Seeking Alpha

Group 1 Automotive slides on Stephens downgrade, potential dilution

  • Group 1 Automotive (GPI -4.5%) slides after Stephens downgrades the stock to Equal Weight from Overweight with an unchanged PT of $76.
  • Also hampering the stock - the company disclosed that $115M in 3.00% 2020 convertible notes are eligible for conversion during Q4 at a price of $48.72/share as of June 30. If converted, ~2.4M shares would be issued, implying a dilution of ~10%. (8-K)
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