Tower Research Capital LLC TRC increased its position in Genuine Parts (NYSE:GPC) by 70.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,378 shares of the specialty retailer’s stock after acquiring an additional 1,814 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Genuine Parts were worth $402,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in GPC. Bank of America Corp DE boosted its stake in Genuine Parts by 318.5% in the 2nd quarter. Bank of America Corp DE now owns 7,036,209 shares of the specialty retailer’s stock worth $645,853,000 after purchasing an additional 5,354,849 shares during the period. First Republic Investment Management Inc. boosted its stake in Genuine Parts by 175.3% in the 2nd quarter. First Republic Investment Management Inc. now owns 58,227 shares of the specialty retailer’s stock worth $5,344,000 after purchasing an additional 37,074 shares during the period. Raymond James & Associates boosted its stake in Genuine Parts by 19.0% in the 2nd quarter. Raymond James & Associates now owns 114,291 shares of the specialty retailer’s stock worth $10,491,000 after purchasing an additional 18,281 shares during the period. Archford Capital Strategies LLC boosted its stake in Genuine Parts by 40.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 15,411 shares of the specialty retailer’s stock worth $1,415,000 after purchasing an additional 4,445 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Genuine Parts in the 2nd quarter worth about $10,749,000. 76.58% of the stock is owned by institutional investors.
Several research analysts have commented on the company. Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating in a research note on Wednesday, June 20th. Wedbush raised their target price on Genuine Parts from $93.00 to $100.00 and gave the stock a “neutral” rating in a research note on Friday, July 20th. Finally, Royal Bank of Canada raised their target price on Genuine Parts to $99.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $101.50.
Shares of GPC opened at $99.46 on Thursday. The stock has a market cap of $14.49 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. The company has a quick ratio of 0.71, a current ratio of 1.33 and a debt-to-equity ratio of 0.70. Genuine Parts has a 12-month low of $84.71 and a 12-month high of $107.75.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, July 19th. The specialty retailer reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.01. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.69 billion. Genuine Parts had a return on equity of 21.62% and a net margin of 3.78%. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same quarter last year, the company posted $1.29 EPS. equities analysts forecast that Genuine Parts will post 5.66 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 7th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.90%. Genuine Parts’s dividend payout ratio (DPR) is presently 62.07%.
In other news, insider James R. Neill sold 512 shares of Genuine Parts stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $97.94, for a total transaction of $50,145.28. Following the completion of the sale, the insider now owns 5,661 shares in the company, valued at approximately $554,438.34. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.10% of the company’s stock.
About Genuine Parts
Genuine Parts Company distributes automotive replacement and industrial parts, electrical and electronic materials, and business products in the United States, Canada, Mexico, Australasia, France, the United Kingdom, Germany, and Poland. 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 through 57 NAPA automotive parts distribution centers and 1,100 NAPA AUTO PARTS stores.
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