Genuine Parts Company (GPC) Shares Bought by Viking Fund Management LLC
Viking Fund Management LLC lifted its holdings in shares of Genuine Parts Company (NYSE:GPC) by 7.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,000 shares of the specialty retailer’s stock after acquiring an additional 2,000 shares during the quarter. Viking Fund Management LLC’s holdings in Genuine Parts were worth $2,870,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Girard Partners LTD. increased its position in shares of Genuine Parts by 5.2% during the second quarter. Girard Partners LTD. now owns 28,068 shares of the specialty retailer’s stock valued at $2,604,000 after acquiring an additional 1,391 shares during the last quarter. Synovus Financial Corp increased its position in shares of Genuine Parts by 10.1% during the second quarter. Synovus Financial Corp now owns 263,927 shares of the specialty retailer’s stock valued at $24,485,000 after acquiring an additional 24,129 shares during the last quarter. Motco increased its position in shares of Genuine Parts by 1.9% during the second quarter. Motco now owns 36,411 shares of the specialty retailer’s stock valued at $3,378,000 after acquiring an additional 679 shares during the last quarter. Nuance Investments LLC increased its position in shares of Genuine Parts by 221.3% during the second quarter. Nuance Investments LLC now owns 272,286 shares of the specialty retailer’s stock valued at $25,257,000 after acquiring an additional 187,534 shares during the last quarter. Finally, Rowland & Co. Investment Counsel ADV increased its position in shares of Genuine Parts by 6.3% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 68,624 shares of the specialty retailer’s stock valued at $6,373,000 after acquiring an additional 4,066 shares during the last quarter. 74.41% of the stock is owned by institutional investors.
A number of analysts recently commented on the company. Zacks Investment Research downgraded Genuine Parts from a “hold” rating to a “strong sell” rating in a research report on Monday, July 24th. Gabelli reaffirmed a “buy” rating on shares of Genuine Parts in a research report on Friday. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price target on shares of Genuine Parts in a research report on Sunday, September 10th. BidaskClub downgraded Genuine Parts from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, Goldman Sachs Group, Inc. (The) downgraded Genuine Parts from a “neutral” rating to a “sell” rating and decreased their price target for the company from $104.00 to $89.00 in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Genuine Parts currently has a consensus rating of “Hold” and an average target price of $96.00.
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Shares of Genuine Parts Company (NYSE GPC) traded up 0.38% during trading on Monday, hitting $88.97. The stock had a trading volume of 128,331 shares. The stock’s 50-day moving average price is $91.09 and its 200 day moving average price is $89.20. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $100.90. The firm has a market capitalization of $13.06 billion, a P/E ratio of 19.26 and a beta of 1.10.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, October 19th. The specialty retailer reported $1.16 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.12). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $4.10 billion. Genuine Parts had a return on equity of 20.72% and a net margin of 4.16%. The company’s revenue for the quarter was down 72.2% on a year-over-year basis. During the same quarter last year, the company earned $1.24 earnings per share. On average, analysts anticipate that Genuine Parts Company will post $4.71 earnings per share for the current year.
Genuine Parts announced that its Board of Directors has initiated a share buyback program on Monday, August 21st that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the specialty retailer to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were paid a $0.675 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 3.05%. Genuine Parts’s dividend payout ratio (DPR) is 60.40%.
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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