Maverick Capital Ltd. Makes New Investment in Genuine Parts (NYSE:GPC)

Maverick Capital Ltd. bought a new stake in Genuine Parts (NYSE:GPC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,689 shares of the specialty retailer’s stock, valued at approximately $787,000.

Several other hedge funds also recently modified their holdings of the company. Manchester Capital Management LLC boosted its stake in shares of Genuine Parts by 36.1% during the first quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 66 shares in the last quarter. North Star Investment Management Corp. increased its position in Genuine Parts by 8.5% in the 1st quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer’s stock valued at $138,000 after acquiring an additional 70 shares during the period. CHICAGO TRUST Co NA raised its stake in shares of Genuine Parts by 3.6% during the first quarter. CHICAGO TRUST Co NA now owns 2,042 shares of the specialty retailer’s stock valued at $316,000 after acquiring an additional 71 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in shares of Genuine Parts by 4.9% during the second quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer’s stock worth $224,000 after purchasing an additional 75 shares during the period. Finally, HBK Sorce Advisory LLC grew its stake in shares of Genuine Parts by 1.8% in the first quarter. HBK Sorce Advisory LLC now owns 4,437 shares of the specialty retailer’s stock worth $689,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on GPC shares. The Goldman Sachs Group cut their target price on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Evercore ISI reduced their target price on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday, July 24th. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Saturday, September 7th. Wedbush reduced their price objective on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Finally, UBS Group decreased their price objective on shares of Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a research report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $161.14.

Genuine Parts Trading Down 0.2 %

GPC opened at $141.24 on Friday. The company has a fifty day moving average price of $139.60 and a two-hundred day moving average price of $144.87. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $164.45. The company has a market cap of $19.67 billion, a P/E ratio of 15.75 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last issued its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The firm had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $6.03 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.44 earnings per share. Analysts predict that Genuine Parts will post 9.37 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, September 6th. Genuine Parts’s dividend payout ratio is currently 44.59%.

Genuine Parts Company Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: 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, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.