Shares of Genuine Parts Company (NYSE:GPC) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $96.20.
Several brokerages recently commented on GPC. Wedbush reissued a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. BidaskClub raised Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Zacks Investment Research cut Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Gabelli raised Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 price target for the company in a research note on Friday, July 21st. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $96.00 price target on shares of Genuine Parts in a research note on Thursday, May 25th.
A number of institutional investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC boosted its position in Genuine Parts by 60.1% during the second quarter. Lord Abbett & CO. LLC now owns 113,800 shares of the specialty retailer’s stock worth $10,556,000 after purchasing an additional 42,700 shares during the period. Sentry Investment Management LLC boosted its position in Genuine Parts by 53.0% during the second quarter. Sentry Investment Management LLC now owns 11,716 shares of the specialty retailer’s stock worth $1,087,000 after purchasing an additional 4,060 shares during the period. Toronto Dominion Bank boosted its position in Genuine Parts by 24.7% during the second quarter. Toronto Dominion Bank now owns 49,944 shares of the specialty retailer’s stock worth $4,631,000 after purchasing an additional 9,896 shares during the period. Cetera Investment Advisers bought a new stake in Genuine Parts during the second quarter worth approximately $986,000. Finally, Bangor Savings Bank boosted its position in Genuine Parts by 2.0% during the second quarter. Bangor Savings Bank now owns 4,009 shares of the specialty retailer’s stock worth $371,000 after purchasing an additional 79 shares during the period. 74.46% of the stock is owned by hedge funds and other institutional investors.
Shares of Genuine Parts (NYSE GPC) traded down 1.17% on Friday, reaching $85.86. 1,150,730 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $83.85 and its 200-day moving average price is $89.10. The company has a market capitalization of $12.61 billion, a P/E ratio of 18.59 and a beta of 1.06. Genuine Parts has a 12 month low of $79.86 and a 12 month high of $101.88.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Thomson Reuters’ 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 company’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. On average, equities analysts anticipate that Genuine Parts will post $4.73 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a dividend of $0.675 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.70 dividend on an annualized basis and a yield of 3.14%. Genuine Parts’s payout ratio is currently 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 shares. This buyback authorization authorizes the specialty retailer to reacquire 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.
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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