First Allied Advisory Services Inc. cut its holdings in shares of Genuine Parts (NYSE:GPC) by 46.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,178 shares of the specialty retailer’s stock after selling 1,861 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Genuine Parts were worth $208,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Girard Partners LTD. lifted its position in Genuine Parts by 5.2% during the second quarter. Girard Partners LTD. now owns 28,068 shares of the specialty retailer’s stock worth $2,604,000 after buying an additional 1,391 shares during the period. Synovus Financial Corp lifted its position in Genuine Parts by 10.1% during the second quarter. Synovus Financial Corp now owns 263,927 shares of the specialty retailer’s stock worth $24,485,000 after buying an additional 24,129 shares during the period. Motco lifted its position in Genuine Parts by 1.9% during the second quarter. Motco now owns 36,411 shares of the specialty retailer’s stock worth $3,378,000 after buying an additional 679 shares during the period. Rowland & Co. Investment Counsel ADV lifted its position in 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 worth $6,373,000 after buying an additional 4,066 shares during the period. Finally, Nuance Investments LLC lifted its position in Genuine Parts by 221.3% during the second quarter. Nuance Investments LLC now owns 272,286 shares of the specialty retailer’s stock worth $25,257,000 after buying an additional 187,534 shares during the period. Hedge funds and other institutional investors own 76.03% of the company’s stock.
Several equities analysts recently weighed in on the company. Moffett Nathanson assumed coverage on Genuine Parts in a research report on Monday, December 4th. They set a “sell” rating on the stock. Zacks Investment Research downgraded Genuine Parts from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Gabelli restated a “buy” rating on shares of Genuine Parts in a report on Friday, October 20th. Jefferies Group restated a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a report on Sunday, September 10th. Finally, Royal Bank of Canada raised their price objective on Genuine Parts from $85.00 to $98.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 26th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Genuine Parts has an average rating of “Hold” and a consensus target price of $95.00.
Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, October 19th. The specialty retailer reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The firm 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 20.49% and a net margin of 4.16%. The business’s revenue for the quarter was down 72.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.24 earnings per share. equities research analysts anticipate that Genuine Parts will post 4.58 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a $0.675 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.94%. Genuine Parts’s dividend payout ratio (DPR) is 60.40%.
Genuine Parts declared that its board has approved a share repurchase program on Monday, August 21st that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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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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