FMR LLC raised its holdings in shares of Genuine Parts Company (NYSE:GPC) by 181.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 453,504 shares of the specialty retailer’s stock after acquiring an additional 292,531 shares during the period. FMR LLC owned about 0.31% of Genuine Parts worth $42,067,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of GPC. OppenheimerFunds Inc. grew its position in Genuine Parts by 14.5% during the first quarter. OppenheimerFunds Inc. now owns 20,026 shares of the specialty retailer’s stock valued at $1,851,000 after acquiring an additional 2,537 shares during the last quarter. Homrich & Berg grew its position in Genuine Parts by 13.7% during the first quarter. Homrich & Berg now owns 7,330 shares of the specialty retailer’s stock valued at $677,000 after acquiring an additional 884 shares during the last quarter. Royce & Associates LP grew its position in Genuine Parts by 13.5% during the first quarter. Royce & Associates LP now owns 108,969 shares of the specialty retailer’s stock valued at $10,070,000 after acquiring an additional 13,000 shares during the last quarter. Stephens Inc. AR grew its position in Genuine Parts by 4.9% during the first quarter. Stephens Inc. AR now owns 15,787 shares of the specialty retailer’s stock valued at $1,459,000 after acquiring an additional 736 shares during the last quarter. Finally, FDO Partners LLC grew its position in Genuine Parts by 197.3% during the first quarter. FDO Partners LLC now owns 55,601 shares of the specialty retailer’s stock valued at $5,138,000 after acquiring an additional 36,900 shares during the last quarter. Institutional investors and hedge funds own 74.32% of the company’s stock.
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Shares of Genuine Parts Company (NYSE:GPC) opened at 88.35 on Friday. The stock’s 50 day moving average price is $91.30 and its 200-day moving average price is $89.16. The stock has a market cap of $12.97 billion, a price-to-earnings ratio of 19.13 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.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.12). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $4.10 billion. Genuine Parts had a net margin of 4.16% and a return on equity of 20.49%. The business’s revenue for the quarter was down 72.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.24 EPS. On average, equities research analysts forecast that Genuine Parts Company will post $4.58 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were given a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 60.40%.
Genuine Parts declared that its board has authorized a stock buyback plan on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding 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 believes its stock is undervalued.
A number of research analysts have commented on the stock. BidaskClub upgraded shares of Genuine Parts from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research report on Thursday, July 6th. Zacks Investment Research cut shares of Genuine Parts from a “hold” rating to a “strong sell” rating in a research report on Monday, July 24th. Gabelli upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Friday, July 21st. Finally, Royal Bank Of Canada reduced their price target on shares of Genuine Parts from $98.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $96.00.
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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