Wells Fargo & Company MN lifted its position in Genuine Parts (NYSE:GPC) by 0.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,604,757 shares of the specialty retailer’s stock after buying an additional 14,068 shares during the period. Wells Fargo & Company MN’s holdings in Genuine Parts were worth $373,382,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc bought a new position in shares of Genuine Parts in the second quarter worth $26,000. Cutler Group LP increased its holdings in shares of Genuine Parts by 967.7% in the first quarter. Cutler Group LP now owns 269 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 300 shares during the period. Gables Capital Management Inc. increased its holdings in shares of Genuine Parts by 125.0% in the first quarter. Gables Capital Management Inc. now owns 360 shares of the specialty retailer’s stock worth $40,000 after purchasing an additional 200 shares during the period. Destination Wealth Management bought a new position in shares of Genuine Parts in the first quarter worth $41,000. Finally, Marshall Wace North America L.P. bought a new position in shares of Genuine Parts in the first quarter worth $44,000. 77.93% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:GPC traded down $2.08 during midday trading on Friday, hitting $87.73. The company had a trading volume of 634,171 shares, compared to its average volume of 754,295. Genuine Parts has a 52-week low of $87.34 and a 52-week high of $115.20. The stock’s fifty day moving average price is $96.20 and its 200-day moving average price is $102.83. The company has a market capitalization of $13.12 billion, a PE ratio of 15.45, a P/E/G ratio of 3.15 and a beta of 0.92. The company has a quick ratio of 0.68, a current ratio of 1.26 and a debt-to-equity ratio of 0.98.
Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, July 18th. The specialty retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.08). Genuine Parts had a return on equity of 23.16% and a net margin of 4.17%. The company had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5 billion. During the same quarter last year, the firm posted $1.59 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts forecast that Genuine Parts will post 5.7 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a dividend of $0.7625 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $3.05 annualized dividend and a yield of 3.48%. Genuine Parts’s payout ratio is 53.70%.
GPC has been the subject of several research reports. Stephens initiated coverage on shares of Genuine Parts in a research report on Thursday, May 30th. They issued an “overweight” rating and a $114.00 target price for the company. Goldman Sachs Group initiated coverage on shares of Genuine Parts in a research report on Thursday, July 11th. They issued a “neutral” rating and a $107.00 target price for the company. Jefferies Financial Group set a $102.00 target price on shares of Genuine Parts and gave the stock a “hold” rating in a research report on Friday, July 19th. Zacks Investment Research upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 target price for the company in a research report on Wednesday, July 24th. Finally, Royal Bank of Canada set a $101.00 target price on shares of Genuine Parts and gave the stock a “hold” rating in a research report on Friday, July 19th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Genuine Parts presently has an average rating of “Hold” and a consensus price target of $105.75.
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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