Engineers Gate Manager LP Purchases Shares of 9,229 Genuine Parts (GPC)
Engineers Gate Manager LP purchased a new stake in Genuine Parts (NYSE:GPC) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 9,229 shares of the specialty retailer’s stock, valued at approximately $883,000.
A number of other hedge funds have also added to or reduced their stakes in GPC. Sun Life Financial INC grew its stake in shares of Genuine Parts by 15,400.0% during the 2nd quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 1,078 shares during the period. Horan Capital Advisors LLC. acquired a new position in shares of Genuine Parts during the 3rd quarter worth $134,000. Global X Management Co. LLC grew its stake in shares of Genuine Parts by 14.4% during the 2nd quarter. Global X Management Co. LLC now owns 1,880 shares of the specialty retailer’s stock worth $174,000 after purchasing an additional 236 shares during the period. Bronfman E.L. Rothschild L.P. grew its stake in shares of Genuine Parts by 151.1% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after purchasing an additional 1,147 shares during the period. Finally, IBM Retirement Fund acquired a new position in shares of Genuine Parts during the 3rd quarter worth $200,000. Hedge funds and other institutional investors own 76.03% of the company’s stock.
GPC has been the topic of a number of recent analyst reports. Jefferies Group reaffirmed a “hold” rating and set a $95.00 price target on shares of Genuine Parts in a research note on Sunday, September 10th. Royal Bank of Canada increased their price objective on shares of Genuine Parts from $85.00 to $98.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 26th. Zacks Investment Research raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Gabelli reissued a “buy” rating on shares of Genuine Parts in a research note on Friday, October 20th. Finally, Moffett Nathanson assumed coverage on shares of Genuine Parts in a research note on Monday, December 4th. They issued a “sell” rating on the stock. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $96.00.
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). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $4.10 billion. Genuine Parts had a net margin of 4.16% and a return on equity of 20.49%. Genuine Parts’s revenue for the quarter was down 72.2% on a year-over-year basis. During the same quarter last year, the company posted $1.24 earnings per share. equities analysts predict that Genuine Parts will post 4.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th will be issued a $0.675 dividend. The ex-dividend date is Thursday, December 7th. This represents a $2.70 dividend on an annualized basis and a yield of 2.90%. Genuine Parts’s dividend payout ratio (DPR) is 60.40%.
Genuine Parts declared that its Board of Directors has authorized a stock buyback program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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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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