Jefferies Group Reaffirms “Hold” Rating for Genuine Parts Co. (GPC)
Genuine Parts Co. (NYSE:GPC)‘s stock had its “hold” rating restated by investment analysts at Jefferies Group in a research note issued to investors on Wednesday. They presently have a $95.00 price target on the stock, down from their prior price target of $105.00. Jefferies Group’s target price indicates a potential upside of 4.87% from the company’s current price.
Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating and set a $115.00 price objective for the company in a report on Friday, July 15th. Argus reiterated a “buy” rating and set a $108.00 price objective (up previously from $106.00) on shares of Genuine Parts in a report on Monday, July 25th. Wedbush reiterated a “neutral” rating and set a $98.00 price objective on shares of Genuine Parts in a report on Wednesday, July 20th. Gabelli lowered Genuine Parts from a “buy” rating to a “hold” rating and set a $106.00 price objective for the company. in a report on Thursday, July 14th. Finally, Susquehanna assumed coverage on Genuine Parts in a report on Thursday, August 25th. They set a “neutral” rating and a $102.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $98.80.
Genuine Parts (NYSE:GPC) opened at 90.59 on Wednesday. The stock has a market capitalization of $13.49 billion, a P/E ratio of 19.57 and a beta of 0.92. Genuine Parts has a 52-week low of $76.50 and a 52-week high of $105.97. The company’s 50-day moving average price is $98.18 and its 200 day moving average price is $98.93.
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Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Wednesday, October 19th. The company reported $1.24 EPS for the quarter, missing the consensus estimate of $1.29 by $0.05. Genuine Parts had a net margin of 4.57% and a return on equity of 21.43%. The business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the company posted $1.24 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities research analysts predict that Genuine Parts will post $4.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 9th were given a dividend of $0.6575 per share. This represents a $2.63 annualized dividend and a yield of 2.90%. The ex-dividend date was Wednesday, September 7th. Genuine Parts’s dividend payout ratio is currently 56.68%.
In related news, Chairman Thomas Gallagher purchased 3,000 shares of the business’s stock in a transaction on Thursday, October 20th. The shares were bought at an average cost of $89.24 per share, with a total value of $267,720.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.00% of the company’s stock.
A number of large investors have recently made changes to their positions in GPC. Vanguard Group Inc. increased its stake in shares of Genuine Parts by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,007,569 shares of the company’s stock valued at $1,418,267,000 after buying an additional 385,251 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Genuine Parts by 6.5% in the second quarter. BlackRock Fund Advisors now owns 4,907,532 shares of the company’s stock worth $496,888,000 after buying an additional 298,256 shares during the period. Panagora Asset Management Inc. boosted its stake in Genuine Parts by 168.4% in the second quarter. Panagora Asset Management Inc. now owns 474,872 shares of the company’s stock worth $48,081,000 after buying an additional 297,915 shares during the period. Euclid Advisors LLC boosted its stake in Genuine Parts by 4,294.3% in the first quarter. Euclid Advisors LLC now owns 263,218 shares of the company’s stock worth $26,153,000 after buying an additional 257,228 shares during the period. Finally, First Trust Advisors LP boosted its stake in Genuine Parts by 151.8% in the second quarter. First Trust Advisors LP now owns 385,448 shares of the company’s stock worth $39,027,000 after buying an additional 232,360 shares during the period. 71.55% of the stock is currently owned by institutional investors.
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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