Royal Bank of Canada lifted its holdings in shares of Genuine Parts Company (NYSE:GPC) by 15.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 210,111 shares of the specialty retailer’s stock after purchasing an additional 28,407 shares during the period. Royal Bank of Canada owned 0.14% of Genuine Parts worth $19,490,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Sun Life Financial INC lifted its stake in shares of Genuine Parts by 15,400.0% during the second quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock valued at $101,000 after acquiring an additional 1,078 shares during the period. Global X Management Co. LLC lifted its stake 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 acquiring an additional 373 shares during the period. Bronfman E.L. Rothschild L.P. lifted its stake in shares of Genuine Parts by 151.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock valued at $177,000 after acquiring an additional 1,147 shares during the period. Van ECK Associates Corp lifted its stake in shares of Genuine Parts by 7.3% during the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock valued at $210,000 after acquiring an additional 155 shares during the period. Finally, QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Genuine Parts during the first quarter valued at $213,000. Institutional investors own 74.43% of the company’s stock.
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Several equities analysts have recently issued reports on GPC shares. Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and cut their price target for the company from $104.00 to $89.00 in a research note on Thursday, July 6th. BidaskClub lowered Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush reaffirmed a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price target on shares of Genuine Parts in a research note on Sunday, September 10th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Genuine Parts presently has an average rating of “Hold” and an average target price of $96.33.
Genuine Parts Company (NYSE GPC) opened at 95.50 on Thursday. The firm has a market cap of $14.02 billion, a price-to-earnings ratio of 20.68 and a beta of 1.10. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $100.90. The firm has a 50-day moving average price of $88.75 and a 200 day moving average price of $89.07.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings data 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 was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 EPS. Equities analysts predict that Genuine Parts Company will post $4.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a yield of 2.83%. The ex-dividend date was Thursday, September 7th. Genuine Parts’s payout ratio is presently 58.32%.
Genuine Parts declared that its Board of Directors has approved a stock buyback program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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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