Genuine Parts Company (GPC) Given “Buy” Rating at Gabelli
Gabelli reiterated their buy rating on shares of Genuine Parts Company (NYSE:GPC) in a report issued on Friday. Gabelli also issued estimates for Genuine Parts’ FY2017 earnings at $4.55 EPS, FY2018 earnings at $5.45 EPS, FY2019 earnings at $5.75 EPS, FY2020 earnings at $6.15 EPS and FY2021 earnings at $6.30 EPS.
Other research analysts also recently issued reports about the stock. Royal Bank Of Canada cut their price objective on shares of Genuine Parts from $98.00 to $95.00 and set a sector perform rating for the company in a report on Friday. BidaskClub raised shares of Genuine Parts from a strong sell rating to a sell rating in a report on Monday, July 31st. Wedbush reissued a neutral rating on shares of Genuine Parts in a report on Thursday, July 6th. Zacks Investment Research downgraded shares of Genuine Parts from a hold rating to a strong sell rating in a report on Monday, July 24th. Finally, Jefferies Group LLC reissued a hold rating and issued a $95.00 price target on shares of Genuine Parts in a report on Sunday, September 10th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Genuine Parts currently has a consensus rating of Hold and a consensus price target of $96.00.
Genuine Parts (NYSE GPC) traded down 1.20% during midday trading on Friday, hitting $88.63. 1,601,168 shares of the stock were exchanged. The firm’s 50-day moving average price is $91.09 and its 200 day moving average price is $89.20. The firm has a market capitalization of $13.01 billion, a P/E ratio of 19.19 and a beta of 1.10. Genuine Parts has a 1-year low of $79.86 and a 1-year high of $100.90.
Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Thursday, October 19th. The specialty retailer reported $1.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.12). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $4.10 billion. Genuine Parts had a return on equity of 20.72% and a net margin of 4.16%. The firm’s quarterly revenue was down 72.2% on a year-over-year basis. During the same period last year, the business posted $1.24 earnings per share. Analysts expect that Genuine Parts will post $4.71 earnings per share for the current fiscal year.
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Genuine Parts declared that its Board of Directors has approved a stock buyback plan on Monday, August 21st that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were issued a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s payout ratio is 60.40%.
A number of large investors have recently made changes to their positions in GPC. BlackRock Inc. boosted its holdings in Genuine Parts by 2,130.1% in the 1st quarter. BlackRock Inc. now owns 14,442,228 shares of the specialty retailer’s stock valued at $1,334,608,000 after purchasing an additional 13,794,624 shares during the period. JPMorgan Chase & Co. boosted its holdings in Genuine Parts by 13.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock valued at $663,318,000 after purchasing an additional 874,466 shares during the period. Vanguard Group Inc. boosted its holdings in Genuine Parts by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock valued at $1,425,824,000 after purchasing an additional 690,398 shares during the period. Janus Henderson Group PLC boosted its holdings in Genuine Parts by 2,560.0% in the 2nd quarter. Janus Henderson Group PLC now owns 532,525 shares of the specialty retailer’s stock valued at $49,397,000 after purchasing an additional 512,505 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in Genuine Parts by 175.1% in the 2nd quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock valued at $65,085,000 after purchasing an additional 446,560 shares during the period. 74.41% of the stock is owned by hedge funds and other institutional investors.
Genuine Parts Company 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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