Genuine Parts Company (GPC) Stake Held by First Manhattan Co.
First Manhattan Co. continued to hold its position in Genuine Parts Company (NYSE:GPC) during the second quarter, Holdings Channel reports. The institutional investor owned 1,903 shares of the specialty retailer’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Genuine Parts were worth $176,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parsec Financial Management Inc. purchased a new position in Genuine Parts during the second quarter worth about $217,000. Benedict Financial Advisors Inc. raised its position in Genuine Parts by 1.6% in the second quarter. Benedict Financial Advisors Inc. now owns 10,140 shares of the specialty retailer’s stock worth $839,000 after buying an additional 158 shares during the period. Peoples Bank OH raised its position in Genuine Parts by 7.6% in the second quarter. Peoples Bank OH now owns 4,245 shares of the specialty retailer’s stock worth $394,000 after buying an additional 300 shares during the period. Lee Financial Co raised its position in Genuine Parts by 1.3% in the second quarter. Lee Financial Co now owns 6,637 shares of the specialty retailer’s stock worth $615,000 after buying an additional 83 shares during the period. Finally, CAPROCK Group Inc. raised its position in Genuine Parts by 1.4% in the second quarter. CAPROCK Group Inc. now owns 2,618 shares of the specialty retailer’s stock worth $245,000 after buying an additional 35 shares during the period. Institutional investors own 73.28% of the company’s stock.
Genuine Parts Company (GPC) opened at 82.81 on Friday. The stock has a market capitalization of $12.16 billion, a price-to-earnings ratio of 17.93 and a beta of 1.04. The stock’s 50 day moving average is $85.57 and its 200 day moving average is $91.67. Genuine Parts Company has a one year low of $80.86 and a one year high of $105.18.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.02. The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 EPS. On average, equities analysts forecast that Genuine Parts Company will post $4.73 EPS for the current year.
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A number of research firms have issued reports on GPC. BidaskClub upgraded shares of Genuine Parts from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Zacks Investment Research lowered shares of Genuine Parts from a “hold” rating to a “strong sell” rating in a report on Monday, July 24th. Gabelli upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a report on Friday, July 21st. Goldman Sachs Group, Inc. (The) lowered shares of Genuine Parts from a “neutral” rating to a “sell” rating and reduced their target price for the company from $104.00 to $89.00 in a report on Thursday, July 6th. Finally, Wedbush restated a “neutral” rating on shares of Genuine Parts in a report on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $96.86.
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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