ProShare Advisors LLC Boosts Position in Genuine Parts Company (GPC)
ProShare Advisors LLC increased its holdings in shares of Genuine Parts Company (NYSE:GPC) by 8.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 650,832 shares of the specialty retailer’s stock after acquiring an additional 53,290 shares during the period. ProShare Advisors LLC owned approximately 0.44% of Genuine Parts worth $60,371,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the stock. Haverford Financial Services Inc. lifted its stake in shares of Genuine Parts by 0.6% in the first quarter. Haverford Financial Services Inc. now owns 3,281 shares of the specialty retailer’s stock worth $303,000 after buying an additional 20 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Genuine Parts by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 7,359 shares of the specialty retailer’s stock worth $680,000 after buying an additional 23 shares in the last quarter. Pennsylvania Trust Co lifted its stake in shares of Genuine Parts by 0.7% in the second quarter. Pennsylvania Trust Co now owns 3,183 shares of the specialty retailer’s stock worth $295,000 after buying an additional 23 shares in the last quarter. BKS Advisors LLC lifted its stake in shares of Genuine Parts by 1.3% in the second quarter. BKS Advisors LLC now owns 2,580 shares of the specialty retailer’s stock worth $239,000 after buying an additional 33 shares in the last quarter. Finally, RNC Capital Management LLC lifted its stake in shares of Genuine Parts by 0.5% in the first quarter. RNC Capital Management LLC now owns 7,437 shares of the specialty retailer’s stock worth $687,000 after buying an additional 34 shares in the last quarter. 74.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of Genuine Parts Company (NYSE GPC) traded up 0.30% on Friday, hitting $86.65. 906,759 shares of the stock traded hands. The stock’s 50 day moving average price is $83.76 and its 200 day moving average price is $89.26. Genuine Parts Company has a 52-week low of $79.86 and a 52-week high of $101.88. The stock has a market cap of $12.72 billion, a P/E ratio of 18.76 and a beta of 1.06.
Genuine Parts (NYSE:GPC) last posted its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.31 by ($0.02). Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The company had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.05 billion. During the same period in the previous year, the company earned $1.28 EPS. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities analysts expect that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
Genuine Parts declared that its board has approved a share buyback plan on Monday, August 21st that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a $0.675 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a yield of 3.12%. Genuine Parts’s payout ratio is currently 58.32%.
Several brokerages have recently issued reports on GPC. Jefferies Group LLC reiterated a “hold” rating and issued a $95.00 target price on shares of Genuine Parts in a research note on Sunday, September 10th. BidaskClub upgraded shares of Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of Genuine Parts from a “hold” rating to a “strong sell” rating in a research note 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 research note on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Genuine Parts from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $96.00.
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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