Byron Elmer Grote, an insider at Inchcape plc, has acquired 5,000 shares of the company’s stock, totaling approximately £37,900. The transaction took place on December 8, 2023, with the shares purchased at an average price of GBX 758 each. This move highlights Grote’s confidence in the company’s future performance within the automotive distribution sector.
Inchcape shares opened at GBX 762 on December 8. Over the past year, the stock has fluctuated, reaching a low of GBX 575 and a high of GBX 819. The company’s market capitalization stands at £2.75 billion, with a price-to-earnings (P/E) ratio of 7.26 and a P/E-to-growth (P/E/G) ratio of 2.06. Furthermore, Inchcape has a beta of 1.19, indicating a relatively stable performance compared to the broader market.
Market Analysis and Analyst Ratings
Recent analysis from various financial institutions offers a positive outlook for Inchcape. On October 17, 2023, UBS Group reaffirmed a “buy” rating and set a price target of GBX 920. Following this, Citigroup raised its price target from GBX 1,101 to GBX 1,115, maintaining a “buy” rating on October 20, 2023. Berenberg Bank also reiterated a “buy” rating, establishing a price target of GBX 1,120 on October 23, 2023. Meanwhile, JPMorgan Chase & Co. assigned a “neutral” rating in a report on October 16, 2023.
Currently, three analysts rate Inchcape shares as a “buy,” while two have assigned a “hold” rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” with an average target price of GBX 988.75.
About Inchcape
Inchcape plc is a leading global automotive distributor, operating across six continents. The company combines in-market expertise with advanced technology and data analytics to enhance customer experiences. Through these efforts, Inchcape aims to strengthen automotive brands and foster sustainable growth in the industry.
As the automotive market continues to evolve, the strategic investments and positive analyst sentiments surrounding Inchcape reflect its potential for continued success in the coming years.
