Deutsche Bank AG Sells 579,501 Shares of Genuine Parts (GPC)
Deutsche Bank AG lessened its position in shares of Genuine Parts (NYSE:GPC) by 45.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 684,774 shares of the specialty retailer’s stock after selling 579,501 shares during the period. Deutsche Bank AG’s holdings in Genuine Parts were worth $65,056,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in Genuine Parts by 0.4% during the 4th quarter. BlackRock Inc. now owns 15,945,256 shares of the specialty retailer’s stock worth $1,514,961,000 after purchasing an additional 58,937 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Genuine Parts by 0.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,180,911 shares of the specialty retailer’s stock worth $683,552,000 after purchasing an additional 30,007 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Genuine Parts by 44.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,758,715 shares of the specialty retailer’s stock worth $361,034,000 after purchasing an additional 1,160,200 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Genuine Parts by 20.9% during the 4th quarter. Wells Fargo & Company MN now owns 3,659,074 shares of the specialty retailer’s stock worth $347,649,000 after purchasing an additional 632,041 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Genuine Parts by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 1,706,848 shares of the specialty retailer’s stock worth $161,856,000 after purchasing an additional 55,746 shares in the last quarter. 75.31% of the stock is currently owned by hedge funds and other institutional investors.
GPC has been the topic of a number of recent research reports. Royal Bank of Canada dropped their price objective on Genuine Parts to $100.00 and set a “market perform” rating on the stock in a report on Wednesday, February 21st. Zacks Investment Research cut Genuine Parts from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $107.00 price objective (down previously from $114.00) on shares of Genuine Parts in a report on Wednesday, February 21st. Bank of America dropped their price objective on Genuine Parts from $90.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, February 21st. Finally, Moffett Nathanson initiated coverage on Genuine Parts in a report on Monday, December 4th. They set a “sell” rating on the stock. Four 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. The company currently has a consensus rating of “Hold” and an average price target of $97.71.
Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, February 20th. The specialty retailer reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.01. Genuine Parts had a return on equity of 20.48% and a net margin of 3.78%. The firm had revenue of $4.21 billion for the quarter, compared to analysts’ expectations of $4.05 billion. During the same quarter last year, the firm posted $1.02 EPS. The company’s revenue was up 11.3% compared to the same quarter last year. equities research analysts forecast that Genuine Parts will post 5.72 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 9th will be issued a $0.72 dividend. The ex-dividend date is Thursday, March 8th. This represents a $2.88 annualized dividend and a dividend yield of 3.14%. This is a boost from Genuine Parts’s previous quarterly dividend of $0.68. Genuine Parts’s dividend payout ratio (DPR) is presently 68.90%.
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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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