CIBC Private Wealth Group LLC cut its stake in LKQ Co. (NASDAQ:LKQ) by 2.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 388,165 shares of the auto parts company’s stock after selling 10,748 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in LKQ were worth $9,213,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Tributary Capital Management LLC acquired a new position in shares of LKQ during the 4th quarter worth about $47,000. ETF Managers Group LLC lifted its stake in LKQ by 15.8% in the 4th quarter. ETF Managers Group LLC now owns 3,436 shares of the auto parts company’s stock valued at $82,000 after purchasing an additional 468 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in LKQ by 943.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,695 shares of the auto parts company’s stock valued at $111,000 after purchasing an additional 4,245 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in LKQ by 2,700.0% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 4,200 shares of the auto parts company’s stock valued at $133,000 after purchasing an additional 4,050 shares during the last quarter. Finally, We Are One Seven LLC acquired a new stake in LKQ in the 4th quarter valued at about $150,000. 90.82% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of LKQ from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine downgraded shares of LKQ from a “sell” rating to a “strong sell” rating in a research note on Friday, February 8th. BidaskClub downgraded shares of LKQ from a “hold” rating to a “sell” rating in a research note on Thursday, January 24th. William Blair downgraded shares of LKQ from an “outperform” rating to a “market perform” rating in a research note on Friday, January 18th. Finally, Barrington Research reiterated a “buy” rating on shares of LKQ in a research note on Friday, December 14th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. LKQ presently has an average rating of “Hold” and an average price target of $41.00.
LKQ declared that its board has authorized a stock buyback plan on Thursday, October 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the auto parts company to repurchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other LKQ news, EVP John S. Quinn sold 9,806 shares of the stock in a transaction dated Tuesday, January 15th. The shares were sold at an average price of $26.56, for a total value of $260,447.36. Following the transaction, the executive vice president now directly owns 253,578 shares of the company’s stock, valued at approximately $6,735,031.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.80% of the stock is owned by corporate insiders.
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LKQ Company Profile
LKQ Corporation, together with its subsidiaries, distributes replacement parts, components, and systems used in the repair and maintenance of vehicles in North America, Europe, and Taiwan. It operates in three segments: North America, Europe, and Specialty. The company distributes bumper covers, automotive body panels, and lights, as well as automotive glass products, such as windshields; salvage products, including mechanical and collision parts comprising engines; transmissions; door assemblies; sheet metal products, such as trunk lids, fenders, and hoods; lights and bumper assemblies; scrap metal and other materials to metals recyclers; and brake pads, discs and sensors, clutches, steering and suspension products, filters, and oil and automotive fluids, as well as electrical products, including spark plugs and batteries.
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