Atlantic Trust Group LLC Reduces Position in Genuine Parts Company (GPC)
Atlantic Trust Group LLC reduced its position in shares of Genuine Parts Company (NYSE:GPC) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,820 shares of the specialty retailer’s stock after selling 263 shares during the period. Atlantic Trust Group LLC’s holdings in Genuine Parts were worth $1,375,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. TLP Group LLC bought a new position in Genuine Parts during the 1st quarter worth $379,000. Synovus Financial Corp increased its stake in Genuine Parts by 10.1% during the 2nd quarter. Synovus Financial Corp now owns 263,927 shares of the specialty retailer’s stock worth $24,485,000 after acquiring an additional 24,129 shares during the period. Girard Partners LTD. increased its stake in Genuine Parts by 5.2% during the 2nd quarter. Girard Partners LTD. now owns 28,068 shares of the specialty retailer’s stock worth $2,604,000 after acquiring an additional 1,391 shares during the period. Hutner Capital Management Inc. increased its stake in Genuine Parts by 3.3% during the 1st quarter. Hutner Capital Management Inc. now owns 23,344 shares of the specialty retailer’s stock worth $2,157,000 after acquiring an additional 739 shares during the period. Finally, Vanguard Group Inc. increased its stake in Genuine Parts by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock worth $1,425,824,000 after acquiring an additional 690,398 shares during the period. 74.52% of the stock is owned by institutional investors and hedge funds.
Genuine Parts Company (GPC) opened at 85.35 on Monday. The firm’s 50-day moving average price is $83.28 and its 200-day moving average price is $89.61. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 18.48 and a beta of 1.06. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $101.88.
Genuine Parts (NYSE:GPC) last posted its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by $0.02. The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The company’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 EPS. Equities research analysts forecast that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a dividend of $0.675 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 3.16%. Genuine Parts’s dividend payout ratio is currently 58.32%.
Genuine Parts announced that its board has initiated a stock repurchase program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have commented on GPC shares. Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. BidaskClub lowered Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush restated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $96.00 price objective on shares of Genuine Parts in a research note on Thursday, May 25th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Genuine Parts has an average rating of “Hold” and a consensus target price of $96.00.
Genuine Parts 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.
Receive News & Stock Ratings for Genuine Parts Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genuine Parts Company and related stocks with our FREE daily email newsletter.