DNB Asset Management AS increased its stake in shares of Genuine Parts (NYSE:GPC) by 18.4% during the third quarter, HoldingsChannel.com reports. The fund owned 26,110 shares of the specialty retailer’s stock after purchasing an additional 4,066 shares during the period. DNB Asset Management AS’s holdings in Genuine Parts were worth $2,485,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Hamlin Capital Management LLC raised its stake in shares of Genuine Parts by 26.6% in the 3rd quarter. Hamlin Capital Management LLC now owns 832,683 shares of the specialty retailer’s stock valued at $79,246,000 after buying an additional 175,095 shares in the last quarter. Minot Wealth Management LLC acquired a new stake in shares of Genuine Parts during the 3rd quarter worth about $500,000. Miramar Capital LLC grew its holdings in Genuine Parts by 37.9% during the 3rd quarter. Miramar Capital LLC now owns 35,538 shares of the specialty retailer’s stock worth $3,562,000 after acquiring an additional 9,760 shares during the last quarter. Taylor Cottrill Erickson & Associates Inc. grew its holdings in Genuine Parts by 4.0% during the 3rd quarter. Taylor Cottrill Erickson & Associates Inc. now owns 3,855 shares of the specialty retailer’s stock worth $367,000 after acquiring an additional 150 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Genuine Parts by 6.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 366,153 shares of the specialty retailer’s stock worth $34,847,000 after acquiring an additional 23,328 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on GPC. JPMorgan Chase & Co. upgraded shares of Genuine Parts from a “neutral” rating to an “overweight” rating and increased their price target for the company from $90.00 to $117.00 in a research report on Monday, September 14th. Royal Bank of Canada raised their target price on shares of Genuine Parts from $80.00 to $90.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 28th. Finally, Argus boosted their price target on shares of Genuine Parts from $84.00 to $105.00 in a research report on Friday, August 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $96.25.
Shares of GPC stock opened at $100.92 on Friday. The stock has a market cap of $14.56 billion, a price-to-earnings ratio of -74.76, a PEG ratio of 13.24 and a beta of 1.07. The stock has a 50-day moving average of $97.91 and a 200-day moving average of $86.55. The company has a current ratio of 1.22, a quick ratio of 0.66 and a debt-to-equity ratio of 0.95. Genuine Parts has a 1-year low of $49.68 and a 1-year high of $108.58.
Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, July 30th. The specialty retailer reported $1.32 EPS for the quarter, topping the consensus estimate of $0.93 by $0.39. The business had revenue of $3.82 billion during the quarter, compared to analysts’ expectations of $4.45 billion. Genuine Parts had a positive return on equity of 21.67% and a negative net margin of 1.06%. Sell-side analysts forecast that Genuine Parts will post 5.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 4th were issued a $0.79 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.13%. Genuine Parts’s dividend payout ratio is presently 55.54%.
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.
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