Franklin Resources Inc. Takes $645,000 Position in Genuine Parts Company (GPC)
Franklin Resources Inc. bought a new stake in shares of Genuine Parts Company (NYSE:GPC) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,952 shares of the specialty retailer’s stock, valued at approximately $645,000.
A number of other institutional investors have also made changes to their positions in the business. Global X Management Co. LLC increased its holdings 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 valued at $152,000 after purchasing an additional 373 shares during the period. Bronfman E.L. Rothschild L.P. increased its position in shares of Genuine Parts by 151.1% during the 2nd 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 during the period. Van ECK Associates Corp increased its position in shares of Genuine Parts by 7.3% during the 1st 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 during the period. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Genuine Parts during the 1st quarter valued at $213,000. Finally, Parsec Financial Management Inc. acquired a new position in shares of Genuine Parts during the 2nd quarter valued at $217,000. 74.46% of the stock is currently owned by hedge funds and other institutional investors.
Genuine Parts Company (NYSE:GPC) opened at 96.37 on Tuesday. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $100.90. 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 PE ratio of 20.86 and a beta of 1.10.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.02). The firm had revenue of $4.10 billion for 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 company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share. Equities research analysts expect that Genuine Parts Company will post $4.73 EPS for the current year.
Genuine Parts announced that its Board of Directors has initiated a stock buyback program 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. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a $0.675 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 2.80%. Genuine Parts’s dividend payout ratio (DPR) is currently 58.32%.
Several brokerages recently weighed in on GPC. Zacks Investment Research raised Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada upped their price target on shares of Genuine Parts from $85.00 to $98.00 and gave the company a “sector perform” rating in a report on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and set a $95.00 price objective on shares of Genuine Parts in a research report on Sunday, September 10th. BidaskClub upgraded shares of Genuine Parts from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Gabelli upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $96.33.
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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