State of Tennessee Treasury Department trimmed its holdings in shares of Genuine Parts (NYSE:GPC) by 4.0% in the first quarter, HoldingsChannel reports. The firm owned 36,517 shares of the specialty retailer’s stock after selling 1,514 shares during the quarter. State of Tennessee Treasury Department’s holdings in Genuine Parts were worth $4,091,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of GPC. Norges Bank bought a new stake in Genuine Parts during the 4th quarter worth approximately $132,716,000. Two Sigma Advisers LP grew its stake in shares of Genuine Parts by 289.8% during the 4th quarter. Two Sigma Advisers LP now owns 872,561 shares of the specialty retailer’s stock worth $83,783,000 after acquiring an additional 648,700 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Genuine Parts by 312.3% during the 4th quarter. Prudential Financial Inc. now owns 744,508 shares of the specialty retailer’s stock worth $71,487,000 after acquiring an additional 563,943 shares in the last quarter. Millennium Management LLC grew its stake in shares of Genuine Parts by 137.4% during the 4th quarter. Millennium Management LLC now owns 859,401 shares of the specialty retailer’s stock worth $82,520,000 after acquiring an additional 497,425 shares in the last quarter. Finally, Ronna Sue Cohen grew its stake in shares of Genuine Parts by 11,103.0% during the 1st quarter. Ronna Sue Cohen now owns 385,943 shares of the specialty retailer’s stock worth $386,000 after acquiring an additional 382,498 shares in the last quarter. 76.36% of the stock is owned by institutional investors and hedge funds.
In other news, insider Scott Sonnemaker bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average cost of $99.01 per share, with a total value of $495,050.00. Following the completion of the purchase, the insider now owns 5,000 shares of the company’s stock, valued at $495,050. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.50% of the stock is currently owned by company insiders.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.31 by ($0.03). The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.79 billion. Genuine Parts had a return on equity of 23.46% and a net margin of 4.20%. Genuine Parts’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 earnings per share. As a group, sell-side analysts expect that Genuine Parts will post 5.9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be paid a $0.7625 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $3.05 annualized dividend and a dividend yield of 2.97%. Genuine Parts’s dividend payout ratio is presently 53.70%.
Several equities analysts have recently weighed in on the stock. ValuEngine raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Tuesday, February 19th. Evercore ISI assumed coverage on shares of Genuine Parts in a research note on Wednesday, March 20th. They set an “in-line” rating and a $110.00 price target for the company. Zacks Investment Research cut shares of Genuine Parts from a “hold” rating to a “sell” rating in a research note on Wednesday, April 24th. Finally, Stephens assumed coverage on shares of Genuine Parts in a research note on Thursday, May 30th. They set an “overweight” rating and a $114.00 price target for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $105.33.
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About Genuine Parts
Genuine Parts Company distributes automotive replacement, industrial parts and materials, and business products in North America, Australia, New Zealand, the United Kingdom, France, Germany, Poland, and Puerto Rico. The company distributes automotive replacement parts for imported vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, and heavy duty equipment; and accessory items for automotive aftermarket, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, industrial concerns, and individuals.
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