Redmond Asset Management LLC purchased a new position in Genuine Parts (NYSE:GPC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,808 shares of the specialty retailer’s stock, valued at approximately $498,000.
A number of other large investors have also recently bought and sold shares of the stock. Commonwealth Equity Services LLC lifted its holdings in Genuine Parts by 4.1% in the second quarter. Commonwealth Equity Services LLC now owns 48,509 shares of the specialty retailer’s stock worth $5,024,000 after acquiring an additional 1,926 shares during the last quarter. Independent Advisor Alliance lifted its holdings in Genuine Parts by 7.3% in the first quarter. Independent Advisor Alliance now owns 23,001 shares of the specialty retailer’s stock worth $2,577,000 after acquiring an additional 1,562 shares during the last quarter. MML Investors Services LLC lifted its holdings in Genuine Parts by 6.0% in the first quarter. MML Investors Services LLC now owns 15,083 shares of the specialty retailer’s stock worth $1,690,000 after acquiring an additional 848 shares during the last quarter. Farmers National Bank bought a new position in Genuine Parts in the first quarter worth about $324,000. Finally, Stephens Inc. AR lifted its holdings in Genuine Parts by 9.8% in the first quarter. Stephens Inc. AR now owns 43,061 shares of the specialty retailer’s stock worth $4,824,000 after acquiring an additional 3,857 shares during the last quarter. Institutional investors and hedge funds own 76.85% of the company’s stock.
A number of equities analysts have issued reports on GPC shares. JPMorgan Chase & Co. cut their target price on shares of Genuine Parts from $114.00 to $104.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. ValuEngine cut shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Jefferies Financial Group set a $102.00 target price on shares of Genuine Parts and gave the stock a “hold” rating in a report on Friday, July 19th. Royal Bank of Canada set a $101.00 target price on shares of Genuine Parts and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Stephens started coverage on shares of Genuine Parts in a report on Thursday, May 30th. They issued an “overweight” rating and a $114.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $105.75.
Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Thursday, July 18th. The specialty retailer reported $1.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.08). The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5 billion. Genuine Parts had a net margin of 4.17% and a return on equity of 23.16%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the firm posted $1.59 EPS. As a group, analysts expect that Genuine Parts will post 5.7 EPS for the current fiscal year.
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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