Jefferies Group Equities Analysts Increase Earnings Estimates for Genuine Parts Company (GPC)
Genuine Parts Company (NYSE:GPC) – Analysts at Jefferies Group raised their Q1 2018 earnings per share estimates for shares of Genuine Parts in a research note issued to investors on Thursday. Jefferies Group analyst B. Jordan now expects that the specialty retailer will post earnings per share of $1.26 for the quarter, up from their prior forecast of $1.14. Jefferies Group currently has a “Hold” rating and a $95.00 price target on the stock. Jefferies Group also issued estimates for Genuine Parts’ Q2 2018 earnings at $1.58 EPS, Q3 2018 earnings at $1.49 EPS, Q4 2018 earnings at $1.23 EPS, FY2018 earnings at $5.55 EPS, Q1 2019 earnings at $1.38 EPS, Q2 2019 earnings at $1.67 EPS and Q3 2019 earnings at $1.60 EPS.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.12). Genuine Parts had a return on equity of 20.72% and a net margin of 4.16%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $4.10 billion. During the same period in the previous year, the business posted $1.24 EPS. Genuine Parts’s revenue for the quarter was down 72.2% compared to the same quarter last year.
A number of other equities analysts have also weighed in on the company. Zacks Investment Research lowered Genuine Parts from a “hold” rating to a “strong sell” rating in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) lowered Genuine Parts from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $104.00 to $89.00 in a research note on Thursday, July 6th. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research note on Thursday, July 6th. BidaskClub upgraded Genuine Parts from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Gabelli upgraded 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. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $96.00.
Shares of Genuine Parts (NYSE GPC) opened at 88.63 on Monday. The stock’s 50 day moving average price is $91.09 and its 200 day moving average price is $89.20. Genuine Parts has a one year low of $79.86 and a one year high of $100.90. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of 19.19 and a beta of 1.10.
A number of large investors have recently modified their holdings of the stock. Pennsylvania Trust Co grew its position in Genuine Parts by 0.7% during the second quarter. Pennsylvania Trust Co now owns 3,183 shares of the specialty retailer’s stock worth $295,000 after buying an additional 23 shares in the last quarter. BKS Advisors LLC grew its position in Genuine Parts by 1.3% during the second quarter. BKS Advisors LLC now owns 2,580 shares of the specialty retailer’s stock worth $239,000 after buying an additional 33 shares in the last quarter. CAPROCK Group Inc. grew its position in Genuine Parts by 1.4% during the second quarter. CAPROCK Group Inc. now owns 2,618 shares of the specialty retailer’s stock worth $245,000 after buying an additional 35 shares in the last quarter. Godsey & Gibb Associates grew its position in Genuine Parts by 1.0% during the second quarter. Godsey & Gibb Associates now owns 4,161 shares of the specialty retailer’s stock worth $386,000 after buying an additional 40 shares in the last quarter. Finally, Warren Averett Asset Management LLC grew its position in Genuine Parts by 0.5% during the second quarter. Warren Averett Asset Management LLC now owns 7,976 shares of the specialty retailer’s stock worth $740,000 after buying an additional 41 shares in the last quarter. 74.41% of the stock is currently owned by institutional investors and hedge funds.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date was Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 60.40%.
Genuine Parts announced that its Board of Directors has initiated a share buyback program on Monday, August 21st that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
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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