Genuine Parts Company (GPC) Holdings Trimmed by Gofen & Glossberg LLC IL
Gofen & Glossberg LLC IL decreased its holdings in Genuine Parts Company (NYSE:GPC) by 13.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,100 shares of the specialty retailer’s stock after selling 500 shares during the period. Gofen & Glossberg LLC IL’s holdings in Genuine Parts were worth $288,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in GPC. Sun Life Financial INC increased its stake in shares of Genuine Parts by 15,400.0% during the second quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock valued at $101,000 after buying an additional 1,078 shares during the period. Global X Management Co. LLC increased its stake in shares of Genuine Parts by 29.3% during the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock valued at $152,000 after buying an additional 373 shares during the period. Bronfman E.L. Rothschild L.P. increased its stake in shares of Genuine Parts by 151.1% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock valued at $177,000 after buying an additional 1,147 shares during the period. QUANTRES ASSET MANAGEMENT Ltd purchased a new position in shares of Genuine Parts during the first quarter valued at $213,000. Finally, Parsec Financial Management Inc. purchased a new position in shares of Genuine Parts during the second quarter valued at $217,000. Institutional investors and hedge funds own 74.41% of the company’s stock.
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Several equities analysts have recently commented on GPC shares. BidaskClub lowered Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush restated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and cut their price target for the company from $104.00 to $89.00 in a research note on Thursday, July 6th. Gabelli upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target on the stock in a research note on Friday, July 21st. Finally, Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $96.33.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.31 by ($0.02). The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.05 billion. Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. Genuine Parts’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were issued a $0.675 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 2.79%. Genuine Parts’s dividend payout ratio is presently 58.32%.
Genuine Parts announced that its board has initiated a stock buyback plan on Monday, August 21st that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the specialty retailer to reacquire 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.
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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