Raymond James & Associates increased its stake in Genuine Parts (NYSE:GPC) by 19.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 114,291 shares of the specialty retailer’s stock after purchasing an additional 18,281 shares during the quarter. Raymond James & Associates’ holdings in Genuine Parts were worth $10,491,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in GPC. Charles Schwab Investment Advisory Inc. bought a new stake in shares of Genuine Parts in the 2nd quarter valued at $205,387,000. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Genuine Parts by 23.3% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,533,815 shares of the specialty retailer’s stock valued at $324,369,000 after acquiring an additional 667,620 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of Genuine Parts by 9,752.8% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 391,847 shares of the specialty retailer’s stock valued at $4,306,000 after acquiring an additional 387,870 shares in the last quarter. Millennium Management LLC increased its stake in shares of Genuine Parts by 1,249.9% in the 1st quarter. Millennium Management LLC now owns 167,503 shares of the specialty retailer’s stock valued at $15,048,000 after acquiring an additional 155,094 shares in the last quarter. Finally, Schafer Cullen Capital Management Inc. increased its stake in shares of Genuine Parts by 12.1% in the 1st quarter. Schafer Cullen Capital Management Inc. now owns 1,104,786 shares of the specialty retailer’s stock valued at $99,254,000 after acquiring an additional 119,662 shares in the last quarter. Institutional investors own 76.58% of the company’s stock.
Several research firms have recently weighed in on GPC. Zacks Investment Research lowered shares of Genuine Parts from a “hold” rating to a “sell” rating in a research note on Wednesday. Wedbush lifted their price objective on shares of Genuine Parts from $93.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday, July 20th. Finally, Royal Bank of Canada lifted their price objective on shares of Genuine Parts to $99.00 and gave the company a “sector perform” rating in a research note on Thursday, July 12th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $101.50.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Thursday, July 19th. The specialty retailer reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.01. The business had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.69 billion. Genuine Parts had a net margin of 3.78% and a return on equity of 21.62%. Genuine Parts’s quarterly revenue was up 17.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.29 EPS. analysts forecast that Genuine Parts will post 5.66 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $2.88 dividend on an annualized basis and a yield of 2.84%. Genuine Parts’s dividend payout ratio (DPR) is presently 62.07%.
In other Genuine Parts news, insider James R. Neill sold 512 shares of the business’s stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $97.94, for a total transaction of $50,145.28. Following the completion of the sale, the insider now owns 5,661 shares in the company, valued at approximately $554,438.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.
Genuine Parts Profile
Genuine Parts Company distributes automotive replacement and industrial parts, electrical and electronic materials, and business products in the United States, Canada, Mexico, Australasia, France, the United Kingdom, Germany, and Poland. The company distributes automotive replacement parts for imported vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, and heavy duty equipment through 57 NAPA automotive parts distribution centers and 1,100 NAPA AUTO PARTS stores.
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