Genuine Parts Company (GPC) Stock Rating Reaffirmed by Jefferies Group LLC
Jefferies Group LLC reissued their hold rating on shares of Genuine Parts Company (NYSE:GPC) in a research note released on Sunday morning. The firm currently has a $95.00 target price on the specialty retailer’s stock.
A number of other equities research analysts have also issued reports on the stock. BidaskClub raised 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 raised shares of 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. Goldman Sachs Group, Inc. (The) lowered shares of Genuine Parts from a neutral rating to a sell rating and dropped their price objective for the company from $104.00 to $89.00 in a report on Thursday, July 6th. 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 stock. The company has an average rating of Hold and an average price target of $96.00.
Shares of Genuine Parts (NYSE:GPC) opened at 86.94 on Friday. Genuine Parts has a 12-month low of $79.86 and a 12-month high of $101.88. The stock has a market cap of $12.77 billion, a PE ratio of 18.82 and a beta of 1.06. The stock’s 50 day moving average is $83.50 and its 200-day moving average is $89.37.
Genuine Parts (NYSE:GPC) last released its 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 return on equity of 21.05% and a net margin of 4.37%. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.05 billion. During the same period in the previous year, the company earned $1.28 EPS. Genuine Parts’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities analysts expect that Genuine Parts will post $4.73 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be issued a $0.675 dividend. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 58.32%.
Genuine Parts declared that its Board of Directors has authorized a stock buyback program on Monday, August 21st that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently made changes to their positions in the business. Sun Life Financial INC boosted its stake in Genuine Parts by 15,400.0% during the second quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock worth $101,000 after buying an additional 1,078 shares during the period. Global X Management Co. LLC boosted its stake in Genuine Parts by 29.3% during the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock worth $152,000 after buying an additional 373 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Genuine Parts by 151.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after buying an additional 1,147 shares during the period. Van ECK Associates Corp boosted its stake in Genuine Parts by 7.3% during the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock worth $210,000 after buying an additional 155 shares during the period. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new position in Genuine Parts during the first quarter worth about $213,000. 74.52% of the stock is owned by institutional investors.
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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