Group 1 Automotive, Inc. announced that its board of directors has approved a new share repurchase authorization totaling $500 million. This authorization provides the company with additional flexibility to return capital to shareholders.
The new authorization reflects the company's ongoing commitment to disciplined capital allocation, which includes strategic acquisitions, consistent dividends, and share repurchases. Such actions can reduce the number of outstanding shares, potentially increasing earnings per share for remaining shareholders.
This decision follows previous share repurchase activities, with the company having repurchased 0.5 million shares for $138 million at an average price of $298.49 per share year-to-date as of the third quarter 2024 earnings report.
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