BNP Paribas Arbitrage SA cut its position in shares of Genuine Parts Co. (NYSE:GPC) by 27.7% during the third quarter, Holdings Channel reports. The firm owned 38,781 shares of the company’s stock after selling 14,836 shares during the period. BNP Paribas Arbitrage SA’s holdings in Genuine Parts were worth $3,896,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GPC. Vanguard Group Inc. raised its position in Genuine Parts by 2.8% in the second quarter. Vanguard Group Inc. now owns 14,007,569 shares of the company’s stock worth $1,418,267,000 after buying an additional 385,251 shares during the period. BlackRock Fund Advisors raised its position in Genuine Parts by 6.5% in the second quarter. BlackRock Fund Advisors now owns 4,907,532 shares of the company’s stock worth $496,888,000 after buying an additional 298,256 shares during the period. Panagora Asset Management Inc. raised its position in Genuine Parts by 168.4% in the second quarter. Panagora Asset Management Inc. now owns 474,872 shares of the company’s stock worth $48,081,000 after buying an additional 297,915 shares during the period. First Trust Advisors LP raised its position in Genuine Parts by 151.8% in the second quarter. First Trust Advisors LP now owns 385,448 shares of the company’s stock worth $39,027,000 after buying an additional 232,360 shares during the period. Finally, Janus Capital Management LLC raised its position in Genuine Parts by 43.3% in the second quarter. Janus Capital Management LLC now owns 688,128 shares of the company’s stock worth $69,673,000 after buying an additional 208,042 shares during the period. Hedge funds and other institutional investors own 70.81% of the company’s stock.
Genuine Parts Co. (NYSE:GPC) traded down 0.87% during mid-day trading on Monday, hitting $97.05. The stock had a trading volume of 614,455 shares. The company has a 50 day moving average price of $93.43 and a 200 day moving average price of $98.08. Genuine Parts Co. has a one year low of $76.50 and a one year high of $105.97. The stock has a market cap of $14.43 billion, a P/E ratio of 20.97 and a beta of 0.91.
Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Wednesday, October 19th. The company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by $0.05. Genuine Parts had a net margin of 4.57% and a return on equity of 21.43%. The company earned $3.94 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the company posted $1.24 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities analysts anticipate that Genuine Parts Co. will post $4.58 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Friday, December 9th will be issued a $0.6575 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $2.63 annualized dividend and a yield of 2.71%. Genuine Parts’s dividend payout ratio is currently 56.68%.
GPC has been the subject of a number of recent research reports. Jefferies Group reiterated a “hold” rating and issued a $95.00 target price (down from $105.00) on shares of Genuine Parts in a report on Wednesday, October 19th. Susquehanna started coverage on Genuine Parts in a report on Thursday, August 25th. They set a “neutral” rating and a $102.00 price target for the company. Finally, Wedbush decreased their price target on Genuine Parts from $98.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday, October 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Genuine Parts has a consensus rating of “Hold” and an average target price of $98.80.
In related news, Chairman Thomas Gallagher purchased 3,000 shares of the stock in a transaction that occurred on Thursday, October 20th. The stock was purchased at an average cost of $89.24 per share, for a total transaction of $267,720.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.00% of the stock is owned by corporate insiders.
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.