Genuine Parts Company (GPC) Shares Sold by WASHINGTON TRUST Co
WASHINGTON TRUST Co cut its stake in Genuine Parts Company (NYSE:GPC) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,652 shares of the specialty retailer’s stock after selling 2,945 shares during the period. WASHINGTON TRUST Co’s holdings in Genuine Parts were worth $4,367,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of GPC. BlackRock Inc. increased its holdings in Genuine Parts by 8.8% in the second quarter. BlackRock Inc. now owns 15,716,092 shares of the specialty retailer’s stock valued at $1,457,825,000 after buying an additional 1,273,864 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Genuine Parts by 13.9% in the second quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock valued at $663,318,000 after buying an additional 874,466 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Genuine Parts by 2,560.0% in the second quarter. Janus Henderson Group PLC now owns 532,525 shares of the specialty retailer’s stock valued at $49,397,000 after buying an additional 512,505 shares in the last quarter. Prudential Financial Inc. increased its holdings in Genuine Parts by 175.1% in the second quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock valued at $65,085,000 after buying an additional 446,560 shares in the last quarter. Finally, FMR LLC increased its holdings in Genuine Parts by 181.7% in the second quarter. FMR LLC now owns 453,504 shares of the specialty retailer’s stock valued at $42,067,000 after buying an additional 292,531 shares in the last quarter. 73.91% of the stock is owned by institutional investors.
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Genuine Parts Company (GPC) traded down $0.73 during mid-day trading on Friday, hitting $87.80. 567,549 shares of the stock traded hands, compared to its average volume of 869,925. The company has a quick ratio of 0.62, a current ratio of 1.32 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $12,872.71, a price-to-earnings ratio of 19.30, a PEG ratio of 4.02 and a beta of 1.11. Genuine Parts Company has a twelve month low of $79.86 and a twelve month high of $100.90.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.12). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $4.10 billion. Genuine Parts had a return on equity of 20.49% and a net margin of 4.16%. The firm’s revenue for the quarter was down 72.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.24 EPS. sell-side analysts expect that Genuine Parts Company will post 4.58 EPS for the current year.
Genuine Parts declared that its Board of Directors has initiated a share buyback program on Monday, August 21st that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
GPC has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Genuine Parts from a “hold” rating to a “strong sell” rating in a report on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $95.00 target price on shares of Genuine Parts in a report on Sunday, September 10th. Gabelli raised shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price for the company in a report on Friday, July 21st. BidaskClub raised shares of Genuine Parts from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada dropped their target price 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, October 20th. 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 company’s stock. Genuine Parts currently has an average rating of “Hold” and an average target price 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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