Northern Trust Corp Grows Stake in Genuine Parts (NYSE:GPC)
Northern Trust Corp raised its holdings in shares of Genuine Parts (NYSE:GPC) by 2.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,841,365 shares of the specialty retailer’s stock after purchasing an additional 52,308 shares during the period. Northern Trust Corp’s holdings in Genuine Parts were worth $190,729,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Commonwealth Equity Services LLC increased its position in Genuine Parts by 4.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 48,509 shares of the specialty retailer’s stock valued at $5,024,000 after buying an additional 1,926 shares in the last quarter. Independent Advisor Alliance increased its holdings in shares of Genuine Parts by 7.3% during the first quarter. Independent Advisor Alliance now owns 23,001 shares of the specialty retailer’s stock valued at $2,577,000 after acquiring an additional 1,562 shares in the last quarter. MML Investors Services LLC increased its holdings in shares of Genuine Parts by 6.0% during the first quarter. MML Investors Services LLC now owns 15,083 shares of the specialty retailer’s stock valued at $1,690,000 after acquiring an additional 848 shares in the last quarter. Farmers National Bank purchased a new position in shares of Genuine Parts in the 1st quarter valued at approximately $324,000. Finally, Comerica Securities Inc. purchased a new position in shares of Genuine Parts in the 4th quarter valued at approximately $256,000. 76.86% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have weighed in on GPC. Royal Bank of Canada set a $101.00 target price on shares of Genuine Parts and gave the stock a “hold” rating in a research report on Friday, July 19th. Zacks Investment Research upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 price target on the stock in a research note on Wednesday, July 24th. JPMorgan Chase & Co. decreased their price target on shares of Genuine Parts from $114.00 to $104.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Jefferies Financial Group set a $102.00 price objective on shares of Genuine Parts and gave the stock a “hold” rating in a research note on Friday, July 19th. Finally, Goldman Sachs Group assumed coverage on shares of Genuine Parts in a report on Thursday, July 11th. They set a “neutral” rating and a $107.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Genuine Parts currently has a consensus rating of “Hold” and an average price target of $105.75.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, July 18th. The specialty retailer reported $1.57 EPS for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.08). Genuine Parts had a net margin of 4.17% and a return on equity of 23.16%. The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5 billion. During the same quarter in the prior year, the company earned $1.59 EPS. Genuine Parts’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts forecast that Genuine Parts will post 5.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be paid a dividend of $0.7625 per share. This represents a $3.05 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Thursday, September 5th. Genuine Parts’s payout ratio is 53.70%.
About Genuine Parts
Genuine Parts Company distributes automotive replacement, industrial parts and materials, and business products in North America, Australia, New Zealand, the United Kingdom, France, Germany, Poland, and Puerto Rico. 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; 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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