Vanguard Group Inc. Has $1.45 Billion Stake in Genuine Parts Company (GPC)
Vanguard Group Inc. raised its holdings in shares of Genuine Parts Company (NYSE:GPC) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,648,183 shares of the specialty retailer’s stock after acquiring an additional 218,851 shares during the quarter. Vanguard Group Inc. owned approximately 10.66% of Genuine Parts worth $1,451,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Global X Management Co. LLC boosted its stake in shares of Genuine Parts by 29.3% during the 1st 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. boosted its stake in shares of Genuine Parts by 151.1% during the 2nd 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 boosted its stake in shares of Genuine Parts by 7.3% during the 1st 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 purchased a new position in shares of Genuine Parts during the 1st quarter worth $213,000. Finally, Parsec Financial Management Inc. purchased a new position in shares of Genuine Parts during the 2nd quarter worth $217,000. Institutional investors and hedge funds own 74.46% of the company’s stock.
Shares of Genuine Parts Company (GPC) opened at 87.98 on Friday. The stock’s 50 day moving average is $83.87 and its 200 day moving average is $89.04. The company has a market capitalization of $12.92 billion, a P/E ratio of 19.05 and a beta of 1.06. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $101.88.
Genuine Parts (NYSE:GPC) last announced its quarterly 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 firm had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.05 billion. During the same period last year, the company posted $1.28 earnings per share. The business’s quarterly revenue was up 5.1% on a year-over-year basis. On average, equities analysts predict that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
Genuine Parts announced that its Board of Directors has initiated a share buyback program on Monday, August 21st that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be issued a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 58.32%.
Several research analysts have recently weighed in on the stock. Jefferies Group LLC reiterated a “hold” rating and set a $95.00 price target on shares of Genuine Parts in a research note on Sunday, September 10th. BidaskClub cut shares of Genuine Parts from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Gabelli upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research note on Friday, July 21st. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Genuine Parts from a “neutral” rating to a “sell” rating and dropped their price target 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 issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $96.00.
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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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