Genuine Parts Co. (GPC) Announces Earnings Results, Misses Expectations By $0.05 EPS
Genuine Parts Co. (NYSE:GPC) posted its earnings results on Wednesday. The company reported $1.24 EPS for the quarter, missing the Zacks’ consensus estimate of $1.29 by $0.05. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Genuine Parts had a return on equity of 21.79% and a net margin of 4.59%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Genuine Parts updated its FY16 guidance to 4.55-4.60 EPS.
Shares of Genuine Parts (NYSE:GPC) opened at 96.35 on Wednesday. Genuine Parts has a 52-week low of $76.50 and a 52-week high of $105.97. The firm has a market capitalization of $14.35 billion, a PE ratio of 20.81 and a beta of 0.92. The company has a 50-day moving average price of $99.24 and a 200 day moving average price of $99.10.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a $0.6575 dividend. This represents a $2.63 annualized dividend and a yield of 2.73%. The ex-dividend date was Wednesday, September 7th. Genuine Parts’s dividend payout ratio is currently 56.68%.
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Several hedge funds and other institutional investors have recently made changes to their positions in GPC. Invictus RG acquired a new position in shares of Genuine Parts during the second quarter valued at approximately $136,000. Van ECK Associates Corp boosted its position in Genuine Parts by 30.3% in the second quarter. Van ECK Associates Corp now owns 1,467 shares of the company’s stock valued at $149,000 after buying an additional 341 shares during the period. Franklin Resources Inc. bought a new position in Genuine Parts during the second quarter valued at $205,000. Pacer Advisors Inc. boosted its position in Genuine Parts by 9.1% in the second quarter. Pacer Advisors Inc. now owns 2,797 shares of the company’s stock valued at $283,000 after buying an additional 233 shares during the period. Finally, Bank of Nova Scotia boosted its position in Genuine Parts by 6.0% in the second quarter. Bank of Nova Scotia now owns 2,991 shares of the company’s stock valued at $303,000 after buying an additional 170 shares during the period. 71.55% of the stock is currently owned by institutional investors and hedge funds.
GPC has been the topic of several recent research reports. Argus restated a “buy” rating and issued a $108.00 price objective (up from $106.00) on shares of Genuine Parts in a research report on Monday, July 25th. Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating and set a $115.00 price objective on the stock in a research report on Friday, July 15th. Jefferies Group lowered Genuine Parts from a “buy” rating to a “hold” rating and set a $112.00 target price for the company. in a research note on Friday, July 15th. Gabelli lowered Genuine Parts from a “buy” rating to a “hold” rating and set a $106.00 price target for the company. in a research note on Thursday, July 14th. Finally, Susquehanna assumed coverage on Genuine Parts in a research note on Thursday, August 25th. They set a “neutral” rating and a $102.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $99.18.
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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