Eaton Vance Management grew its holdings in Genuine Parts Company (NYSE:GPC) by 2.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 307,296 shares of the specialty retailer’s stock after buying an additional 7,358 shares during the period. Eaton Vance Management owned 0.21% of Genuine Parts worth $28,505,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of GPC. CIBC World Markets Inc. grew its holdings in shares of Genuine Parts by 20.7% in the second quarter. CIBC World Markets Inc. now owns 3,802 shares of the specialty retailer’s stock valued at $353,000 after purchasing an additional 652 shares during the period. Commonwealth Bank of Australia grew its holdings in shares of Genuine Parts by 1.3% in the second quarter. Commonwealth Bank of Australia now owns 14,033 shares of the specialty retailer’s stock valued at $1,300,000 after purchasing an additional 174 shares during the period. Ffcm LLC grew its holdings in shares of Genuine Parts by 6.4% in the second quarter. Ffcm LLC now owns 9,622 shares of the specialty retailer’s stock valued at $893,000 after purchasing an additional 578 shares during the period. Synovus Financial Corp grew its holdings in shares of Genuine Parts by 10.1% in the second quarter. Synovus Financial Corp now owns 263,927 shares of the specialty retailer’s stock valued at $24,485,000 after purchasing an additional 24,129 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Genuine Parts by 13.9% in the second quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock valued at $663,318,000 after purchasing an additional 874,466 shares during the period. Institutional investors and hedge funds own 74.52% of the company’s stock.
GPC has been the subject of a number of analyst reports. Royal Bank Of Canada reissued a “hold” rating and issued a $96.00 price objective on shares of Genuine Parts in a report on Thursday, May 25th. BidaskClub raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Wedbush reissued a “neutral” rating on shares of Genuine Parts in a report on Thursday, July 6th. Goldman Sachs Group, Inc. (The) lowered shares of Genuine Parts from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $104.00 to $89.00 in a report on Thursday, July 6th. Finally, Gabelli raised shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Genuine Parts currently has a consensus rating of “Hold” and an average target price of $96.00.
Genuine Parts Company (GPC) opened at 85.35 on Friday. The stock has a market cap of $12.53 billion, a price-to-earnings ratio of 18.48 and a beta of 1.06. The firm’s 50-day moving average is $83.28 and its 200 day moving average is $89.61. Genuine Parts Company has a 52 week low of $79.86 and a 52 week high of $101.88.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.02. Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same period in the prior year, the company earned $1.28 EPS. The company’s revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts expect that Genuine Parts Company will post $4.73 EPS for the current year.
Genuine Parts declared that its board has approved a share buyback plan on Monday, August 21st that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 58.32%.
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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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