Genuine Parts (GPC) Shares Sold by Mitsubishi UFJ Trust & Banking Corp
Mitsubishi UFJ Trust & Banking Corp reduced its stake in Genuine Parts (NYSE:GPC) by 0.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 307,475 shares of the specialty retailer’s stock after selling 2,683 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.21% of Genuine Parts worth $29,410,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. increased its stake in Genuine Parts by 8.8% during the second quarter. BlackRock Inc. now owns 15,716,092 shares of the specialty retailer’s stock worth $1,457,825,000 after purchasing an additional 1,273,864 shares during the period. Vanguard Group Inc. increased its stake in Genuine Parts by 1.4% during the second quarter. Vanguard Group Inc. now owns 15,648,183 shares of the specialty retailer’s stock worth $1,451,526,000 after purchasing an additional 218,851 shares during the period. State Street Corp increased its stake in Genuine Parts by 0.7% during the second quarter. State Street Corp now owns 8,733,760 shares of the specialty retailer’s stock worth $810,144,000 after purchasing an additional 61,398 shares during the period. JPMorgan Chase & Co. increased its stake in Genuine Parts by 0.4% during the third quarter. JPMorgan Chase & Co. now owns 7,180,911 shares of the specialty retailer’s stock worth $683,552,000 after purchasing an additional 30,007 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Genuine Parts by 43.7% during the third quarter. Wells Fargo & Company MN now owns 3,027,033 shares of the specialty retailer’s stock worth $289,536,000 after purchasing an additional 921,258 shares during the period. Hedge funds and other institutional investors own 76.03% of the company’s stock.
Genuine Parts (GPC) traded up $0.20 during mid-day trading on Wednesday, hitting $94.16. 913,500 shares of the company were exchanged, compared to its average volume of 851,421. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.32 and a quick ratio of 0.62. Genuine Parts has a 12-month low of $79.86 and a 12-month high of $100.90. The stock has a market capitalization of $13,775.81, a price-to-earnings ratio of 20.65, a price-to-earnings-growth ratio of 3.59 and a beta of 1.12.
Genuine Parts (NYSE:GPC) last released its earnings results 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). Genuine Parts had a return on equity of 20.49% and a net margin of 4.16%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The firm’s quarterly revenue was down 72.2% on a year-over-year basis. sell-side analysts forecast that Genuine Parts will post 4.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 8th will be paid a dividend of $0.675 per share. The ex-dividend date is Thursday, December 7th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.87%. Genuine Parts’s payout ratio is 60.40%.
Genuine Parts declared that its Board of Directors has initiated a share buyback plan on Monday, August 21st that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
GPC has been the topic of a number of recent research reports. Gabelli reiterated a “buy” rating on shares of Genuine Parts in a research note on Friday, October 20th. Jefferies Group reiterated a “hold” rating and set a $95.00 price target on shares of Genuine Parts in a research note on Thursday, October 12th. Zacks Investment Research lowered shares of Genuine Parts from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Royal Bank Of Canada cut their price target on shares of Genuine Parts from $98.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Friday, October 20th. Finally, Moffett Nathanson initiated coverage on shares of Genuine Parts in a research note on Monday. They set a “sell” rating on the stock. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Genuine Parts currently has an average rating of “Hold” and an average price target 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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