PNC Financial Services Group Inc. Buys 138 Shares of Genuine Parts (GPC)
PNC Financial Services Group Inc. increased its stake in Genuine Parts (NYSE:GPC) by 0.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 90,571 shares of the specialty retailer’s stock after buying an additional 138 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Genuine Parts were worth $10,147,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc grew its stake in shares of Genuine Parts by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 14,954,369 shares of the specialty retailer’s stock worth $1,486,465,000 after buying an additional 191,348 shares during the last quarter. BlackRock Inc. boosted its stake in Genuine Parts by 2.1% during the 4th quarter. BlackRock Inc. now owns 14,536,577 shares of the specialty retailer’s stock valued at $1,395,802,000 after purchasing an additional 299,754 shares during the last quarter. Geode Capital Management LLC boosted its stake in Genuine Parts by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 1,965,765 shares of the specialty retailer’s stock valued at $188,434,000 after purchasing an additional 163,768 shares during the last quarter. Northern Trust Corp boosted its stake in Genuine Parts by 5.0% during the 4th quarter. Northern Trust Corp now owns 1,732,859 shares of the specialty retailer’s stock valued at $166,389,000 after purchasing an additional 83,030 shares during the last quarter. Finally, Norges Bank purchased a new stake in Genuine Parts during the 4th quarter valued at $132,716,000. Institutional investors own 76.34% of the company’s stock.
Several brokerages have commented on GPC. Stephens began coverage on Genuine Parts in a research note on Thursday, May 30th. They set an “overweight” rating and a $114.00 target price on the stock. Zacks Investment Research downgraded Genuine Parts from a “hold” rating to a “sell” rating and set a $104.00 target price on the stock. in a research note on Monday, May 27th. ValuEngine downgraded Genuine Parts from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Finally, Evercore ISI began coverage on Genuine Parts in a research note on Wednesday, March 20th. They set an “in-line” rating and a $110.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $105.33.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, April 18th. The specialty retailer reported $1.28 EPS for the quarter, missing the consensus estimate of $1.31 by ($0.03). Genuine Parts had a net margin of 4.20% and a return on equity of 23.46%. The business had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.79 billion. During the same quarter in the prior year, the business posted $1.27 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities research analysts expect that Genuine Parts will post 5.9 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a dividend of $0.7625 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $3.05 annualized dividend and a dividend yield of 3.07%. Genuine Parts’s payout ratio is 53.70%.
In other news, insider Scott Sonnemaker purchased 5,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were purchased at an average cost of $99.01 per share, with a total value of $495,050.00. Following the acquisition, the insider now directly owns 5,000 shares of the company’s stock, valued at $495,050. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.50% of the stock is owned by corporate insiders.
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Genuine Parts Profile
Genuine Parts Company distributes automotive replacement, industrial parts and materials, and business products in North America, Australia, New Zealand, the United Kingdom, France, Germany, Poland, and Puerto Rico. 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; and accessory items for automotive aftermarket, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, industrial concerns, and individuals.
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