Genuine Parts Co. (GPC) Stock Rating Upgraded by Zacks Investment Research
Genuine Parts Co. (NYSE:GPC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Genuine Parts remains committed to boost shareholder value through share repurchases and dividend hikes. The company frequently undertakes acquisitions to expand its business. Genuine Parts also undertakes various initiatives to boost sales and earnings, such as product line expansion, penetration into new markets and cost-saving activities. However, Genuine Parts is facing challenges in the non-automotive business. In addition, intensifying competition poses a concern. The company reduced its earnings and revenue guidance for 2016. Genuine Parts' earnings estimates have been stable over the last thirty days. The company has a mixed record of earnings surprises in recent quarters.”
A number of other equities analysts have also weighed in on GPC. Jefferies Group dropped their price target on shares of Genuine Parts to $95.00 in a research report on Thursday, October 20th. Wedbush dropped their price target on shares of Genuine Parts from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, October 19th. Finally, Susquehanna assumed coverage on shares of Genuine Parts in a research report on Thursday, August 25th. They issued a “neutral” rating and a $102.00 price target for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $98.80.
Shares of Genuine Parts (NYSE:GPC) traded down 0.30% during midday trading on Tuesday, reaching $96.76. 203,781 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $93.40 and its 200-day moving average is $98.09. The stock has a market cap of $14.39 billion, a PE ratio of 20.91 and a beta of 0.91. Genuine Parts has a 12-month low of $76.50 and a 12-month high of $105.97.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Wednesday, October 19th. The company reported $1.24 earnings per share 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 the consensus estimate of $4.03 billion. Genuine Parts had a return on equity of 21.43% and a net margin of 4.57%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.24 earnings per share. On average, equities analysts expect that Genuine Parts will post $4.58 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Friday, December 9th will be paid a dividend of $0.6575 per share. This represents a $2.63 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Wednesday, December 7th. Genuine Parts’s payout ratio is 56.68%.
In other Genuine Parts news, Chairman Thomas Gallagher purchased 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 20th. The shares were bought at an average price of $89.24 per share, with a total value of $267,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GPC. KAMES CAPITAL plc increased its stake in Genuine Parts by 7.8% in the second quarter. KAMES CAPITAL plc now owns 257,631 shares of the company’s stock worth $26,080,000 after buying an additional 18,660 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Genuine Parts by 1.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 435,436 shares of the company’s stock worth $44,088,000 after buying an additional 4,249 shares during the last quarter. Sanders Capital LLC increased its stake in Genuine Parts by 0.3% in the second quarter. Sanders Capital LLC now owns 1,013,739 shares of the company’s stock worth $102,641,000 after buying an additional 3,346 shares during the last quarter. Creative Planning increased its stake in Genuine Parts by 5.8% in the second quarter. Creative Planning now owns 11,318 shares of the company’s stock worth $1,146,000 after buying an additional 616 shares during the last quarter. Finally, British Columbia Investment Management Corp increased its stake in Genuine Parts by 8.3% in the second quarter. British Columbia Investment Management Corp now owns 58,192 shares of the company’s stock worth $5,892,000 after buying an additional 4,444 shares during the last quarter. 70.81% of the stock is currently owned by 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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