State Street Corp grew its holdings in Genuine Parts Company (NYSE:GPC) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,733,760 shares of the specialty retailer’s stock after purchasing an additional 61,398 shares during the quarter. State Street Corp owned 5.95% of Genuine Parts worth $810,144,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of GPC. BlackRock Inc. raised its holdings in Genuine Parts by 2,130.1% during the first quarter. BlackRock Inc. now owns 14,442,228 shares of the specialty retailer’s stock worth $1,334,608,000 after purchasing an additional 13,794,624 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Genuine Parts by 13.9% during the second quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock worth $663,318,000 after purchasing an additional 874,466 shares in the last quarter. Vanguard Group Inc. raised its holdings in Genuine Parts by 4.7% during the first quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock worth $1,425,824,000 after purchasing an additional 690,398 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Genuine Parts by 2,560.0% during the second quarter. Janus Henderson Group PLC now owns 532,525 shares of the specialty retailer’s stock worth $49,397,000 after purchasing an additional 512,505 shares in the last quarter. Finally, Prudential Financial Inc. raised its holdings in Genuine Parts by 175.1% during the second quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock worth $65,085,000 after purchasing an additional 446,560 shares in the last quarter. Institutional investors own 74.41% of the company’s stock.
A number of brokerages have recently commented on GPC. Jefferies Group LLC reissued a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a research note on Thursday, October 12th. Royal Bank Of Canada boosted their target price on shares of Genuine Parts from $85.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Tuesday, September 26th. Zacks Investment Research upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. BidaskClub lowered shares of Genuine Parts from a “sell” rating to a “strong sell” rating in a research report 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 on the stock in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $96.33.
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Genuine Parts Company (GPC) traded up 0.56% on Wednesday, reaching $97.40. 105,003 shares of the company’s stock were exchanged. The stock has a market capitalization of $14.30 billion, a P/E ratio of 21.09 and a beta of 1.10. The firm’s 50 day moving average is $89.69 and its 200 day moving average is $89.08. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $100.90.
Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 4.37% and a return on equity of 21.05%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 EPS. Analysts expect that Genuine Parts Company will post $4.73 EPS for the current year.
Genuine Parts declared that its board has initiated a share repurchase plan on Monday, August 21st that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were issued a $0.675 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a yield of 2.79%. Genuine Parts’s dividend payout ratio is presently 58.32%.
Genuine Parts 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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