First City Capital Management Inc. Sells 25 Shares of Genuine Parts Company (GPC)
First City Capital Management Inc. decreased its holdings in Genuine Parts Company (NYSE:GPC) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,100 shares of the specialty retailer’s stock after selling 25 shares during the quarter. First City Capital Management Inc.’s holdings in Genuine Parts were worth $566,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its position in Genuine Parts by 5.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 891,885 shares of the specialty retailer’s stock valued at $82,732,000 after acquiring an additional 47,587 shares in the last quarter. Sun Life Financial INC lifted its position in Genuine Parts by 15,400.0% in the 2nd quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock valued at $101,000 after acquiring an additional 1,078 shares in the last quarter. Institute for Wealth Management LLC. bought a new position in Genuine Parts in the 2nd quarter valued at about $407,000. QS Investors LLC lifted its position in Genuine Parts by 1,084.1% in the 2nd quarter. QS Investors LLC now owns 21,468 shares of the specialty retailer’s stock valued at $1,991,000 after acquiring an additional 19,655 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in Genuine Parts by 2.9% in the 2nd quarter. Stifel Financial Corp now owns 328,902 shares of the specialty retailer’s stock valued at $30,659,000 after acquiring an additional 9,284 shares in the last quarter. 74.46% of the stock is currently owned by institutional investors and hedge funds.
Genuine Parts Company (NYSE:GPC) traded up 0.48% during trading on Friday, hitting $95.65. 738,023 shares of the company’s stock traded hands. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $101.06. The stock has a market cap of $14.04 billion, a P/E ratio of 20.71 and a beta of 1.06. The company’s 50 day moving average is $83.87 and its 200-day moving average is $89.04.
Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.31 by ($0.02). The firm had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 EPS. On average, analysts predict that Genuine Parts Company will post $4.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a $0.675 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 2.82%. Genuine Parts’s dividend payout ratio is presently 58.32%.
Genuine Parts declared that its Board of Directors has initiated a stock repurchase program 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 programs are usually an indication that the company’s board believes its stock is undervalued.
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Several equities analysts have commented on the stock. Gabelli raised shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a research report on Friday, July 21st. BidaskClub raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Zacks Investment Research raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Jefferies Group LLC reissued a “hold” rating and set a $95.00 target price on shares of Genuine Parts in a research report on Sunday, September 10th. Finally, Wedbush reissued a “neutral” rating on shares of Genuine Parts in a research report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $96.33.
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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