Schafer Cullen Capital Management Inc. Raises Position in Genuine Parts Company (GPC)

Schafer Cullen Capital Management Inc. boosted its holdings in Genuine Parts Company (NYSE:GPC) by 7.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,020,794 shares of the specialty retailer’s stock after acquiring an additional 68,631 shares during the period. Schafer Cullen Capital Management Inc. owned 0.70% of Genuine Parts worth $94,689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of GPC. Tiemann Investment Advisors LLC grew its stake in Genuine Parts by 3.3% in the 1st quarter. Tiemann Investment Advisors LLC now owns 3,175 shares of the specialty retailer’s stock valued at $293,000 after acquiring an additional 100 shares during the last quarter. AE Wealth Management LLC acquired a new stake in Genuine Parts in the 1st quarter valued at about $347,000. Cadence Capital Management LLC grew its stake in Genuine Parts by 65.1% in the 1st quarter. Cadence Capital Management LLC now owns 31,961 shares of the specialty retailer’s stock valued at $2,954,000 after acquiring an additional 12,604 shares during the last quarter. AXA grew its stake in Genuine Parts by 0.6% in the 1st quarter. AXA now owns 129,600 shares of the specialty retailer’s stock valued at $11,976,000 after acquiring an additional 800 shares during the last quarter. Finally, Oarsman Capital Inc. grew its stake in Genuine Parts by 10.3% in the 1st quarter. Oarsman Capital Inc. now owns 6,647 shares of the specialty retailer’s stock valued at $614,000 after acquiring an additional 622 shares during the last quarter. 74.43% of the stock is currently owned by hedge funds and other institutional investors.

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A number of equities research analysts recently commented on the stock. Jefferies Group LLC reissued a “hold” rating and issued a $95.00 price objective on shares of Genuine Parts in a research note on Thursday. Royal Bank Of Canada increased their price objective on shares of Genuine Parts from $85.00 to $98.00 and gave the company a “sector perform” rating in a research note on Tuesday, September 26th. Zacks Investment Research upgraded shares of Genuine Parts from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub lowered shares of Genuine Parts from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Finally, Gabelli upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating and set a $101.00 target price on the stock in a report on Friday, July 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $96.33.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $1.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.31 by ($0.02). The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.05 billion. Genuine Parts had a return on equity of 21.05% and a net margin of 4.37%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 earnings per share.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were given a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, September 7th. Genuine Parts’s dividend payout ratio is currently 58.32%.

Genuine Parts announced that its board has initiated a share repurchase plan on Monday, August 21st that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the specialty retailer to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Genuine Parts Profile

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.

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Institutional Ownership by Quarter for Genuine Parts (NYSE:GPC)

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