Meridian Investment Counsel Inc. Sells 160 Shares of Genuine Parts (NYSE:GPC)

Meridian Investment Counsel Inc. lessened its holdings in shares of Genuine Parts (NYSE:GPC) by 1.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 15,415 shares of the specialty retailer’s stock after selling 160 shares during the period. Meridian Investment Counsel Inc.’s holdings in Genuine Parts were worth $1,597,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Comerica Securities Inc. acquired a new position in Genuine Parts in the fourth quarter worth $256,000. Dimensional Fund Advisors LP boosted its holdings in Genuine Parts by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 904,189 shares of the specialty retailer’s stock worth $86,820,000 after purchasing an additional 22,731 shares during the period. Geode Capital Management LLC boosted its holdings in Genuine Parts by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 1,965,765 shares of the specialty retailer’s stock worth $188,434,000 after purchasing an additional 163,768 shares during the period. Cetera Investment Advisers acquired a new position in Genuine Parts in the first quarter worth $235,000. Finally, Cetera Advisors LLC boosted its holdings in Genuine Parts by 2.0% in the first quarter. Cetera Advisors LLC now owns 7,711 shares of the specialty retailer’s stock worth $862,000 after purchasing an additional 151 shares during the period. Institutional investors own 76.86% of the company’s stock.

A number of research firms have commented on GPC. Zacks Investment Research raised shares of Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 price objective for the company in a report on Wednesday, July 24th. Jefferies Financial Group set a $102.00 price objective on shares of Genuine Parts and gave the stock a “hold” rating in a report on Friday, July 19th. JPMorgan Chase & Co. decreased their price objective on shares of Genuine Parts from $114.00 to $104.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Bank of America lifted their price objective on shares of Genuine Parts from $100.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Stephens started coverage on shares of Genuine Parts in a report on Thursday, May 30th. They set an “overweight” rating and a $114.00 price target for the company. Nine investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Genuine Parts has an average rating of “Hold” and an average price target of $105.75.

Shares of GPC traded down $0.56 during midday trading on Thursday, hitting $97.49. 28,822 shares of the stock traded hands, compared to its average volume of 851,707. Genuine Parts has a 1-year low of $87.26 and a 1-year high of $115.20. The firm has a market capitalization of $14.07 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 3.34 and a beta of 0.93. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.68 and a current ratio of 1.26. The business’s 50 day moving average price is $92.19 and its two-hundred day moving average price is $101.50.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Thursday, July 18th. The specialty retailer reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.08). Genuine Parts had a net margin of 4.17% and a return on equity of 23.16%. The firm had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5 billion. During the same period last year, the firm posted $1.59 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that Genuine Parts will post 5.7 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a dividend of $0.7625 per share. This represents a $3.05 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Thursday, September 5th. Genuine Parts’s dividend payout ratio (DPR) is 53.70%.

Genuine Parts Company Profile

Genuine Parts Company distributes automotive replacement, industrial parts and materials, and business products in North America, Australia, New Zealand, the United Kingdom, France, Germany, Poland, and Puerto Rico. The company distributes automotive replacement parts for imported vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, and heavy duty equipment; and accessory items for automotive aftermarket, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, industrial concerns, and individuals.

Further Reading: What is a good rate of return for a mutual fund?

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Institutional Ownership by Quarter for Genuine Parts (NYSE:GPC)

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