Meadow Creek Investment Management LLC Boosts Stock Position in Genuine Parts (NYSE:GPC)
Meadow Creek Investment Management LLC raised its position in shares of Genuine Parts (NYSE:GPC) by 46.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,334 shares of the specialty retailer’s stock after purchasing an additional 4,862 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Genuine Parts were worth $1,588,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of GPC. NEXT Financial Group Inc purchased a new stake in shares of Genuine Parts in the second quarter worth about $26,000. Cutler Group LP boosted its stake in shares of Genuine Parts by 967.7% in the first quarter. Cutler Group LP now owns 269 shares of the specialty retailer’s stock worth $30,000 after buying an additional 300 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Genuine Parts in the first quarter worth about $44,000. Manchester Capital Management LLC purchased a new stake in shares of Genuine Parts in the first quarter worth about $52,000. Finally, Pflug Koory LLC purchased a new stake in shares of Genuine Parts in the second quarter worth about $52,000. Institutional investors and hedge funds own 76.86% of the company’s stock.
A number of analysts have recently commented on the company. Royal Bank of Canada set a $101.00 target price on Genuine Parts and gave the stock a “hold” rating in a research note on Friday, July 19th. Stephens assumed coverage on Genuine Parts in a research note on Thursday, May 30th. They issued an “overweight” rating and a $114.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on Genuine Parts from $114.00 to $104.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Goldman Sachs Group assumed coverage on Genuine Parts in a research note on Thursday, July 11th. They issued a “neutral” rating and a $107.00 target price on the stock. Finally, Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 target price on the stock in a research note on Wednesday, July 24th. Nine analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $105.75.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, July 18th. The specialty retailer reported $1.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.08). The business had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5 billion. Genuine Parts had a return on equity of 23.16% and a net margin of 4.17%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.59 EPS. On average, research analysts forecast that Genuine Parts will post 5.7 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a dividend of $0.7625 per share. The ex-dividend date is Thursday, September 5th. This represents a $3.05 dividend on an annualized basis and a yield of 3.08%. Genuine Parts’s dividend payout ratio is currently 53.70%.
About Genuine Parts
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.
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