Genuine Parts Company (GPC) Position Cut by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its position in shares of Genuine Parts Company (NYSE:GPC) by 0.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,950 shares of the specialty retailer’s stock after selling 57 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Genuine Parts were worth $1,016,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Global X Management Co. LLC lifted its holdings in Genuine Parts by 29.3% during the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock valued at $152,000 after purchasing an additional 373 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its holdings in Genuine Parts by 151.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock valued at $177,000 after purchasing an additional 1,147 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Genuine Parts by 7.3% during the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock valued at $210,000 after purchasing an additional 155 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new position in Genuine Parts during the first quarter valued at $213,000. Finally, Parsec Financial Management Inc. purchased a new position in Genuine Parts during the second quarter valued at $217,000. 74.52% of the stock is currently owned by hedge funds and other institutional investors.
GPC has been the topic of several recent analyst reports. Gabelli raised shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a report on Friday, July 21st. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price objective on shares of Genuine Parts in a report on Sunday. BidaskClub raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $96.00 price objective on shares of Genuine Parts in a report on Thursday, May 25th. Finally, Wedbush reaffirmed a “neutral” rating on shares of Genuine Parts in a report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $96.00.
Shares of Genuine Parts Company (NYSE GPC) opened at 86.44 on Wednesday. The stock has a 50 day moving average of $83.37 and a 200-day moving average of $89.44. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $101.88. The firm has a market capitalization of $12.69 billion, a PE ratio of 18.71 and a beta of 1.06.
Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the consensus estimate of $1.31 by ($0.02). Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The business had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.05 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. Genuine Parts’s quarterly revenue was up 5.1% on a year-over-year basis. On average, equities research analysts anticipate that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
Genuine Parts announced that its board has approved a stock repurchase program on Monday, August 21st that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a $0.675 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 3.12%. Genuine Parts’s dividend payout ratio is presently 58.32%.
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.
Want to see what other hedge funds are holding GPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genuine Parts Company (NYSE:GPC).
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.