Meadow Creek Investment Management LLC grew its position in Genuine Parts (NYSE:GPC) by 46.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,334 shares of the specialty retailer’s stock after acquiring an additional 4,862 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Genuine Parts were worth $1,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc purchased a new position in shares of Genuine Parts in the 2nd quarter worth approximately $26,000. Cutler Group LP boosted its holdings in Genuine Parts by 967.7% during the 1st quarter. Cutler Group LP now owns 269 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 300 shares during the period. Marshall Wace North America L.P. purchased a new position in Genuine Parts during the 1st quarter valued at $44,000. Manchester Capital Management LLC purchased a new position in Genuine Parts during the 1st quarter valued at $52,000. Finally, Pflug Koory LLC purchased a new position in Genuine Parts during the 2nd quarter valued at $52,000. 76.86% of the stock is currently owned by institutional investors and hedge funds.
GPC has been the subject of a number of recent analyst reports. Goldman Sachs Group initiated coverage on Genuine Parts in a report on Thursday, July 11th. They set a “neutral” rating and a $107.00 price objective for the company. Jefferies Financial Group set a $102.00 price objective on Genuine Parts and gave the company a “hold” rating in a report on Friday, July 19th. Royal Bank of Canada set a $101.00 price objective on Genuine Parts and gave the company a “hold” rating in a report on Friday, July 19th. Stephens initiated coverage on Genuine Parts in a report on Thursday, May 30th. They set an “overweight” rating and a $114.00 price objective for the company. Finally, Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 price objective for the company in a report on Wednesday, July 24th. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $105.75.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, July 18th. The specialty retailer reported $1.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.08). Genuine Parts had a return on equity of 23.16% and a net margin of 4.17%. The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5 billion. During the same quarter in the prior year, the company posted $1.59 earnings per share. Genuine Parts’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts expect that Genuine Parts will post 5.7 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be issued a $0.7625 dividend. This represents a $3.05 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Thursday, September 5th. Genuine Parts’s dividend payout ratio is 53.70%.
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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