Investment Management of Virginia LLC grew its stake in Genuine Parts (NYSE:GPC) by 4.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,957 shares of the specialty retailer’s stock after acquiring an additional 85 shares during the period. Investment Management of Virginia LLC’s holdings in Genuine Parts were worth $247,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC boosted its stake in shares of Genuine Parts by 179.3% during the first quarter. Hexagon Capital Partners LLC now owns 243 shares of the specialty retailer’s stock valued at $28,000 after purchasing an additional 156 shares in the last quarter. E Fund Management Co. Ltd. bought a new position in shares of Genuine Parts during the first quarter valued at approximately $29,000. Marshall Wace North America L.P. bought a new position in shares of Genuine Parts during the first quarter valued at approximately $44,000. Exchange Traded Concepts LLC boosted its stake in shares of Genuine Parts by 280.6% during the second quarter. Exchange Traded Concepts LLC now owns 373 shares of the specialty retailer’s stock valued at $47,000 after purchasing an additional 275 shares in the last quarter. Finally, Sandy Spring Bank boosted its stake in shares of Genuine Parts by 147.4% during the second quarter. Sandy Spring Bank now owns 423 shares of the specialty retailer’s stock valued at $54,000 after purchasing an additional 252 shares in the last quarter. Institutional investors and hedge funds own 76.76% of the company’s stock.
Separately, Zacks Investment Research raised shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $135.00 target price for the company in a research report on Tuesday, July 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $129.17.
Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, July 22nd. The specialty retailer reported $1.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.54 by $0.20. The business had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Genuine Parts had a net margin of 4.55% and a return on equity of 28.92%. The business’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter last year, the company posted $1.32 earnings per share. Analysts predict that Genuine Parts will post 6.4 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 3rd will be paid a $0.815 dividend. The ex-dividend date is Thursday, September 2nd. This represents a $3.26 dividend on an annualized basis and a dividend yield of 2.69%. Genuine Parts’s payout ratio is currently 61.86%.
In other Genuine Parts news, Director John R. Holder acquired 2,000 shares of the business’s stock in a transaction dated Friday, August 13th. The shares were purchased at an average price of $124.93 per share, for a total transaction of $249,860.00. Following the completion of the purchase, the director now directly owns 17,482 shares of the company’s stock, valued at $2,184,026.26. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is owned by corporate insiders.
About Genuine Parts
Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group and Industrial Parts Group. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.
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