim-cramer-calls-axsome-a-double-or-nothing-stock-says-sap-is-incredible">&#8216;</a></li>
</ul>

Intraday Update

Movers

ALGM

ALKS

ALLR

ATCH

ATPC

AZTR

BBLG

BLCO

CONN

CREV

DRMA

ENPH

FLEX

GERN

GOOGL

KARO

KORE

LITM

MANH

NAAS

NIVF

NUWE

NUZE

Next Technology Holding Inc. - Ordinary Shares

NXTT

PIRS

ROKU

SAGE

SGMO

SLNA

SOAR

SYNX

TKNO

TSLA

ULTA

VSTM

Vintage Wine Estates, Inc. - Common Stock

WFRD

Why General Dynamics Shares Are Trading Lower? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

U.S. stocks were lower, with the Dow Jones index falling around 350 points on Wednesday.
Shares of AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) rose during Wednesday's session following <a href="https://www.benzinga.com/news/earnings/24/07/39929205/at-t-q2-earnings-strong-wireless-net-adds-higher-free-cash-flow-stable-annual-outlook">second-quarter earnings</a>.
AT&amp;T reported fiscal second-quarter 2024 operating revenues of $29.8 billion, down 0.4% year over year and missing the analyst consensus estimate of $29.9 billion. Adjusted EPS of 57 cents is in line with the analyst consensus estimate, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
AT&amp;T shares gained 3.1% to $18.78 on Wednesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>PROG Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRG#NYSE">PRG</a>) shares jumped 20.4% to $41.71 after the company reported better-than-expected second-quarter financial results. Also, the company raised its FY24 guidance above estimates.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) rose 19.4% to $94.69. The company on Monday announced a private placement financing.</li>
<li>Flex Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLEX#NASDAQ">FLEX</a>) rose 10.9% to $32.96 after the company reported better-than-expected second-quarter financial results.</li>
<li>Manhattan Associates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) gained 10.5% to $249.78 after the company reported better-than-expected second-quarter financial results.</li>
<li>Group 1 Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) rose 9.6% to $333.95 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) jumped 9.2% to $113.18 after the company reported second-quarter financial results.</li>
<li>Q32 Bio Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTTB#NASDAQ">QTTB</a>) gained 8.2% to $35.00.</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) rose 7.9% to $18.61 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) shares climbed 7.5% to $113.33 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
<li>Nabors Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) gained 7.2% to $86.80 following quarterly results.</li>
<li>Alkermes plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALKS#NASDAQ">ALKS</a>) rose 7% to $26.69 after the company reported better-than-expected second-quarter financial results.</li>
<li>Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) shares climbed 6.8% to $148.17 after the company reported better-than-expected second-quarter financial results and the company and raised its FY24 guidance above estimates. Also, the company announced it authorized a $1.5 billion share buyback.</li>
<li>Avantor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVTR#NYSE">AVTR</a>) gained 6.5% to $22.55 after it was announced the stock will join the S&amp;P MidCap 400.</li>
<li>CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) gained 6.5% to $79.69 following second-quarter results.</li>
<li>Protagonist Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTGX#NASDAQ">PTGX</a>) rose 5.8% to $40.49 after BTIG maintained a Buy rating on the stock and raised its price target from $41 to $51.</li>
<li>QuidelOrtho Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) rose 5.5% to $39.00. The company announced it will replace Hibbett in the S&amp;P SmallCap 600.</li>
<li>Stifel Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SF#NYSE">SF</a>) rose 5.5% to $86.93 following upbeat earnings.</li>
<li>Vicor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) gained 5.5% to $40.02 following quarterly results.</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) rose 4.9% to $178.40 following better-than-expected quarterly results.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39932485/jim-cramer-calls-axsome-a-double-or-nothing-stock-says-sap-is-incredible">Jim Cramer Calls Axsome A &#8216;Double Or Nothing Stock,&#8217; Says SAP Is &#8216;Incredible</a>&#8216;</li>
</ul>

AVTR

CHKP

CSGP

PTGX

QDEL

QTTB

VICR

AT&T, Group 1 Automotive, Mattel, Seagate And Other Big Stocks Moving Higher On Wednesday

Group 1 Automotive shares are trading higher after the company reported better-than-expected Q2 adjusted EPS results.

Group 1 Automotive Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) reported second-quarter FY24 sales growth of 3% year-on-year to $4.696 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39925472/group-1-automotive-reports-second-quarter-2024-financial-results" rel="noreferrer noopener">missing the analyst consensus estimate of $4.71 billion.</a>
New vehicle retail sales grew 5.4% to $2.4 billion, Used vehicle sales climbed 0.2% to $1.5 billion and sales of Parts and services increased 2.2% to $574.5 million.
Gross profit for the quarter decreased 1.2% to $766.5 million, and the gross margin compressed 70 basis points to 16.3%.
Operating income plunged 10.9% to $241.1 million and the operating margin contracted 80 basis points to 5.1%.
Adjusted EPS of $9.80 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the consensus estimate of $9.36</a>.
&#8220;Our U.S. team persevered in the face of adversity this quarter. From extreme weather events in Texas and Oklahoma to the CDK outage, we experienced exemplary teamwork, focused on caring for our communities and team members and serving our valued customers efficiently and effectively. Despite these challenges, the U.S. team produced record quarterly new vehicle, parts and service and F&amp;I revenues,&#8221; said President and CEO Daryl Kenningham.
The <a target="_blank" href="https://www.benzinga.com/news/24/07/39591214/cdk-global-aims-to-restore-car-dealership-systems-after-massive-outage-impacted-15-000-clients-follo" rel="noreferrer noopener">cybersecurity incident experienced</a> by CDK Global temporarily disrupted the company&#8217;s business applications and processes in its U.S. operations that rely on CDK&#8217;s dealers&#8217; systems.
In the second quarter, the company repurchased 149,570 shares at an average price per common share of $307.82, for a total of $46.0 million. The company currently has $204.6 million remaining in its Board-authorized common share repurchase program.
Group 1 held $64.4 million in cash and equivalents as of June-end. Inventories as of June-end increased 20% to $2.36 billion from December-end.
&#8220;Our U.K. team remains focused on the acquisition of Inchcape&#8217;s U.K. retail automotive business planned for&nbsp;Q3&nbsp;2024, and we look forward to the successful completion of the transaction which will further strengthen our U.K. presence through the addition of quality assets with an expanded geographic footprint,&#8221; Kenningham added.
Price Action: GPI shares closed lower by 1.19% at $304.76 on Tuesday.

