Zacks Reaffirms “Neutral” Rating for Genuine Parts Company (GPC)
Genuine Parts Company (NYSE:GPC)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday. They currently have a $92.00 price target on the stock. Zacks‘s price target would indicate a potential upside of 4.90% from the company’s current price.
Zacks’ analyst wrote, “Genuine Parts Company posted a 9.4% increase in earnings to $1.28 per share in the second quarter of 2014, surpassing the Zacks Consensus Estimate by $0.03. Meanwhile, revenues rose 6.3% year over year to $3.91 billion, marginally beating the Zacks Consensus Estimate of $3.84 billion. The year-over-year improvement can be attributed to benefits from acquisitions and increased sales. Also, Genuine Parts has been taking various initiatives to boost sales and earnings and is also actively undertaking acquisitions for business expansion. The company relies on a diverse product portfolio for top and bottom-line growth. However, headwinds like intensifying competition and macroeconomic uncertainties pose considerable threats. Thus, we maintain a Neutral recommendation on the stock. “
In other Genuine Parts Company news, CEO Thomas Gallagher bought 5,000 shares of Genuine Parts Company stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $84.00 per share, for a total transaction of $420,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Separately, analysts at RBC Capital raised their price target on shares of Genuine Parts Company from $93.00 to $95.00 in a research note on Tuesday, July 22nd. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $89.75.
Genuine Parts Company (NYSE:GPC) traded up 0.31% during mid-day trading on Friday, hitting $87.97. 348,714 shares of the company’s stock traded hands. Genuine Parts Company has a 52-week low of $76.26 and a 52-week high of $90.00. The stock’s 50-day moving average is $85.61 and its 200-day moving average is $85.64. The company has a market cap of $13.467 billion and a price-to-earnings ratio of 19.98.
Genuine Parts Company (NYSE:GPC) last released its earnings data on Monday, July 21st. The company reported $1.28 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.26 by $0.02. The company had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the company posted $1.39 earnings per share. The company’s quarterly revenue was up 6.3% on a year-over-year basis. Analysts expect that Genuine Parts Company will post $4.60 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 1st. Investors of record on Friday, September 5th will be given a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Wednesday, September 3rd.
Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.