Empirical Finance LLC Takes Position in Genuine Parts (NYSE:GPC)

Empirical Finance LLC acquired a new stake in Genuine Parts (NYSE:GPC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,721 shares of the specialty retailer’s stock, valued at approximately $218,000.

Several other hedge funds also recently modified their holdings of GPC. Cullen Capital Management LLC raised its holdings in Genuine Parts by 230.5% in the 1st quarter. Cullen Capital Management LLC now owns 1,591,073 shares of the specialty retailer’s stock worth $183,912,000 after purchasing an additional 1,109,649 shares during the period. Candlestick Capital Management LP acquired a new position in Genuine Parts in the 1st quarter worth about $52,814,000. Arrowstreet Capital Limited Partnership acquired a new position in Genuine Parts in the 1st quarter worth about $35,512,000. AQR Capital Management LLC raised its holdings in Genuine Parts by 61.3% in the 1st quarter. AQR Capital Management LLC now owns 540,691 shares of the specialty retailer’s stock worth $62,498,000 after purchasing an additional 205,442 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in Genuine Parts by 10.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,713,075 shares of the specialty retailer’s stock worth $198,014,000 after purchasing an additional 155,733 shares during the period. 76.76% of the stock is owned by institutional investors and hedge funds.

Shares of Genuine Parts stock opened at $122.00 on Friday. The business has a 50 day simple moving average of $124.62 and a two-hundred day simple moving average of $123.81. Genuine Parts has a 12 month low of $88.99 and a 12 month high of $135.93. The stock has a market capitalization of $17.47 billion, a P/E ratio of 21.75, a PEG ratio of 2.02 and a beta of 1.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.18 and a quick ratio of 0.62.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, July 22nd. The specialty retailer reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.20. Genuine Parts had a return on equity of 28.92% and a net margin of 4.55%. The business had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the prior year, the firm earned $1.32 earnings per share. The business’s revenue was up 25.1% compared to the same quarter last year. As a group, research analysts anticipate that Genuine Parts will post 6.4 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 3rd will be issued a dividend of $0.815 per share. The ex-dividend date is Thursday, September 2nd. This represents a $3.26 dividend on an annualized basis and a dividend yield of 2.67%. Genuine Parts’s payout ratio is currently 61.86%.

Separately, Zacks Investment Research raised Genuine Parts from a “hold” rating to a “buy” rating and set a $135.00 price target for the company in a report on Tuesday, July 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and a consensus price target of $129.17.

In related news, Director John R. Holder purchased 2,000 shares of the company’s stock in a transaction dated Friday, August 13th. The stock was acquired at an average cost of $124.93 per share, for a total transaction of $249,860.00. Following the completion of the transaction, the director now directly owns 17,482 shares of the company’s stock, valued at $2,184,026.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.50% of the stock is owned by corporate insiders.

Genuine Parts Profile

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.

Further Reading: QQQ ETF

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

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