Investment Centers of America Inc. Sells 1,011 Shares of Genuine Parts Company (GPC)
Investment Centers of America Inc. reduced its position in shares of Genuine Parts Company (NYSE:GPC) by 15.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,523 shares of the specialty retailer’s stock after selling 1,011 shares during the period. Investment Centers of America Inc.’s holdings in Genuine Parts were worth $512,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Global X Management Co. LLC boosted its position in shares of 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 worth $152,000 after buying an additional 373 shares during the period. Bronfman E.L. Rothschild L.P. boosted its position in shares of 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 worth $177,000 after buying an additional 1,147 shares during the period. Van ECK Associates Corp boosted its position in shares of Genuine Parts by 7.3% during 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 period. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Genuine Parts during the first quarter worth about $213,000. Finally, Parsec Financial Management Inc. acquired a new position in shares of Genuine Parts during the second quarter worth about $217,000. 74.46% of the stock is owned by institutional investors.
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GPC has been the subject of several recent research reports. Zacks Investment Research cut Genuine Parts from a “hold” rating to a “strong sell” rating in a research report on Monday, July 24th. Goldman Sachs Group, Inc. (The) cut Genuine Parts from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $104.00 to $89.00 in a research report on Thursday, July 6th. BidaskClub cut Genuine Parts from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Wedbush reaffirmed a “neutral” rating on shares of Genuine Parts in a research report on Thursday, July 6th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $96.00 price objective on shares of Genuine Parts in a research report on Thursday, May 25th. Three 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’s stock. The stock presently has an average rating of “Hold” and an average target price of $96.00.
Shares of Genuine Parts Company (GPC) opened at 86.65 on Monday. The company’s 50-day moving average price is $83.76 and its 200 day moving average price is $89.26. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 18.76 and a beta of 1.06. Genuine Parts Company has a 12-month low of $79.86 and a 12-month high of $101.88.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.31 by ($0.02). The firm had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.05 billion. Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 earnings per share. Equities analysts predict that Genuine Parts Company will post $4.73 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be paid a dividend of $0.675 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a yield of 3.12%. Genuine Parts’s dividend payout ratio (DPR) is currently 58.32%.
Genuine Parts declared that its board has initiated a share repurchase plan on Monday, August 21st that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the specialty retailer to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
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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