Genuine Parts Company (GPC) Shares Sold by Forbes J M & Co. LLP
Forbes J M & Co. LLP decreased its stake in Genuine Parts Company (NYSE:GPC) by 2.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,120 shares of the specialty retailer’s stock after selling 85 shares during the period. Forbes J M & Co. LLP’s holdings in Genuine Parts were worth $289,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in GPC. Global X Management Co. LLC grew its stake in shares of Genuine Parts by 29.3% in the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock worth $152,000 after acquiring an additional 373 shares during the last quarter. Bronfman E.L. Rothschild L.P. grew its stake in shares of Genuine Parts by 151.1% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after acquiring an additional 1,147 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Genuine Parts by 7.3% in the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock worth $210,000 after acquiring an additional 155 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in shares of Genuine Parts in the first quarter worth $213,000. Finally, Parsec Financial Management Inc. acquired a new stake in shares of Genuine Parts in the second quarter worth $217,000. Institutional investors and hedge funds own 74.52% of the company’s stock.
Genuine Parts Company (NYSE GPC) traded down 0.13% during midday trading on Friday, reaching $86.28. 190,152 shares of the company’s stock were exchanged. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $101.88. The company has a market cap of $12.67 billion, a P/E ratio of 18.68 and a beta of 1.06. The company has a 50 day moving average price of $83.71 and a 200 day moving average price of $89.33.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.02). Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.05 billion. During the same quarter last year, the company posted $1.28 EPS. The firm’s revenue was up 5.1% on a year-over-year basis. On average, equities analysts anticipate that Genuine Parts Company will post $4.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a yield of 3.13%. The ex-dividend date is Thursday, September 7th. Genuine Parts’s payout ratio is 58.32%.
Genuine Parts declared that its board has authorized a stock repurchase program on Monday, August 21st that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have recently issued reports on GPC. BidaskClub upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada restated a “hold” rating and issued a $96.00 price objective on shares of Genuine Parts in a research note on Thursday, May 25th. Goldman Sachs Group, Inc. (The) downgraded shares of Genuine Parts from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Wedbush restated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a research note on Sunday, September 10th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Genuine Parts has an average rating of “Hold” and an average target price of $96.00.
Genuine Parts 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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