Genuine Parts Co. (GPC) Updates FY16 Earnings Guidance
Genuine Parts Co. (NYSE:GPC) issued an update on its FY16 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 4.55-4.60 for the period, compared to the Thomson Reuters consensus estimate of $4.72. The company issued revenue guidance of ~$15.28-15.43 billion, compared to the consensus revenue estimate of $15.46 billion.
Genuine Parts Co. (NYSE:GPC) opened at 96.35 on Wednesday. Genuine Parts Co. has a 52-week low of $76.50 and a 52-week high of $105.97. The company has a market capitalization of $14.35 billion, a PE ratio of 20.81 and a beta of 0.92. The company has a 50 day moving average of $99.24 and a 200 day moving average of $99.10.
Genuine Parts (NYSE:GPC) last announced its earnings results on Wednesday, October 19th. The company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by $0.05. The firm earned $3.94 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Genuine Parts had a return on equity of 21.79% and a net margin of 4.59%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $1.24 earnings per share. On average, equities research analysts forecast that Genuine Parts Co. will post $4.73 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were given a dividend of $0.6575 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.63 dividend on an annualized basis and a dividend yield of 2.73%. Genuine Parts’s payout ratio is currently 56.68%.
A number of analysts have issued reports on the company. Jefferies Group reaffirmed a hold rating and issued a $105.00 price objective on shares of Genuine Parts in a research note on Wednesday. Zacks Investment Research raised Genuine Parts from a sell rating to a hold rating and set a $115.00 target price on the stock in a research report on Friday, July 15th. Wedbush reissued a neutral rating and set a $98.00 target price on shares of Genuine Parts in a research report on Wednesday, July 20th. Argus reissued a buy rating and set a $108.00 target price (up previously from $106.00) on shares of Genuine Parts in a research report on Monday, July 25th. Finally, Gabelli cut Genuine Parts from a buy rating to a hold rating and set a $106.00 price objective for the company. in a report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Genuine Parts has an average rating of Hold and a consensus target price of $99.18.
Several institutional investors have recently added to or reduced their stakes in the stock. Pine River Capital Management L.P. boosted its stake in Genuine Parts by 37.2% in the second quarter. Pine River Capital Management L.P. now owns 11,800 shares of the company’s stock valued at $1,195,000 after buying an additional 3,202 shares in the last quarter. AQR Capital Management LLC boosted its stake in Genuine Parts by 38.9% in the second quarter. AQR Capital Management LLC now owns 95,980 shares of the company’s stock valued at $9,718,000 after buying an additional 26,895 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in Genuine Parts by 124.4% in the second quarter. Adage Capital Partners GP L.L.C. now owns 207,955 shares of the company’s stock valued at $21,055,000 after buying an additional 115,300 shares during the period. Guggenheim Capital LLC boosted its stake in Genuine Parts by 7.6% in the second quarter. Guggenheim Capital LLC now owns 363,356 shares of the company’s stock valued at $36,790,000 after buying an additional 25,806 shares during the period. Finally, Veritable L.P. boosted its stake in Genuine Parts by 3.0% in the second quarter. Veritable L.P. now owns 5,338 shares of the company’s stock valued at $540,000 after buying an additional 155 shares during the period. Institutional investors and hedge funds own 71.55% of the company’s stock.
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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