RNC Capital Management LLC Reduces Position in Genuine Parts Company (GPC)
RNC Capital Management LLC lowered its holdings in Genuine Parts Company (NYSE:GPC) by 1.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,312 shares of the specialty retailer’s stock after selling 125 shares during the period. RNC Capital Management LLC’s holdings in Genuine Parts were worth $678,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in GPC. Sun Life Financial INC lifted its stake in Genuine Parts by 15,400.0% in the second quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock worth $101,000 after acquiring an additional 1,078 shares during the last quarter. Global X Management Co. LLC lifted its stake in 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. lifted its stake in 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 lifted its stake in 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. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new position in Genuine Parts in the first quarter worth approximately $213,000. Hedge funds and other institutional investors own 74.43% of the company’s stock.
A number of brokerages recently issued reports on GPC. Jefferies Group LLC reiterated a “hold” rating and issued a $95.00 price target on shares of Genuine Parts in a research note on Thursday. Zacks Investment Research upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada lifted their price target on shares of Genuine Parts from $85.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 26th. BidaskClub downgraded shares of Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Genuine Parts presently has an average rating of “Hold” and an average target price of $96.33.
Shares of Genuine Parts Company (NYSE:GPC) remained flat at $95.86 on Friday. The company had a trading volume of 527,897 shares. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $100.90. The company has a 50-day moving average of $89.69 and a 200-day moving average of $89.11. The stock has a market capitalization of $14.08 billion, a PE ratio of 20.75 and a beta of 1.10.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $4.10 billion during the quarter, compared to analyst estimates of $4.05 billion. During the same period last year, the business earned $1.28 EPS. The firm’s revenue was up 5.1% compared to the same quarter last year. Equities analysts anticipate that Genuine Parts Company will post $4.73 earnings per share for the current fiscal year.
Genuine Parts announced that its Board of Directors has initiated a stock buyback plan on Monday, August 21st that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were given a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 2.82%. The ex-dividend date was Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is 58.32%.
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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