Cincinnati Casualty Co. Holds Position in Genuine Parts Company (GPC)
Cincinnati Casualty Co. held its stake in Genuine Parts Company (NYSE:GPC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,000 shares of the specialty retailer’s stock at the end of the second quarter. Genuine Parts accounts for 1.2% of Cincinnati Casualty Co.’s portfolio, making the stock its 21st largest position. Cincinnati Casualty Co.’s holdings in Genuine Parts were worth $1,391,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in GPC. Global X Management Co. LLC boosted its stake in 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 buying an additional 373 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in Genuine Parts during the first quarter worth $208,000. Van ECK Associates Corp boosted its stake in Genuine Parts by 7.3% in the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock worth $210,000 after buying an additional 155 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Genuine Parts during the first quarter worth $213,000. Finally, Parsec Financial Management Inc. purchased a new stake in Genuine Parts during the second quarter worth $217,000. Institutional investors and hedge funds own 74.50% of the company’s stock.
Shares of Genuine Parts Company (NYSE:GPC) opened at 83.505 on Monday. Genuine Parts Company has a one year low of $79.86 and a one year high of $105.18. The firm’s 50-day moving average price is $83.34 and its 200-day moving average price is $90.62. The firm has a market cap of $12.26 billion, a PE ratio of 18.079 and a beta of 1.04.
Genuine Parts (NYSE:GPC) last issued 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. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same quarter in the previous year, the business earned $1.28 earnings per share. The company’s revenue was up 5.1% on a year-over-year basis. Equities research analysts expect that Genuine Parts Company will post $4.73 earnings per share for the current fiscal year.
Genuine Parts announced that its Board of Directors has approved a share repurchase program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be issued a dividend of $0.675 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.24%. Genuine Parts’s payout ratio is 58.32%.
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GPC has been the topic of a number of research reports. Gabelli upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a report on Friday, July 21st. BidaskClub upgraded Genuine Parts from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Royal Bank Of Canada reiterated a “hold” rating and set a $96.00 target price on shares of Genuine Parts in a report on Thursday, May 25th. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) cut Genuine Parts from a “neutral” rating to a “sell” rating and lowered their target price for the company from $104.00 to $89.00 in a report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $96.00.
About Genuine Parts
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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