Advisor Group Inc. Lowers Position in Genuine Parts Company (GPC)
Advisor Group Inc. lessened its stake in Genuine Parts Company (NYSE:GPC) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,976 shares of the specialty retailer’s stock after selling 21 shares during the quarter. Advisor Group Inc.’s holdings in Genuine Parts were worth $829,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Global X Management Co. LLC grew 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 during the period. Bronfman E.L. Rothschild L.P. increased its position in Genuine Parts by 151.1% in 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 last quarter. Van ECK Associates Corp increased its position in Genuine Parts by 7.3% in 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 last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Genuine Parts in the first quarter worth $213,000. Finally, Parsec Financial Management Inc. purchased a new stake in Genuine Parts in the second quarter worth $217,000. 74.46% of the stock is currently owned by institutional investors.
A number of research analysts have recently commented on GPC shares. Royal Bank Of Canada upped their price target on Genuine Parts from $85.00 to $98.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 26th. Zacks Investment Research raised Genuine Parts from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub lowered Genuine Parts from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. 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. Finally, Jefferies Group LLC restated a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a research note on Sunday, September 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $96.33.
Shares of Genuine Parts Company (GPC) opened at 96.37 on Tuesday. The firm’s 50 day moving average price is $86.06 and its 200 day moving average price is $88.94. The stock has a market cap of $14.15 billion, a P/E ratio of 20.86 and a beta of 1.10. Genuine Parts Company has a 52-week low of $79.86 and a 52-week high of $100.90.
Genuine Parts (NYSE:GPC) last released its quarterly earnings results 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 business 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%. The firm’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.28 earnings per share. On average, analysts expect that Genuine Parts Company will post $4.73 EPS for the current year.
Genuine Parts declared that its Board of Directors has approved a share buyback program on Monday, August 21st that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date was Thursday, September 7th. Genuine Parts’s payout ratio is 58.32%.
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About Genuine Parts
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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