Genuine Parts Company (GPC) Sees Significant Growth in Short Interest
Genuine Parts Company (NYSE:GPC) was the recipient of a large increase in short interest in July. As of July 31st, there was short interest totalling 5,952,595 shares, an increase of 54.0% from the July 14th total of 3,864,626 shares. Currently, 4.2% of the company’s shares are short sold. Based on an average trading volume of 1,538,414 shares, the short-interest ratio is currently 3.9 days.
Several hedge funds and other institutional investors have recently modified their holdings of GPC. Oakbrook Investments LLC boosted its position in shares of Genuine Parts by 85.1% in the first quarter. Oakbrook Investments LLC now owns 14,250 shares of the specialty retailer’s stock worth $1,317,000 after buying an additional 6,550 shares in the last quarter. Sabal Trust CO boosted its position in shares of Genuine Parts by 1.2% in the first quarter. Sabal Trust CO now owns 215,086 shares of the specialty retailer’s stock worth $19,876,000 after buying an additional 2,584 shares in the last quarter. Bollard Group LLC boosted its position in shares of Genuine Parts by 15.5% in the first quarter. Bollard Group LLC now owns 23,335 shares of the specialty retailer’s stock worth $2,156,000 after buying an additional 3,135 shares in the last quarter. Hartford Financial Management Inc. boosted its position in shares of Genuine Parts by 0.9% in the first quarter. Hartford Financial Management Inc. now owns 17,166 shares of the specialty retailer’s stock worth $1,586,000 after buying an additional 150 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Genuine Parts by 2.0% in the first quarter. Nisa Investment Advisors LLC now owns 43,748 shares of the specialty retailer’s stock worth $4,043,000 after buying an additional 840 shares in the last quarter. Institutional investors own 73.51% of the company’s stock.
GPC has been the topic of several research reports. Gabelli raised Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a research note on Friday, July 21st. BidaskClub lowered Genuine Parts from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Wedbush reissued a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. Royal Bank Of Canada increased their target price on Genuine Parts from $94.00 to $96.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 20th. Finally, Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $104.00 target price (up previously from $98.00) on shares of Genuine Parts in a research note on Saturday, April 22nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $96.86.
Shares of Genuine Parts (GPC) opened at 80.48 on Wednesday. Genuine Parts has a 52-week low of $79.86 and a 52-week high of $105.18. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 17.42 and a beta of 1.04. The firm has a 50-day moving average price of $85.07 and a 200-day moving average price of $91.37.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Zacks’ consensus estimate of $1.31 by $0.02. The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.28 EPS. Analysts predict that Genuine Parts will post $4.73 EPS for the current fiscal year.
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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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