Crawford Investment Counsel Inc. Raises Position in Genuine Parts Company (GPC)
Crawford Investment Counsel Inc. increased its stake in shares of Genuine Parts Company (NYSE:GPC) by 4.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 735,244 shares of the specialty retailer’s stock after buying an additional 32,615 shares during the period. Genuine Parts accounts for 2.3% of Crawford Investment Counsel Inc.’s holdings, making the stock its 10th largest position. Crawford Investment Counsel Inc. owned approximately 0.50% of Genuine Parts worth $68,201,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. BKS Advisors LLC raised its position in Genuine Parts by 1.3% in the second quarter. BKS Advisors LLC now owns 2,580 shares of the specialty retailer’s stock valued at $239,000 after buying an additional 33 shares during the period. Motco raised its position in Genuine Parts by 1.9% in the second quarter. Motco now owns 36,411 shares of the specialty retailer’s stock valued at $3,378,000 after buying an additional 679 shares during the period. Homrich & Berg raised its position in Genuine Parts by 9.9% in the second quarter. Homrich & Berg now owns 8,057 shares of the specialty retailer’s stock valued at $747,000 after buying an additional 727 shares during the period. Keybank National Association OH raised its position in Genuine Parts by 2.7% in the second quarter. Keybank National Association OH now owns 113,382 shares of the specialty retailer’s stock valued at $10,517,000 after buying an additional 2,939 shares during the period. Finally, Girard Partners LTD. raised its position in Genuine Parts by 5.2% in the second quarter. Girard Partners LTD. now owns 28,068 shares of the specialty retailer’s stock valued at $2,604,000 after buying an additional 1,391 shares during the period. Institutional investors own 74.50% of the company’s stock.
Genuine Parts Company (GPC) opened at 81.93 on Wednesday. The stock has a 50 day moving average price of $83.34 and a 200-day moving average price of $90.62. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $105.18. The company has a market capitalization of $12.03 billion, a price-to-earnings ratio of 17.74 and a beta of 1.04.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.02. The company had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. Genuine Parts’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 EPS. Equities analysts predict that Genuine Parts Company will post $4.73 earnings per share for the current year.
Genuine Parts announced that its Board of Directors 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a $0.675 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.30%. Genuine Parts’s dividend payout ratio (DPR) is 58.32%.
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GPC has been the topic of a number of recent analyst reports. BidaskClub upgraded Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Gabelli upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a research note on Friday, July 21st. Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Finally, Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research note 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 assigned a buy rating to the company’s stock. Genuine Parts 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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