The Alaska State Department of Revenue reduced its position in OE parts (NYSE: GPC – Get Rating) by 6.5% in Q1, HoldingsChannel.com reports. The institutional investor held 57,013 shares of the specialty retailer’s stock after selling 3,985 shares during the period. The Alaska State Department of Revenue’s holdings of original parts were worth $7,184,000 at the end of the last quarter.
Several other institutional investors and hedge funds have also recently changed their positions in GPC. Norges Bank acquired a new position in shares of Genuine Parts in the fourth quarter worth approximately $184,165,000. State Street Corp increased its holdings of Genuine Parts shares by 3.6% during the fourth quarter. State Street Corp now owns 8,081,541 shares of the specialty retailer worth $1,139,431,000 after purchasing an additional 284,554 shares during the period. Millennium Management LLC increased its stock holdings of Genuine Parts by 518.0% during the fourth quarter. Millennium Management LLC now owns 206,657 shares of the specialty retailer worth $28,973,000 after purchasing an additional 173,220 shares during the period. Bank of New York Mellon Corp increased its holdings of Genuine Parts shares by 10.5% during the third quarter. Bank of New York Mellon Corp now owns 1,814,813 shares of the specialty retailer worth $220,010,000 after purchasing an additional 173,047 shares during the period. Finally, Geode Capital Management LLC increased its equity stake in Genuine Parts by 5.4% during the fourth quarter. Geode Capital Management LLC now owns 3,153,401 shares of the specialty retailer worth $441,547,000 after purchasing an additional 161,986 shares during the period. Institutional investors hold 76.92% of the company’s shares.
Several research companies have recently commented on GPC. Bank of America downgraded Genuine Parts shares from an “underperforming” to a “neutral” rating and set a price target of $133.00 for the company in a Tuesday, May 10 report. They noted that the move was a review call. StockNews.com began covering genuine coin stocks in a report on Thursday, March 31. They established a “Strong Buy” rating for the company. Finally, Evercore ISI cut its price target on original parts stock to $135.00 in a Thursday, June 9 report. Four equity research analysts gave the stock a hold rating and one issued a strong buy rating for the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $137.75.
GPC shares opened at $136.75 on Monday. The company has a market capitalization of $19.36 billion, a PE ratio of 21.17, a PEG ratio of 3.13 and a beta of 0.99. The company’s 50-day moving average price is $133.69 and its 200-day moving average price is $131.64. The company has a debt ratio of 0.94, a quick ratio of 0.58 and a current ratio of 1.16. Genuine Parts has a 12-month low of $115.63 and a 12-month high of $142.97.
Genuine Parts (NYSE:GPC – Get Rating) last released quarterly earnings data on Thursday, April 21. The specialty retailer reported earnings per share of $1.86 for the quarter, beating the consensus estimate of $1.70 by $0.16. The company posted revenue of $5.29 billion for the quarter, versus analyst estimates of $5.08 billion. Genuine parts had a net margin of 4.71% and a return on equity of 30.84%. The company’s revenue for the quarter increased 17.6% year over year. In the same quarter last year, the company made earnings per share of $1.50. On average, sell-side analysts expect the original coins to post earnings per share of 7.85 for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 1. Shareholders of record on Friday, June 3 will receive a dividend of $0.895. This represents a dividend of $3.58 on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Thursday, June 2. Genuine Parts’ dividend payout ratio is 55.42%.
OE Parts Profile (Get an evaluation)
Genuine Parts Company distributes automotive replacement parts and industrial parts and materials. It operates through Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, agricultural vehicles, small engines, agricultural equipment, marine equipment and heavy equipment; and accessories and supplies used by a variety of automotive aftermarket customers, such as repair shops, service stations, fleet operators, car and truck dealerships, leasing companies, bus and truck lines, supermarkets, farms, industrial companies and individuals.
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