Grimes & Company Inc. Has $354,000 Position in Genuine Parts Co. (GPC)
Grimes & Company Inc. reduced its position in shares of Genuine Parts Co. (NYSE:GPC) by 5.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,504 shares of the company’s stock after selling 210 shares during the period. Grimes & Company Inc.’s holdings in Genuine Parts were worth $354,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in Genuine Parts during the fourth quarter worth $129,271,000. Chevy Chase Trust Holdings Inc. raised its position in Genuine Parts by 1.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 132,821 shares of the company’s stock worth $13,198,000 after buying an additional 1,936 shares in the last quarter. DnB Asset Management AS purchased a new position in Genuine Parts during the first quarter worth $1,224,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Genuine Parts by 9.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 34,116 shares of the company’s stock worth $3,390,000 after buying an additional 3,052 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in Genuine Parts by 7.7% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 36,403 shares of the company’s stock worth $3,617,000 after buying an additional 2,611 shares in the last quarter. 71.56% of the stock is owned by institutional investors and hedge funds.
Genuine Parts Co. (NYSE:GPC) traded up 1.19% on Wednesday, hitting $99.93. 420,954 shares of the stock were exchanged. The company has a market cap of $14.88 billion, a P/E ratio of 21.58 and a beta of 0.92. Genuine Parts Co. has a one year low of $76.50 and a one year high of $105.97. The company’s 50 day moving average price is $101.25 and its 200-day moving average price is $98.81.
Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, July 19th. The company reported $1.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.29 by $0.01. Genuine Parts had a net margin of 4.59% and a return on equity of 21.79%. The business earned $3.90 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the prior year, the firm earned $1.28 earnings per share. Equities research analysts predict that Genuine Parts Co. will post $4.73 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a $0.6575 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.63 dividend on an annualized basis and a dividend yield of 2.63%. Genuine Parts’s dividend payout ratio is 56.68%.
GPC has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Genuine Parts from a “hold” rating to a “sell” rating in a research report on Tuesday, June 21st. Gabelli downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating and set a $106.00 target price for the company. in a report on Thursday, July 14th. Jefferies Group downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating and set a $112.00 target price for the company. in a report on Friday, July 15th. Wedbush restated a “neutral” rating and issued a $98.00 target price on shares of Genuine Parts in a report on Wednesday, July 20th. Finally, Argus restated a “buy” rating and issued a $108.00 target price (up from $106.00) on shares of Genuine Parts in a report on Monday, July 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $99.82.
Genuine Parts Company 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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