Hallmark Capital Management Inc. boosted its stake in shares of Genuine Parts Company (NYSE:GPC) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,782 shares of the specialty retailer’s stock after buying an additional 1,060 shares during the period. Hallmark Capital Management Inc.’s holdings in Genuine Parts were worth $1,510,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sun Life Financial INC raised its holdings in Genuine Parts by 15,400.0% during the 2nd quarter. Sun Life Financial INC now owns 1,085 shares of the specialty retailer’s stock worth $101,000 after buying an additional 1,078 shares during the period. Global X Management Co. LLC raised its holdings in Genuine Parts by 14.4% during the 2nd quarter. Global X Management Co. LLC now owns 1,880 shares of the specialty retailer’s stock worth $174,000 after buying an additional 236 shares during the period. Bronfman E.L. Rothschild L.P. raised its holdings in Genuine Parts by 151.1% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,906 shares of the specialty retailer’s stock worth $177,000 after buying an additional 1,147 shares during the period. Parsec Financial Management Inc. acquired a new stake in Genuine Parts during the 2nd quarter worth about $217,000. Finally, State of Alaska Department of Revenue raised its holdings in Genuine Parts by 9.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 2,460 shares of the specialty retailer’s stock worth $228,000 after buying an additional 209 shares during the period. Hedge funds and other institutional investors own 73.91% of the company’s stock.
Genuine Parts Company (NYSE:GPC) traded down 0.39% during trading on Wednesday, reaching $87.89. The company’s stock had a trading volume of 188,164 shares. Genuine Parts Company has a 52 week low of $79.86 and a 52 week high of $100.90. The stock’s 50 day moving average is $91.66 and its 200-day moving average is $89.13. The firm has a market cap of $12.90 billion, a P/E ratio of 19.03 and a beta of 1.10.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.12). Genuine Parts had a net margin of 4.16% and a return on equity of 20.49%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $4.10 billion. During the same period in the previous year, the company posted $1.24 EPS. The company’s quarterly revenue was down 72.2% compared to the same quarter last year. On average, equities research analysts forecast that Genuine Parts Company will post $4.58 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders 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 dividend yield of 3.06%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 60.40%.
Genuine Parts announced that its board has approved a share buyback program on Monday, August 21st that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
GPC has been the topic of several recent analyst reports. Jefferies Group LLC restated a “hold” rating and set a $95.00 price objective on shares of Genuine Parts in a report on Thursday, October 12th. Gabelli restated a “buy” rating on shares of Genuine Parts in a report on Friday, October 20th. Zacks Investment Research downgraded Genuine Parts from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Royal Bank Of Canada cut their price objective on Genuine Parts from $98.00 to $95.00 and set a “sector perform” rating on the stock in a report on Friday, October 20th. Finally, Goldman Sachs Group, Inc. (The) downgraded Genuine Parts from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $104.00 to $89.00 in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $96.00.
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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