Cincinnati Financial Corp Has $76,341,000 Position in Genuine Parts Company (GPC)
Cincinnati Financial Corp held its stake in shares of Genuine Parts Company (NYSE:GPC) during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 823,000 shares of the specialty retailer’s stock at the end of the second quarter. Genuine Parts accounts for approximately 3.6% of Cincinnati Financial Corp’s holdings, making the stock its 6th largest position. Cincinnati Financial Corp owned approximately 0.56% of Genuine Parts worth $76,341,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Genuine Parts by 2,130.1% in the first quarter. BlackRock Inc. now owns 14,442,228 shares of the specialty retailer’s stock valued at $1,334,608,000 after buying an additional 13,794,624 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Genuine Parts by 4.7% in the first quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock valued at $1,425,824,000 after buying an additional 690,398 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Genuine Parts by 175.1% in the second quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock valued at $65,085,000 after buying an additional 446,560 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Genuine Parts by 520.0% in the first quarter. Point72 Asset Management L.P. now owns 478,000 shares of the specialty retailer’s stock valued at $44,172,000 after buying an additional 400,900 shares in the last quarter. Finally, WINTON GROUP Ltd increased its stake in shares of Genuine Parts by 116.7% in the first quarter. WINTON GROUP Ltd now owns 415,900 shares of the specialty retailer’s stock valued at $41,777,000 after buying an additional 224,017 shares in the last quarter. Institutional investors own 74.50% of the company’s stock.
Genuine Parts Company (NYSE GPC) opened at 83.30 on Monday. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $105.18. The firm has a market capitalization of $12.23 billion, a P/E ratio of 18.03 and a beta of 1.04. The company has a 50-day moving average price of $83.34 and a 200-day moving average price of $90.62.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the consensus estimate of $1.31 by $0.02. The firm had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.05 billion. Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. Genuine Parts’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 earnings per share. On average, equities research analysts predict that Genuine Parts Company will post $4.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be given a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s payout ratio is presently 58.32%.
Genuine Parts declared that its Board of Directors has approved a stock repurchase plan on Monday, August 21st that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the specialty retailer to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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GPC has been the subject of several recent analyst reports. Zacks Investment Research downgraded Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) downgraded Genuine Parts from a “neutral” rating to a “sell” rating and lowered their target price for the company from $104.00 to $89.00 in a research note on Thursday, July 6th. BidaskClub downgraded Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $96.00 price target on shares of Genuine Parts in a research note on Thursday, May 25th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Genuine Parts has an average rating of “Hold” and a consensus price target of $96.00.
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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