Verition Fund Management LLC lifted its stake in Genuine Parts Company (NYSE:GPC) by 14.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,096 shares of the specialty retailer’s stock after acquiring an additional 639 shares during the quarter. Verition Fund Management LLC’s holdings in Genuine Parts were worth $473,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sun Life Financial INC increased its stake in shares of Genuine Parts by 15,400.0% in the second quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock worth $101,000 after acquiring an additional 1,078 shares during the last quarter. Global X Management Co. LLC increased its stake in shares of Genuine Parts by 29.3% in the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock worth $152,000 after acquiring an additional 373 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in shares of Genuine Parts by 151.1% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after acquiring an additional 1,147 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Genuine Parts in the first quarter worth $213,000. Finally, Parsec Financial Management Inc. acquired a new position in shares of Genuine Parts in the second quarter worth $217,000. 74.41% of the stock is currently owned by institutional investors and hedge funds.
GPC has been the topic of a number of research reports. 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. Goldman Sachs Group, Inc. (The) downgraded shares of Genuine Parts from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. BidaskClub downgraded shares of Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush reaffirmed a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $95.00 price target on shares of Genuine Parts in a research note on Sunday, September 10th. Two equities 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 presently has a consensus rating of “Hold” and an average target price of $96.00.
Shares of Genuine Parts Company (NYSE GPC) opened at 89.71 on Friday. Genuine Parts Company has a one year low of $79.86 and a one year high of $100.90. The company has a 50-day moving average of $90.93 and a 200-day moving average of $89.21. The company has a market capitalization of $13.17 billion, a PE ratio of 19.42 and a beta of 1.10.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.12). Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the firm posted $1.24 earnings per share. The firm’s quarterly revenue was down 72.2% on a year-over-year basis. On average, analysts anticipate that Genuine Parts Company will post $4.73 earnings per share for the current year.
Genuine Parts announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 21st that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were paid a $0.675 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.70 annualized dividend and a yield of 3.01%. Genuine Parts’s payout ratio is currently 58.32%.
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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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