Motco Has $3.38 Million Stake in Genuine Parts Company (GPC)
Motco raised its position in Genuine Parts Company (NYSE:GPC) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,411 shares of the specialty retailer’s stock after buying an additional 679 shares during the period. Motco’s holdings in Genuine Parts were worth $3,378,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in GPC. Global X Management Co. LLC raised its stake in shares of Genuine Parts by 29.3% in the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock worth $152,000 after buying an additional 373 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Genuine Parts during the first quarter worth about $208,000. Van ECK Associates Corp raised its stake in shares of Genuine Parts by 7.3% in the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock worth $210,000 after buying an additional 155 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in shares of Genuine Parts during the first quarter worth about $213,000. Finally, Parsec Financial Management Inc. acquired a new stake in shares of Genuine Parts during the second quarter worth about $217,000. 74.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Genuine Parts Company (GPC) traded down 0.43% during mid-day trading on Tuesday, reaching $82.59. The company had a trading volume of 29,563 shares. The company’s 50-day moving average price is $83.34 and its 200-day moving average price is $90.62. The company has a market capitalization of $12.13 billion, a PE ratio of 17.88 and a beta of 1.04. Genuine Parts Company has a 52-week low of $79.86 and a 52-week high of $105.18.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.02. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.05 billion. Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 EPS. On average, analysts forecast that Genuine Parts Company will post $4.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be issued a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 58.32%.
Genuine Parts announced that its board has initiated a share buyback plan on Monday, August 21st that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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A number of analysts have recently issued reports on the company. BidaskClub lowered Genuine Parts from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Gabelli raised Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a research report on Friday, July 21st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $96.00 target price on shares of Genuine Parts in a research report on Thursday, May 25th. Wedbush reaffirmed a “neutral” rating on shares of Genuine Parts in a research report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $104.00 to $89.00 in a research report on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $96.00.
Genuine Parts Company Profile
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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