Genuine Parts Company (GPC) Position Boosted by Peapack Gladstone Financial Corp
Peapack Gladstone Financial Corp increased its holdings in Genuine Parts Company (NYSE:GPC) by 13.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,012 shares of the specialty retailer’s stock after buying an additional 3,322 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Genuine Parts were worth $2,598,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Colonial Trust Advisors bought a new position in Genuine Parts in the 2nd quarter worth approximately $232,000. Janus Henderson Group PLC grew 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 worth $49,397,000 after buying an additional 512,505 shares in the last quarter. JT Stratford LLC bought a new position in Genuine Parts in the 2nd quarter worth approximately $433,000. Cambria Investment Management L.P. bought a new position in Genuine Parts in the 2nd quarter worth approximately $1,947,000. Finally, Royal Bank of Canada grew its holdings in Genuine Parts by 15.6% in the 2nd quarter. Royal Bank of Canada now owns 210,111 shares of the specialty retailer’s stock worth $19,490,000 after buying an additional 28,407 shares in the last quarter. 74.46% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on GPC shares. BidaskClub raised Genuine Parts from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price target on shares of Genuine Parts in a research note on Sunday, September 10th. Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and decreased their price target for the company from $104.00 to $89.00 in a research note on Thursday, July 6th. Zacks Investment Research raised Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Finally, Royal Bank Of Canada increased their price target on Genuine Parts from $85.00 to $98.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Genuine Parts presently has a consensus rating of “Hold” and a consensus target price of $96.33.
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Genuine Parts Company (GPC) traded down 0.21% during midday trading on Thursday, hitting $95.29. The stock had a trading volume of 148,562 shares. The stock’s 50-day moving average is $86.84 and its 200-day moving average is $88.99. The company has a market cap of $13.99 billion, a P/E ratio of 20.63 and a beta of 1.10. Genuine Parts Company has a one year low of $79.86 and a one year high of $100.90.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.02). Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same period in the prior year, the firm posted $1.28 EPS. Genuine Parts’s revenue was up 5.1% on a year-over-year basis. Equities analysts predict that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
Genuine Parts declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 21st that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the specialty retailer to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were issued a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is 58.32%.
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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