Genuine Parts Company Expected to Earn FY2017 Earnings of $4.55 Per Share (GPC)
Genuine Parts Company (NYSE:GPC) – Analysts at Gabelli lowered their FY2017 earnings per share (EPS) estimates for shares of Genuine Parts in a note issued to investors on Friday. Gabelli analyst B. Sponheimer now expects that the specialty retailer will post earnings of $4.55 per share for the year, down from their prior estimate of $4.75. Gabelli has a “Buy” rating on the stock. Gabelli also issued estimates for Genuine Parts’ FY2018 earnings at $5.45 EPS, FY2019 earnings at $5.75 EPS, FY2020 earnings at $6.15 EPS and FY2021 earnings at $6.30 EPS.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.12). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $4.10 billion. Genuine Parts had a return on equity of 20.72% and a net margin of 4.16%. The business’s quarterly revenue was down 72.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 earnings per share.
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GPC has been the topic of several other reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $95.00 price objective on shares of Genuine Parts in a research note on Thursday, October 12th. Goldman Sachs Group, Inc. (The) cut shares of Genuine Parts from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Zacks Investment Research raised shares of Genuine Parts from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada upped their price objective on shares of Genuine Parts from $85.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 26th. Finally, BidaskClub cut shares of Genuine Parts from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $96.00.
Shares of Genuine Parts (GPC) opened at 88.63 on Monday. The company has a market cap of $13.01 billion, a PE ratio of 19.19 and a beta of 1.10. Genuine Parts has a one year low of $79.86 and a one year high of $100.90. The company’s 50-day moving average price is $91.09 and its 200 day moving average price is $89.20.
Genuine Parts announced that its board has approved a stock buyback plan on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were paid a dividend of $0.675 per share. The ex-dividend date was Thursday, September 7th. This represents a $2.70 annualized dividend and a dividend yield of 3.05%. Genuine Parts’s dividend payout ratio (DPR) is currently 60.40%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in GPC. BlackRock Inc. grew its stake in shares of Genuine Parts by 2,130.1% during the first quarter. BlackRock Inc. now owns 14,442,228 shares of the specialty retailer’s stock valued at $1,334,608,000 after purchasing an additional 13,794,624 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Genuine Parts by 13.9% during the second quarter. JPMorgan Chase & Co. now owns 7,150,904 shares of the specialty retailer’s stock valued at $663,318,000 after purchasing an additional 874,466 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Genuine Parts by 4.7% during the first quarter. Vanguard Group Inc. now owns 15,429,332 shares of the specialty retailer’s stock valued at $1,425,824,000 after purchasing an additional 690,398 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Genuine Parts by 2,560.0% during the second quarter. Janus Henderson Group PLC now owns 532,525 shares of the specialty retailer’s stock valued at $49,397,000 after purchasing an additional 512,505 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Genuine Parts by 175.1% during the second quarter. Prudential Financial Inc. now owns 701,644 shares of the specialty retailer’s stock valued at $65,085,000 after purchasing an additional 446,560 shares during the last quarter. 74.41% of the stock is currently owned by institutional investors and hedge funds.
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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