Ameriprise Financial Inc. lessened its stake in Genuine Parts Company (NYSE:GPC) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 838,491 shares of the specialty retailer’s stock after selling 10,862 shares during the quarter. Ameriprise Financial Inc. owned 0.57% of Genuine Parts worth $77,763,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of GPC. Nationwide Fund Advisors lifted its holdings in shares of Genuine Parts by 1.2% in the 1st quarter. Nationwide Fund Advisors now owns 41,417 shares of the specialty retailer’s stock valued at $3,827,000 after buying an additional 488 shares during the period. Strs Ohio lifted its holdings in shares of Genuine Parts by 1.2% in the 1st quarter. Strs Ohio now owns 6,579 shares of the specialty retailer’s stock valued at $607,000 after buying an additional 79 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Genuine Parts by 10.2% in the 1st quarter. Russell Investments Group Ltd. now owns 63,750 shares of the specialty retailer’s stock valued at $5,895,000 after buying an additional 5,891 shares during the period. Capital Fund Management S.A. acquired a new position in shares of Genuine Parts in the 1st quarter valued at about $284,000. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Genuine Parts by 8.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 562,680 shares of the specialty retailer’s stock valued at $51,997,000 after buying an additional 45,492 shares during the period. 74.46% of the stock is owned by institutional investors and hedge funds.
Genuine Parts Company (GPC) opened at 86.88 on Tuesday. Genuine Parts Company has a 52 week low of $79.86 and a 52 week high of $101.88. The company has a 50 day moving average price of $83.85 and a 200 day moving average price of $89.10. The stock has a market cap of $12.76 billion, a price-to-earnings ratio of 18.81 and a beta of 1.06.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.31 by ($0.02). Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same quarter in the previous year, the business posted $1.28 earnings per share. Genuine Parts’s revenue was up 5.1% on a year-over-year basis. Analysts expect that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
Genuine Parts announced that its board has initiated a share buyback plan on Monday, August 21st that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be given a dividend of $0.675 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.11%. Genuine Parts’s payout ratio is 58.32%.
Several brokerages have recently issued reports on GPC. Jefferies Group LLC reissued a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a report on Sunday, September 10th. BidaskClub cut Genuine Parts from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Gabelli raised Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a report on Friday, July 21st. Royal Bank Of Canada reissued a “hold” rating and issued a $96.00 price objective on shares of Genuine Parts in a report on Thursday, May 25th. Finally, Wedbush reissued a “neutral” rating on shares of Genuine Parts in a report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, four have issued 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 $96.00.
About Genuine Parts
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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