Conifer Management Buys $24.2M of Group 1 Automotive Stock

Conifer Management, L.L.C., a 10% owner of Group 1 Automotive (GPI), reported buying 100,000 shares of common stock for about $24.2 million, according to a Form 4 filed Oct. 26. The filing covers 30 purchase lines dated Oct. 22 through Oct. 26. Prices ran from $226 to $249.84 a share, with an average of $242.32.

Conifer is the one insider in the filing. None of the purchases was made under a Rule 10b5-1 plan.

A Form 4 is the report that officers, directors and holders of more than 10% of a company's stock must file within two business days of a trade in its shares. Transaction code P, the one used here, marks an open-market or private purchase paid for by the insider, as opposed to grants, option exercises or employee-plan purchases. AlphaScala has a page on Form 4 code P.

Among the lines listed is an Oct. 22 purchase of 18,920 shares at a weighted average price of $242.7658, in trades from $242.5776 to $243.48, worth about $4.6 million. Another Oct. 22 line covers 9,501 shares at a weighted average price of $236.0247, and a third covers 9,093 shares at a weighted average price of $241.4423.

On Oct. 23, Conifer bought 9,282 shares at a weighted average price of $244.9235, and 8,049 shares at a weighted average price of $244.1584. The Oct. 26 line covers 6,606 shares at a weighted average price of $244.0245, about $1.6 million. Of the 30 lines, 28 were reported at weighted average prices.

The shares are held indirectly. Before the first purchase, Conifer's indirect holding stood at 1,912,290 shares; after the last it was 2,012,290, a 5.2% increase.

The Oct. 22 purchases were filed four calendar days later, or two weekdays. Those dated Oct. 23 were filed three calendar days later, or one weekday. The Oct. 26 purchase was filed the same day.

Conifer has bought before. In Form 4s filed before Oct. 24, covering trades dated July 23 or later, the company's insiders reported 104 open-market purchases worth about $187.3 million, all from one buyer, and no open-market sales. Among the purchases listed from that window are 39,075 shares on Sept. 3 for about $11.0 million, 42,495 shares on Sept. 24 for about $10.5 million and 34,593 shares on Sept. 28 for about $8.4 million, all by Conifer.

The last of those earlier purchases was dated Sept. 30. The first purchase in the new filing came on Oct. 22, 22 days later, and the new purchases ran over four days through Oct. 26.