Itau Unibanco Holding S.A. Buys New Stake in Genuine Parts (GPC)
Itau Unibanco Holding S.A. bought a new stake in Genuine Parts (NYSE:GPC) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,319 shares of the specialty retailer’s stock, valued at approximately $213,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of GPC. JPMorgan Chase & Co. lifted its position in shares of Genuine Parts by 0.5% during the first quarter. JPMorgan Chase & Co. now owns 6,993,996 shares of the specialty retailer’s stock worth $628,341,000 after purchasing an additional 38,039 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Genuine Parts by 1.3% during the first quarter. Wells Fargo & Company MN now owns 3,707,945 shares of the specialty retailer’s stock worth $333,122,000 after purchasing an additional 48,871 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Genuine Parts during the second quarter worth about $205,387,000. Suntrust Banks Inc. lifted its position in shares of Genuine Parts by 0.4% during the first quarter. Suntrust Banks Inc. now owns 1,486,200 shares of the specialty retailer’s stock worth $133,518,000 after purchasing an additional 5,899 shares in the last quarter. Finally, Schafer Cullen Capital Management Inc. lifted its position in shares of Genuine Parts by 12.1% during the first quarter. Schafer Cullen Capital Management Inc. now owns 1,104,786 shares of the specialty retailer’s stock worth $99,254,000 after purchasing an additional 119,662 shares in the last quarter. 78.12% of the stock is currently owned by institutional investors.
GPC stock opened at $101.39 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.71 and a current ratio of 1.33. Genuine Parts has a fifty-two week low of $84.31 and a fifty-two week high of $107.75. The company has a market cap of $14.86 billion, a P/E ratio of 19.70, a PEG ratio of 2.69 and a beta of 1.18.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be paid a dividend of $0.72 per share. The ex-dividend date is Thursday, September 6th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.84%. Genuine Parts’s payout ratio is 62.07%.
In related news, insider James R. Neill sold 512 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $97.94, for a total transaction of $50,145.28. Following the sale, the insider now directly owns 5,661 shares in the company, valued at $554,438.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by corporate insiders.
GPC has been the topic of several research reports. Zacks Investment Research raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a research report on Wednesday, June 20th. Wedbush increased their price target on shares of Genuine Parts from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, July 20th. Finally, Royal Bank of Canada increased their price target on shares of Genuine Parts to $99.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $101.50.
Genuine Parts Profile
Genuine Parts Company distributes automotive replacement and industrial parts, electrical and electronic materials, and business products in the United States, Canada, Mexico, Australasia, France, the United Kingdom, Germany, and Poland. The company distributes automotive replacement parts for imported vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, and heavy duty equipment through 57 NAPA automotive parts distribution centers and 1,100 NAPA AUTO PARTS stores.
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