Genuine Parts Company (GPC) Stake Lessened by MML Investors Services LLC
MML Investors Services LLC decreased its holdings in Genuine Parts Company (NYSE:GPC) by 13.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,185 shares of the specialty retailer’s stock after selling 2,057 shares during the period. MML Investors Services LLC’s holdings in Genuine Parts were worth $1,223,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of Genuine Parts by 8.8% in the 2nd quarter. BlackRock Inc. now owns 15,716,092 shares of the specialty retailer’s stock valued at $1,457,825,000 after purchasing an additional 1,273,864 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Genuine Parts by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 15,648,183 shares of the specialty retailer’s stock valued at $1,451,526,000 after purchasing an additional 218,851 shares during the last quarter. State Street Corp increased its stake in shares of Genuine Parts by 1.6% in the 1st quarter. State Street Corp now owns 8,672,362 shares of the specialty retailer’s stock valued at $801,408,000 after purchasing an additional 133,002 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of 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 last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Genuine Parts by 3.9% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,121,415 shares of the specialty retailer’s stock valued at $196,253,000 after purchasing an additional 80,600 shares during the last quarter. Institutional investors own 74.46% of the company’s stock.
Shares of Genuine Parts Company (NYSE GPC) opened at 87.98 on Friday. The company has a market cap of $12.92 billion, a price-to-earnings ratio of 19.05 and a beta of 1.06. Genuine Parts Company has a 12 month low of $79.86 and a 12 month high of $101.88. The company’s 50-day moving average price is $83.87 and its 200-day moving average price is $89.04.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Zacks’ 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 net margin of 4.37% and a return on equity of 21.05%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 EPS. Analysts anticipate that Genuine Parts Company will post $4.73 EPS for the current year.
Genuine Parts declared that its Board of Directors has initiated a share buyback plan 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 plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be paid a $0.675 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a yield of 3.07%. Genuine Parts’s dividend payout ratio is presently 58.32%.
Several equities analysts have recently issued reports on GPC shares. BidaskClub upgraded Genuine Parts from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. 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. Jefferies Group LLC restated a “hold” rating and set a $95.00 price objective on shares of Genuine Parts in a research report on Sunday, September 10th. Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, Gabelli upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a research report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Genuine Parts presently has an average rating of “Hold” and a consensus target price of $96.00.
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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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