Group 1 Automotive, Inc. (NYSE:GPI) was in 20 hedge funds’ portfolio at the end of the first quarter of 2013. GPI investors should be aware of an increase in activity from the world’s largest hedge funds recently. There were 13 hedge funds in our database with GPI holdings at the end of the previous quarter.
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With these “truths” under our belt, it’s important to take a glance at the recent action surrounding Group 1 Automotive, Inc. (NYSE:GPI).
How have hedgies been trading Group 1 Automotive, Inc. (NYSE:GPI)?
In preparation for this quarter, a total of 20 of the hedge funds we track were long in this stock, a change of 54% from one quarter earlier. With hedgies’ capital changing hands, there exists a few noteworthy hedge fund managers who were upping their holdings considerably.
When looking at the hedgies we track, Clint Carlson’s Carlson Capital had the biggest position in Group 1 Automotive, Inc. (NYSE:GPI), worth close to $33.4 million, accounting for 0.5% of its total 13F portfolio. Coming in second is Tiger Consumer Management, managed by Patrick McCormack, which held a $25.4 million position; 1% of its 13F portfolio is allocated to the company. Other peers that hold long positions include Ryan Heslop and Ariel Warszawski’s Firefly Value Partners, Ricky Sandler’s Eminence Capital and John Murphy’s Alydar Capital.
Now, key money managers were breaking ground themselves. Carlson Capital, managed by Clint Carlson, assembled the biggest position in Group 1 Automotive, Inc. (NYSE:GPI). Carlson Capital had 33.4 million invested in the company at the end of the quarter. Ricky Sandler’s Eminence Capital also initiated a $19.7 million position during the quarter. The other funds with new positions in the stock are John Murphy’s Alydar Capital, Ken Grossman and Glen Schneider’s SG Capital Management, and Jim Simons’s Renaissance Technologies.
How are insiders trading Group 1 Automotive, Inc. (NYSE:GPI)?
Bullish insider trading is particularly usable when the company in focus has seen transactions within the past half-year. Over the last 180-day time period, Group 1 Automotive, Inc. (NYSE:GPI) has seen zero unique insiders buying, and 4 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Group 1 Automotive, Inc. (NYSE:GPI). These stocks are Penske Automotive Group, Inc. (NYSE:PAG), KAR Auction Services Inc (NYSE:KAR), Asbury Automotive Group, Inc. (NYSE:ABG), Lithia Motors Inc (NYSE:LAD), and Sonic Automotive Inc (NYSE:SAH). This group of stocks are in the auto dealerships industry and their market caps resemble GPI’s market cap.