State Street Corp lessened its holdings in Genuine Parts (NYSE:GPC) by 6.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,637,766 shares of the specialty retailer’s stock after selling 607,404 shares during the period. State Street Corp owned about 5.99% of Genuine Parts worth $828,833,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Genuine Parts by 7.3% during the 3rd quarter. BlackRock Inc. now owns 14,886,612 shares of the specialty retailer’s stock valued at $1,416,760,000 after acquiring an additional 1,008,116 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Genuine Parts by 13.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,655,533 shares of the specialty retailer’s stock valued at $404,846,000 after acquiring an additional 544,062 shares during the last quarter. Bank of America Corp DE raised its position in shares of Genuine Parts by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 1,992,258 shares of the specialty retailer’s stock valued at $173,248,000 after acquiring an additional 114,497 shares during the last quarter. Schafer Cullen Capital Management Inc raised its position in shares of Genuine Parts by 0.6% during the 2nd quarter. Schafer Cullen Capital Management Inc now owns 1,261,387 shares of the specialty retailer’s stock valued at $109,690,000 after acquiring an additional 8,120 shares during the last quarter. Finally, Stifel Financial Corp raised its position in shares of Genuine Parts by 11.6% during the 2nd quarter. Stifel Financial Corp now owns 1,242,756 shares of the specialty retailer’s stock valued at $108,070,000 after acquiring an additional 129,277 shares during the last quarter. 77.41% of the stock is owned by institutional investors and hedge funds.
In other news, Director John R. Holder bought 2,200 shares of the company’s stock in a transaction dated Wednesday, October 28th. The shares were bought at an average cost of $91.72 per share, with a total value of $201,784.00. Following the acquisition, the director now owns 12,731 shares in the company, valued at $1,167,687.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is currently owned by corporate insiders.
Several analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Genuine Parts from a “neutral” rating to an “overweight” rating and upped their target price for the company from $90.00 to $117.00 in a research report on Monday, September 14th. Argus boosted their price target on shares of Genuine Parts from $84.00 to $105.00 in a report on Friday, August 14th. TheStreet raised shares of Genuine Parts from a “c” rating to a “b” rating in a report on Thursday, October 22nd. Zacks Investment Research lowered shares of Genuine Parts from a “buy” rating to a “hold” rating and set a $104.00 price target for the company. in a report on Monday, November 16th. Finally, Royal Bank of Canada upped their target price on shares of Genuine Parts from $94.00 to $100.00 in a research note on Tuesday, October 20th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $98.88.
Shares of GPC stock opened at $96.96 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.66 and a current ratio of 1.23. The firm’s 50-day moving average is $97.42 and its 200-day moving average is $91.05. The stock has a market cap of $13.99 billion, a price-to-earnings ratio of -72.36 and a beta of 1.07. Genuine Parts has a 52-week low of $49.68 and a 52-week high of $107.08.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, October 22nd. The specialty retailer reported $1.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.15. The company had revenue of $4.37 billion for the quarter, compared to analysts’ expectations of $4.44 billion. Genuine Parts had a negative net margin of 1.10% and a positive return on equity of 23.26%. Genuine Parts’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.50 EPS. Sell-side analysts predict that Genuine Parts will post 5.08 EPS for the current fiscal year.
About Genuine Parts
Genuine Parts Company distributes automotive replacement parts, industrial parts and materials, and business products in the United States, Canada, Mexico, Australasia, France, the United Kingdom, Germany, Poland, the Netherlands, and Belgium. The company distributes automotive replacement parts for imported vehicles, hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine 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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