LONDON, UK / ACCESSWIRE / September 6, 2017 / Pro-Trader Daily takes a closer look at Genuine Parts Co. (NYSE: GPC) as the Company's stock will begin trading ex-dividend on September 07, 2017. In order to capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on September 06, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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On August 21, 2017, Genuine Parts announced that its Board of Directors declared a regular quarterly cash dividend of $0.675 per share on its common stock. The dividend is payable October 02, 2017, to shareholders of record September 08, 2017.
Genuine Parts indicated dividend represents a yield of 3.22%, which is substantially above the average dividend yield for the Services sector. Genuine Parts has raised its dividend for 60 consecutive years.
Genuine Parts has a dividend payout ratio of 57.0%, which means that the Company distributes approximately $0.57 for every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, Genuine Parts is forecasted to report earnings of $5.13 for the next year which is substantially above its annualized dividend of $2.70.
Genuine Parts' cash flows from operating activities for the six months ended June 30, 2017, was $345.28 million compared to operating cash flows of $530.49 million for the six months ended June 30, 2016. As of June 30, 2017, the Company had cash and cash equivalents of $203.15 million compared to $233.63 million as on June 30, 2016. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for Genuine Parts
On August 21, 2017, Genuine Parts announced that its Board of Directors elected P. Russell Hardin as a new independent director of the Company. Mr. Hardin is President of the Robert W. Woodruff Foundation, the Joseph B. Whitehead Foundation, the Lettie Pate Evans Foundation and the Lettie Pate Whitehead Foundation. These foundations manage approximately $10 billion in assets and distribute approximately $400 million in grants each year, which support Georgia's institutions in the areas of education, health, human welfare, the environment, community and economic development, philanthropy and volunteerism, and the arts. Mr. Hardin joined the Foundations' staff in 1988 and was named President in 2006. Previously, Mr. Hardin practiced law with the Atlanta firm of King & Spalding.
The Company also announced that it has increased the number of shares of its common stock authorized for repurchase by 15 million shares. Genuine Parts' share repurchase program originally authorized the repurchase of 15 million shares in August 1994, another 15 million in April 1999, August 2006, and November 2008, for a total authorization of 60 million shares. Through the announcement date, the Company has purchased approximately 57.6 million shares under this program and remains authorized to complete the purchase of the approximately 2.4 million shares outstanding.
About Genuine Parts
Genuine Parts is a distributor of automotive replacement parts in the US, Canada, Mexico, and Australasia. The Company also distributes industrial replacement parts in the US, Canada, and Mexico through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes business products in the US and Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the US, Canada, and Mexico. Genuine Parts had revenues of $15.3 billion for 2016.
On Tuesday, September 05, 2017, Genuine Parts' stock closed the trading session at $84.31, marginally up 0.56% from its previous closing price of $83.84. A total volume of 850.84 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 18.24 and have a dividend yield of 3.20%. The stock currently has a market cap of $12.39 billion.
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