Sheets Smith Wealth Management Has $2.31 Million Stake in LKQ Co. (LKQ)
Sheets Smith Wealth Management lessened its position in shares of LKQ Co. (NASDAQ:LKQ) by 20.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 97,500 shares of the auto parts company’s stock after selling 25,500 shares during the quarter. Sheets Smith Wealth Management’s holdings in LKQ were worth $2,314,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors acquired a new stake in LKQ in the 3rd quarter valued at approximately $288,862,000. FMR LLC increased its holdings in LKQ by 157.2% in the 3rd quarter. FMR LLC now owns 5,072,636 shares of the auto parts company’s stock valued at $160,650,000 after purchasing an additional 3,100,431 shares during the last quarter. Partner Fund Management L.P. acquired a new stake in LKQ in the 3rd quarter valued at approximately $43,719,000. Federated Investors Inc. PA grew its stake in shares of LKQ by 23,501.9% in the third quarter. Federated Investors Inc. PA now owns 1,384,250 shares of the auto parts company’s stock worth $43,839,000 after acquiring an additional 1,378,385 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of LKQ by 2,889.7% in the third quarter. Marshall Wace LLP now owns 1,339,452 shares of the auto parts company’s stock worth $42,420,000 after acquiring an additional 1,294,650 shares in the last quarter. 90.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of LKQ stock traded up $0.13 on Friday, reaching $26.32. 186,732 shares of the stock were exchanged, compared to its average volume of 3,486,393. The company has a current ratio of 2.65, a quick ratio of 1.04 and a debt-to-equity ratio of 0.87. The company has a market cap of $8.20 billion, a P/E ratio of 14.05, a PEG ratio of 0.69 and a beta of 1.32. LKQ Co. has a twelve month low of $22.74 and a twelve month high of $43.86.
LKQ declared that its Board of Directors has approved a share repurchase program on Thursday, October 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the auto parts company to buy up to 5.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
LKQ has been the subject of several research reports. Zacks Investment Research downgraded shares of LKQ from a “hold” rating to a “sell” rating in a research note on Thursday, December 13th. Barrington Research restated a “buy” rating and issued a $45.00 price target on shares of LKQ in a research note on Monday, October 22nd. BidaskClub downgraded shares of LKQ from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 26th. Finally, TheStreet downgraded shares of LKQ from a “b-” rating to a “c+” rating in a research note on Tuesday, October 23rd. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $42.50.
In other news, insider Dominick P. Zarcone bought 2,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was purchased at an average price of $26.55 per share, for a total transaction of $53,100.00. Following the completion of the purchase, the insider now owns 259,080 shares in the company, valued at approximately $6,878,574. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Varun Laroyia bought 1,000 shares of the stock in a transaction that occurred on Friday, October 26th. The shares were purchased at an average price of $26.50 per share, with a total value of $26,500.00. Following the purchase, the vice president now owns 75,673 shares of the company’s stock, valued at approximately $2,005,334.50. The disclosure for this purchase can be found here. Insiders own 0.80% of the company’s stock.
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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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