Oregon Public Employees Retirement Fund Sells 20,503 Shares of Genuine Parts (GPC)
Oregon Public Employees Retirement Fund reduced its holdings in Genuine Parts (NYSE:GPC) by 56.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 15,734 shares of the specialty retailer’s stock after selling 20,503 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Genuine Parts were worth $1,444,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Genuine Parts during the second quarter worth $205,387,000. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Genuine Parts by 23.3% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,533,815 shares of the specialty retailer’s stock worth $324,369,000 after buying an additional 667,620 shares during the period. Cornerstone Wealth Management LLC increased its position in shares of Genuine Parts by 9,752.8% during the second quarter. Cornerstone Wealth Management LLC now owns 391,847 shares of the specialty retailer’s stock worth $4,306,000 after buying an additional 387,870 shares during the period. Millennium Management LLC increased its position in shares of Genuine Parts by 1,249.9% during the first quarter. Millennium Management LLC now owns 167,503 shares of the specialty retailer’s stock worth $15,048,000 after buying an additional 155,094 shares during the period. Finally, Schafer Cullen Capital Management Inc. increased 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 buying an additional 119,662 shares during the period. Hedge funds and other institutional investors own 78.10% of the company’s stock.
GPC has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Wedbush increased their price objective 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 objective 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 equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $101.50.
GPC opened at $101.90 on Monday. Genuine Parts has a twelve month low of $84.71 and a twelve month high of $107.75. The company has a quick ratio of 0.71, a current ratio of 1.33 and a debt-to-equity ratio of 0.70. The firm has a market cap of $14.92 billion, a PE ratio of 21.96, a PEG ratio of 2.70 and a beta of 1.18.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, July 19th. The specialty retailer reported $1.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.01. Genuine Parts had a net margin of 3.78% and a return on equity of 21.62%. The company had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.69 billion. During the same period in the prior year, the company posted $1.29 earnings per share. Genuine Parts’s revenue for the quarter was up 17.6% compared to the same quarter last year. research analysts anticipate that Genuine Parts will post 5.66 earnings per share for the current fiscal year.
The business 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. This represents a $2.88 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, September 6th. Genuine Parts’s dividend payout ratio is presently 62.07%.
Genuine Parts Company 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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