Fiduciary Trust Co. reduced its position in Genuine Parts Company (NYSE:GPC) by 5.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,685 shares of the specialty retailer’s stock after selling 150 shares during the period. Fiduciary Trust Co.’s holdings in Genuine Parts were worth $249,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Global X Management Co. LLC lifted its position in shares of Genuine Parts by 29.3% in 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 in the last quarter. Bronfman E.L. Rothschild L.P. lifted its position in shares of 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 in the last quarter. Van ECK Associates Corp lifted its position in shares of 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 in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in shares of Genuine Parts in the first quarter worth about $213,000. Finally, Parsec Financial Management Inc. purchased a new stake in shares of Genuine Parts in the second quarter worth about $217,000. Institutional investors own 74.52% of the company’s stock.
Shares of Genuine Parts Company (GPC) opened at 85.82 on Tuesday. The firm’s 50-day moving average price is $83.30 and its 200 day moving average price is $89.47. The company has a market capitalization of $12.60 billion, a PE ratio of 18.58 and a beta of 1.06. Genuine Parts Company has a 52 week low of $79.86 and a 52 week high of $101.88.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.02. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The business had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.05 billion. During the same period last year, the business earned $1.28 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts predict that Genuine Parts Company will post $4.73 EPS for the current year.
Genuine Parts declared that its board has authorized a share buyback program on Monday, August 21st that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be paid a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is 58.32%.
A number of equities research analysts recently commented on GPC shares. Gabelli upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a research report on Friday, July 21st. Jefferies Group LLC reiterated a “hold” rating and issued a $95.00 target price on shares of Genuine Parts in a research report on Sunday. BidaskClub raised Genuine Parts from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reissued a “hold” rating and set a $96.00 price objective on shares of Genuine Parts in a research note on Thursday, May 25th. Finally, Wedbush reissued a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Genuine Parts has an average rating of “Hold” and a consensus price target of $96.00.
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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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