Jefferies Group LLC reissued their hold rating on shares of Genuine Parts Company (NYSE:GPC) in a report issued on Sunday, September 10th. The firm currently has a $95.00 price objective on the specialty retailer’s stock.
GPC has been the subject of several other research reports. BidaskClub upgraded shares of Genuine Parts from a sell rating to a hold rating in a research note on Wednesday, June 14th. Goldman Sachs Group, Inc. (The) downgraded shares of Genuine Parts from a neutral rating to a sell rating and reduced their target price for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Royal Bank Of Canada reiterated a hold rating and issued a $96.00 target price on shares of Genuine Parts in a research note on Thursday, May 25th. Zacks Investment Research downgraded shares of Genuine Parts from a hold rating to a strong sell rating in a research note on Monday, July 24th. Finally, Gabelli upgraded shares of Genuine Parts from a hold rating to a buy rating and set a $101.00 target price for the company in a research note on Friday, July 21st. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Genuine Parts has a consensus rating of Hold and a consensus target price of $96.00.
Genuine Parts (NYSE GPC) opened at 86.72 on Friday. Genuine Parts has a 52 week low of $79.86 and a 52 week high of $101.88. The firm has a market cap of $12.73 billion, a price-to-earnings ratio of 18.77 and a beta of 1.06. The company has a 50-day moving average of $83.87 and a 200-day moving average of $89.04.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the consensus estimate of $1.31 by ($0.02). The company had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The business’s revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 EPS. Equities research analysts forecast that Genuine Parts will post $4.73 earnings per share for the current fiscal year.
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Genuine Parts declared that its board has approved a share buyback program on Monday, August 21st that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be paid a dividend of $0.675 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.70 annualized dividend and a yield of 3.11%. Genuine Parts’s dividend payout ratio is currently 58.32%.
A number of hedge funds have recently added to or reduced their stakes in GPC. BlackRock Inc. grew its stake in Genuine Parts by 2,130.1% in the 1st quarter. BlackRock Inc. now owns 14,442,228 shares of the specialty retailer’s stock worth $1,334,608,000 after buying an additional 13,794,624 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Genuine Parts by 13.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock worth $663,318,000 after buying an additional 874,466 shares in the last quarter. Vanguard Group Inc. grew its stake in Genuine Parts by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock worth $1,425,824,000 after buying an additional 690,398 shares in the last quarter. Janus Henderson Group PLC grew its stake in Genuine Parts by 2,560.0% in the 2nd quarter. Janus Henderson Group PLC now owns 532,525 shares of the specialty retailer’s stock worth $49,397,000 after buying an additional 512,505 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in Genuine Parts by 175.1% in the 2nd quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock worth $65,085,000 after buying an additional 446,560 shares in the last quarter. 74.46% of the stock is owned by institutional investors and hedge funds.
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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