Palisade Asset Management LLC boosted its stake in Genuine Parts Company (NYSE:GPC) by 5.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,410 shares of the specialty retailer’s stock after buying an additional 1,600 shares during the quarter. Palisade Asset Management LLC’s holdings in Genuine Parts were worth $3,100,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Trust Co. of Vermont raised its position in Genuine Parts by 11.5% in the 3rd quarter. Trust Co. of Vermont now owns 6,490 shares of the specialty retailer’s stock valued at $620,000 after buying an additional 671 shares during the last quarter. First Trust Advisors LP increased its position in shares of Genuine Parts by 13.5% during the 3rd quarter. First Trust Advisors LP now owns 345,575 shares of the specialty retailer’s stock valued at $33,054,000 after purchasing an additional 41,231 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Genuine Parts by 22.7% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 9,795 shares of the specialty retailer’s stock worth $937,000 after acquiring an additional 1,810 shares during the last quarter. APG Asset Management N.V. increased its holdings in Genuine Parts by 5.0% in the 3rd quarter. APG Asset Management N.V. now owns 217,290 shares of the specialty retailer’s stock worth $20,784,000 after acquiring an additional 10,400 shares during the last quarter. Finally, LS Investment Advisors LLC increased its holdings in Genuine Parts by 9.4% in the 3rd quarter. LS Investment Advisors LLC now owns 36,676 shares of the specialty retailer’s stock worth $3,508,000 after acquiring an additional 3,158 shares during the last quarter. 73.96% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the company. Royal Bank Of Canada lifted their price objective on Genuine Parts from $85.00 to $98.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 26th. Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and issued a $95.00 target price on shares of Genuine Parts in a research note on Thursday, October 12th. BidaskClub downgraded Genuine Parts from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, Gabelli restated a “buy” rating on shares of Genuine Parts in a research note on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Genuine Parts has an average rating of “Hold” and an average price target of $96.00.
Shares of Genuine Parts Company (GPC) traded down $0.16 during trading on Tuesday, reaching $85.29. The company’s stock had a trading volume of 943,200 shares, compared to its average volume of 855,689. 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 stock has a market cap of $12,528.12, a PE ratio of 18.78, a P/E/G ratio of 3.26 and a beta of 1.11. Genuine Parts Company has a 1-year low of $79.86 and a 1-year high of $100.90.
Genuine Parts (NYSE:GPC) last posted its earnings results on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.12). Genuine Parts had a net margin of 4.16% and a return on equity of 20.49%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $4.10 billion. During the same period last year, the firm posted $1.24 earnings per share. Genuine Parts’s quarterly revenue was down 72.2% on a year-over-year basis. sell-side analysts forecast that Genuine Parts Company will post 4.58 earnings per share for the current year.
Genuine Parts announced that its board has authorized a stock buyback plan on Monday, August 21st that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the specialty retailer to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
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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