Axa Has $11.71 Million Holdings in Genuine Parts Company (GPC)
Axa cut its position in shares of Genuine Parts Company (NYSE:GPC) by 2.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,200 shares of the specialty retailer’s stock after selling 3,400 shares during the period. Axa owned approximately 0.09% of Genuine Parts worth $11,706,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. TLP Group LLC purchased a new position in Genuine Parts during the first quarter worth about $379,000. Girard Partners LTD. raised its stake in Genuine Parts by 5.2% during the second quarter. Girard Partners LTD. now owns 28,068 shares of the specialty retailer’s stock worth $2,604,000 after purchasing an additional 1,391 shares during the period. Synovus Financial Corp raised its stake in Genuine Parts by 10.1% during the second quarter. Synovus Financial Corp now owns 263,927 shares of the specialty retailer’s stock worth $24,485,000 after purchasing an additional 24,129 shares during the period. Hutner Capital Management Inc. raised its stake in Genuine Parts by 3.3% during the first quarter. Hutner Capital Management Inc. now owns 23,344 shares of the specialty retailer’s stock worth $2,157,000 after purchasing an additional 739 shares during the period. Finally, Vanguard Group Inc. raised its stake in Genuine Parts by 4.7% during the first quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock worth $1,425,824,000 after purchasing an additional 690,398 shares during the period. 74.52% of the stock is currently owned by institutional investors.
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A number of equities analysts have commented on the stock. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 target price on shares of Genuine Parts in a research note on Sunday. BidaskClub raised shares of Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Gabelli raised shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a research note on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Genuine Parts from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Three investment 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. The stock presently has an average rating of “Hold” and a consensus price target of $96.00.
Shares of Genuine Parts Company (NYSE:GPC) opened at 85.82 on Tuesday. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $101.88. The firm’s 50 day moving average is $83.30 and its 200-day moving average is $89.47. The firm has a market capitalization of $12.60 billion, a PE ratio of 18.58 and a beta of 1.06.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share for the quarter, missing the Thomson Reuters’ 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 previous year, the company earned $1.28 earnings per share. On average, analysts expect that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be issued a dividend of $0.675 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 3.15%. Genuine Parts’s payout ratio is currently 58.32%.
Genuine Parts declared that its Board of Directors has authorized a stock buyback program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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.
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