Genuine Parts (NYSE:GPC) Sees Large Increase in Short Interest

Genuine Parts (NYSE:GPC) saw a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 3,924,900 shares, an increase of 6.2% from the June 30th total of 3,697,500 shares. Currently, 2.8% of the company’s shares are sold short. Based on an average daily volume of 759,200 shares, the short-interest ratio is presently 5.2 days.

GPC has been the topic of several research reports. JPMorgan Chase & Co. reduced their price target on Genuine Parts from $114.00 to $104.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada set a $101.00 price target on Genuine Parts and gave the stock a “hold” rating in a report on Friday, July 19th. Goldman Sachs Group initiated coverage on Genuine Parts in a report on Thursday, July 11th. They set a “neutral” rating and a $107.00 price target on the stock. ValuEngine cut Genuine Parts from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Finally, Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating and set a $103.00 price target on the stock in a report on Wednesday, July 24th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Genuine Parts has a consensus rating of “Hold” and a consensus price target of $105.75.

Shares of Genuine Parts stock traded down $0.07 during midday trading on Thursday, reaching $88.85. The company had a trading volume of 650,813 shares, compared to its average volume of 869,817. The stock has a fifty day moving average price of $98.52 and a 200 day moving average price of $103.33. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.26 and a quick ratio of 0.68. The firm has a market cap of $13.02 billion, a PE ratio of 15.64, a P/E/G ratio of 3.05 and a beta of 0.92. Genuine Parts has a fifty-two week low of $87.92 and a fifty-two week high of $115.20.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, July 18th. The specialty retailer reported $1.57 EPS for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.08). The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5 billion. Genuine Parts had a return on equity of 23.16% and a net margin of 4.17%. Genuine Parts’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.59 earnings per share. As a group, sell-side analysts forecast that Genuine Parts will post 5.7 EPS for the current year.

Institutional investors have recently bought and sold shares of the stock. NEXT Financial Group Inc acquired a new position in Genuine Parts in the second quarter valued at approximately $26,000. Cutler Group LP lifted its stake in Genuine Parts by 967.7% in the first quarter. Cutler Group LP now owns 269 shares of the specialty retailer’s stock valued at $30,000 after buying an additional 300 shares during the period. Gables Capital Management Inc. lifted its stake in Genuine Parts by 125.0% in the first quarter. Gables Capital Management Inc. now owns 360 shares of the specialty retailer’s stock valued at $40,000 after buying an additional 200 shares during the period. Destination Wealth Management acquired a new position in Genuine Parts in the first quarter valued at approximately $41,000. Finally, Marshall Wace North America L.P. acquired a new position in Genuine Parts in the first quarter valued at approximately $44,000. 76.85% of the stock is currently owned by institutional investors.

Genuine Parts Company Profile

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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