First Merchants Corp cut its position in Genuine Parts (NYSE:GPC) by 5.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 22,670 shares of the specialty retailer’s stock after selling 1,330 shares during the quarter. First Merchants Corp’s holdings in Genuine Parts were worth $2,348,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. NEXT Financial Group Inc acquired a new stake in Genuine Parts in the second quarter worth $26,000. Cutler Group LP increased its position in shares of Genuine Parts by 967.7% during the first quarter. Cutler Group LP now owns 269 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 300 shares in the last quarter. Gables Capital Management Inc. increased its position in shares of Genuine Parts by 125.0% during the first quarter. Gables Capital Management Inc. now owns 360 shares of the specialty retailer’s stock worth $40,000 after acquiring an additional 200 shares in the last quarter. Destination Wealth Management bought a new stake in shares of Genuine Parts during the first quarter worth $41,000. Finally, Marshall Wace North America L.P. bought a new stake in shares of Genuine Parts during the first quarter worth $44,000. Institutional investors own 76.69% of the company’s stock.
Several brokerages have recently issued reports on GPC. JPMorgan Chase & Co. lowered their price objective on shares of Genuine Parts from $114.00 to $104.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. ValuEngine downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Stephens began coverage on shares of Genuine Parts in a research report on Thursday, May 30th. They set an “overweight” rating and a $114.00 price objective for the company. Zacks Investment Research raised shares of Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 price objective for the company in a research report on Wednesday, July 24th. Finally, Goldman Sachs Group began coverage on shares of Genuine Parts in a research report on Thursday, July 11th. They set a “neutral” rating and a $107.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Genuine Parts has an average rating of “Hold” and a consensus target price of $105.75.
In other news, insider Scott Sonnemaker purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average price of $99.01 per share, for a total transaction of $495,050.00. Following the transaction, the insider now owns 5,000 shares of the company’s stock, valued at $495,050. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 4.50% of the stock is currently owned by insiders.
GPC opened at $90.87 on Monday. The company has a market cap of $13.47 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 3.15 and a beta of 0.92. Genuine Parts has a fifty-two week low of $91.04 and a fifty-two week high of $115.20. The company has a quick ratio of 0.68, a current ratio of 1.26 and a debt-to-equity ratio of 0.98. The stock’s 50 day simple moving average is $101.72.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, July 18th. The specialty retailer reported $1.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.08). The firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5 billion. Genuine Parts had a return on equity of 23.16% and a net margin of 4.17%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.59 EPS. As a group, research analysts expect that Genuine Parts will post 5.7 EPS for the current fiscal year.
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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