Earnings

Equities

Group 1 Automotive Posts Mixed Q2 Earnings Hit By CDK Outage & Adverse Weather Events

Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) reported quarterly earnings of $9.80 per share which beat the analyst consensus estimate of $9.36 by 4.7 percent. This is a 16.45 percent decrease over earnings of $11.73 per share from the same period last year. The company reported quarterly sales of $4.70 billion which missed the analyst consensus estimate of $4.71 billion by 0.30 percent. This is a 3.01 percent increase over sales of $4.56 billion the same period last year.

Earnings Beats

Earnings Misses

Group 1 Automotive Q2 Adj $9.80 Beats $9.36 Estimate, Sales $4.70B Miss $4.71B Estimate

B of A Securities analyst John Murphy maintains Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with a Buy and lowers the price target from $445 to $435.

B of A Securities Maintains Buy on Group 1 Automotive, Lowers Price Target to $435

CDK statement: &#39;We are ahead of the anticipated schedule, and as of this morning, substantially all dealer connections are live on the Dealer Management System.&#39;
<a href="https://www.autonews.com/retail/cdk-outage-reboot-substantially-all-dealer-connections-are-live" title="https://www.autonews.com/retail/cdk-outage-reboot-substantially-all-dealer-connections-are-live">https://www.autonews.com/retail/cdk-outage-reboot-substantially-all-dealer-connections-are-live</a>

CMAX

CRMT

STLA

'CDK says 'substantially all dealer connections are live' as DMS reboot moves ahead of schedule' - Automotive News

These locations are contiguous with several other dealerships currently owned and operated by Group 1 in the U.K. and are expected to sell more than 2,800 new and used vehicle units annually.&nbsp;
This acquisition is expected to generate&nbsp;$105 million&nbsp;in annual revenues with new cars sales recorded as net revenue under the agency model. &nbsp;&nbsp;&nbsp;
Year to date 2024, Group 1 has completed&nbsp;$1.1 billion&nbsp;of acquired revenues. &nbsp;With the pending Inchcape U.K. dealership acquisition, which is expected to close during the&nbsp;third quarter&nbsp;of 2024, total acquired revenues are expected to be approximately&nbsp;$3.8 billion&nbsp;at the time of closing.&nbsp;

Group 1 Automotive Expands Its UK Operations With Acquisition Of Four Mercedes-Benz Dealerships From L&L Automotive; No Terms Disclosed

In a report released today, Glenn Chin from Seaport Global maintained a Buy rating on Group 1 Automotive (GPI – Research Report), with a price targ...

Seaport Global Sticks to Its Buy Rating for Group 1 Automotive (GPI)

Group 1 Automotive declares $0.47 dividend

Morgan Stanley analyst Adam Jonas maintained a Hold rating on Group 1 Automotive (GPI – Research Report) today and set a price target of $285.00. T...

Group 1 Automotive (GPI) Receives a Hold from Morgan Stanley

Auto dealerships enjoy diverse revenue streams and competitive moats -- analyst

U.S. auto stocks: The good, the bad and the ugly

Group 1 Automotive appoints Mark Raban as CEO of U.K. operations

Group 1 Automotive expands U.K. operations with Soper of Lincoln acquisition

Group 1 Automotive ( ($GPI) ) has provided an update. Group 1 Automotive, Inc. has scheduled a conference call for October 30, 2024, at 10:00 a.m. ...

Group 1 Automotive Q3 Earnings Call Scheduled for Investors

AutoNation: There Are Better Opportunities On The Market

ClearBridge Small Cap Strategy Q3 2024 Commentary

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AVNT

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CTRI

CVNA

DORM

EVRI

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HAIN

HELE

INDI

INFR

INSM

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Press Releases

Group 1 Automotive Expands in the U.K. with the Acquisition of Four Mercedes-Benz Dealerships

Group 1 Automotive Schedules Release of Second Quarter 2024 Financial Results

Group 1 Automotive Reports Second Quarter 2024 Financial Results

Group 1 Automotive Announces $500.0 Million Offering of Senior Notes

Group 1 Automotive Announces Pricing of $500.0 Million Offering of Senior Notes

Group 1 Automotive Announces Closing on Inchcape Retail Automotive Operations

Dividends

Group 1 Automotive Board Declares Quarterly Dividend

Group 1 Automotive Appoints Mark Raban as CEO of U.K. Operations

Group 1 Automotive Announces the Acquisition of Soper of Lincoln BMW/MINI in the U.K.

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