Genuine Parts Company (GPC) Shares Bought by CIBC World Markets Inc.
CIBC World Markets Inc. grew its position in Genuine Parts Company (NYSE:GPC) by 20.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,802 shares of the specialty retailer’s stock after buying an additional 652 shares during the quarter. CIBC World Markets Inc.’s holdings in Genuine Parts were worth $353,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Global X Management Co. LLC increased its position in shares of Genuine Parts by 29.3% in the first quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock valued at $152,000 after buying an additional 373 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of Genuine Parts by 151.1% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock valued at $177,000 after buying an additional 1,147 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Genuine Parts by 7.3% in the first quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock valued at $210,000 after buying an additional 155 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new position in shares of Genuine Parts in the first quarter valued at $213,000. Finally, Parsec Financial Management Inc. purchased a new position in shares of Genuine Parts in the second quarter valued at $217,000. Institutional investors and hedge funds own 74.46% of the company’s stock.
Shares of Genuine Parts Company (GPC) opened at 86.35 on Friday. The company’s 50-day moving average price is $83.87 and its 200-day moving average price is $89.04. The stock has a market cap of $12.68 billion, a PE ratio of 18.69 and a beta of 1.06. Genuine Parts Company has a 52-week low of $79.86 and a 52-week high of $101.88.
Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.31 by ($0.02). The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period last year, the firm earned $1.28 earnings per share. Analysts expect that Genuine Parts Company will post $4.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 58.32%.
Genuine Parts announced that its Board of Directors has initiated a share repurchase 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. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
A number of brokerages have recently weighed in on GPC. Jefferies Group LLC restated a “hold” rating and issued a $95.00 price target on shares of Genuine Parts in a research report on Sunday, September 10th. BidaskClub upgraded Genuine Parts from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Zacks Investment Research cut Genuine Parts from a “hold” rating to a “strong sell” rating in a research report on Monday, July 24th. Gabelli upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target for the company in a research report on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) cut Genuine Parts from a “neutral” rating to a “sell” rating and dropped their price target for the company from $104.00 to $89.00 in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $96.00.
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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