Genuine Parts Co. (GPC) Updates FY16 Earnings Guidance
Genuine Parts Co. (NYSE:GPC) issued an update on its FY16 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 4.55-4.60 for the period, compared to the Thomson Reuters consensus estimate of $4.72. The company issued revenue guidance of ~$15.28-15.43 billion, compared to the consensus revenue estimate of $15.46 billion.
Shares of Genuine Parts Co. (NYSE:GPC) opened at 96.35 on Wednesday. The company has a market cap of $14.35 billion, a PE ratio of 20.81 and a beta of 0.92. The stock’s 50 day moving average is $99.24 and its 200 day moving average is $99.10. Genuine Parts Co. has a 52-week low of $76.50 and a 52-week high of $105.97.
Genuine Parts (NYSE:GPC) last issued its earnings results on Wednesday, October 19th. The company reported $1.24 EPS for the quarter, missing the Zacks’ consensus estimate of $1.29 by $0.05. The firm earned $3.94 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Genuine Parts had a net margin of 4.59% and a return on equity of 21.79%. Genuine Parts’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.24 EPS. Equities analysts forecast that Genuine Parts Co. will post $4.73 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a $0.6575 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $2.63 dividend on an annualized basis and a yield of 2.73%. Genuine Parts’s dividend payout ratio is currently 56.68%.
GPC has been the topic of a number of recent research reports. Argus reiterated a buy rating and issued a $108.00 target price (up previously from $106.00) on shares of Genuine Parts in a research report on Monday, July 25th. Jefferies Group lowered Genuine Parts from a buy rating to a hold rating and set a $112.00 target price on the stock. in a research report on Friday, July 15th. Wedbush reiterated a neutral rating and issued a $98.00 target price on shares of Genuine Parts in a research report on Wednesday, July 20th. Zacks Investment Research lowered Genuine Parts from a buy rating to a hold rating in a research report on Friday, July 22nd. Finally, Gabelli lowered Genuine Parts from a buy rating to a hold rating and set a $106.00 price objective on the stock. in a research report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Genuine Parts currently has an average rating of Hold and an average target price of $99.18.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pine River Capital Management L.P. increased its position in Genuine Parts by 37.2% in the second quarter. Pine River Capital Management L.P. now owns 11,800 shares of the company’s stock valued at $1,195,000 after buying an additional 3,202 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Genuine Parts by 38.9% in the second quarter. AQR Capital Management LLC now owns 95,980 shares of the company’s stock worth $9,718,000 after buying an additional 26,895 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of Genuine Parts by 124.4% in the second quarter. Adage Capital Partners GP L.L.C. now owns 207,955 shares of the company’s stock worth $21,055,000 after buying an additional 115,300 shares during the period. Guggenheim Capital LLC increased its stake in shares of Genuine Parts by 7.6% in the second quarter. Guggenheim Capital LLC now owns 363,356 shares of the company’s stock worth $36,790,000 after buying an additional 25,806 shares during the period. Finally, Veritable L.P. increased its stake in shares of Genuine Parts by 3.0% in the second quarter. Veritable L.P. now owns 5,338 shares of the company’s stock worth $540,000 after buying an additional 155 shares during the period. 71.55% of the stock is owned by hedge funds and other institutional investors.
About Genuine Parts
Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. The Company’s segments include Automotive, Industrial, Office Products Group, Electrical/Electronic Materials and Other.
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