Suntrust Banks Inc. decreased its position in Genuine Parts Company (NYSE:GPC) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,809,797 shares of the specialty retailer’s stock after selling 15,643 shares during the period. Genuine Parts comprises approximately 0.9% of Suntrust Banks Inc.’s holdings, making the stock its 17th largest holding. Suntrust Banks Inc. owned 1.23% of Genuine Parts worth $167,875,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Global X Management Co. LLC raised its holdings in Genuine Parts by 29.3% in the 1st quarter. Global X Management Co. LLC now owns 1,644 shares of the specialty retailer’s stock valued at $152,000 after acquiring an additional 373 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Genuine Parts by 151.1% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after buying an additional 1,147 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Genuine Parts by 7.3% in the 1st quarter. Van ECK Associates Corp now owns 2,274 shares of the specialty retailer’s stock worth $210,000 after buying an additional 155 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of Genuine Parts in the 1st quarter worth approximately $213,000. Finally, Parsec Financial Management Inc. acquired a new position in shares of Genuine Parts in the 2nd quarter worth approximately $217,000. 74.46% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on GPC. Jefferies Group LLC reissued a “hold” rating and issued a $95.00 target price on shares of Genuine Parts in a report on Sunday, September 10th. BidaskClub raised Genuine Parts from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Zacks Investment Research cut Genuine Parts from a “hold” rating to a “strong sell” rating in a report on Monday, July 24th. Gabelli raised 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. Finally, Goldman Sachs Group, Inc. (The) cut Genuine Parts from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $104.00 to $89.00 in a report on Thursday, July 6th. 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 stock. Genuine Parts has an average rating of “Hold” and an average price target of $96.00.
Shares of Genuine Parts Company (NYSE GPC) traded up 0.83% during trading on Friday, hitting $87.07. The stock had a trading volume of 192,949 shares. The stock’s 50-day moving average is $83.87 and its 200-day moving average is $89.04. The stock has a market capitalization of $12.78 billion, a P/E ratio of 18.85 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.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the consensus estimate of $1.31 by ($0.02). Genuine Parts had a net margin of 4.37% and a return on equity of 21.05%. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. Analysts predict that Genuine Parts Company will post $4.73 EPS for the current fiscal year.
Genuine Parts declared that its Board of Directors has approved a stock repurchase plan on Monday, August 21st that permits the company to buyback 15,000,000 shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed 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 of this dividend is Thursday, September 7th. This represents a $2.70 annualized dividend and a yield of 3.10%. Genuine Parts’s dividend payout ratio is currently 58.32%.
Genuine Parts 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.
Want to see what other hedge funds are holding GPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genuine Parts Company (NYSE:GPC).
Receive News & Ratings for Genuine Parts Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genuine Parts Company and related companies with MarketBeat.com's FREE daily email newsletter.