Genuine Parts Company (GPC) Shares Sold by Miller Investment Management LP
Miller Investment Management LP trimmed its stake in shares of Genuine Parts Company (NYSE:GPC) by 10.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,075 shares of the specialty retailer’s stock after selling 1,790 shares during the quarter. Miller Investment Management LP’s holdings in Genuine Parts were worth $1,538,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Girard Partners LTD. lifted its holdings in shares of Genuine Parts by 5.2% during the second quarter. Girard Partners LTD. now owns 28,068 shares of the specialty retailer’s stock worth $2,604,000 after buying an additional 1,391 shares in the last quarter. Synovus Financial Corp lifted its holdings in shares of Genuine Parts by 10.1% during the second quarter. Synovus Financial Corp now owns 263,927 shares of the specialty retailer’s stock worth $24,485,000 after buying an additional 24,129 shares in the last quarter. Motco lifted its holdings in shares of Genuine Parts by 1.9% during the second quarter. Motco now owns 36,411 shares of the specialty retailer’s stock worth $3,378,000 after buying an additional 679 shares in the last quarter. Rowland & Co. Investment Counsel ADV lifted its holdings in shares of Genuine Parts by 6.3% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 68,624 shares of the specialty retailer’s stock worth $6,373,000 after buying an additional 4,066 shares in the last quarter. Finally, Nuance Investments LLC lifted its holdings in shares of Genuine Parts by 221.3% during the second quarter. Nuance Investments LLC now owns 272,286 shares of the specialty retailer’s stock worth $25,257,000 after buying an additional 187,534 shares in the last quarter. 73.96% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. Gabelli raised Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target for the company in a research note on Friday, July 21st. 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. Zacks Investment Research raised Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada dropped their price target on Genuine Parts from $98.00 to $95.00 and set a “sector perform” rating for the company in a research note on Friday, October 20th. Finally, BidaskClub raised Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $96.00.
Genuine Parts Company (NYSE GPC) traded down $0.16 during mid-day trading on Tuesday, reaching $85.29. The company had a trading volume of 943,200 shares, compared to its average volume of 855,689. The firm has a market capitalization of $12,528.12, a P/E ratio of 18.78, a PEG ratio of 3.26 and a beta of 1.11. Genuine Parts Company has a fifty-two week low of $79.86 and a fifty-two week high of $100.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.62 and a current ratio of 1.32.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.12). Genuine Parts had a net margin of 4.16% and a return on equity of 20.49%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter in the prior year, the firm earned $1.24 EPS. The business’s revenue was down 72.2% on a year-over-year basis. analysts anticipate that Genuine Parts Company will post 4.58 EPS for the current fiscal year.
Genuine Parts declared that its board has initiated a share buyback plan on Monday, August 21st that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the specialty retailer to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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