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Take a look at oversold shares of Genuine Parts (GPC). Technically, after gapping from about $167.15 to $156.17, the stock caught support and is now consolidating at current prices. With the negativity now priced into the gap lower, I’d like to see the stock refill the gap.
Even better, GPC’s Q2 non-GAAP EPS of $2.44 beat by nine cents. Unfortunately, revenue did slip to $5.9 billion, a miss of $60 million. It also disappointed with a revenue forecast of 4% to 6% growth, as compared to 6.1% expectations. However, don’t let that chase you from the stock. It’s been through worse and still has a strong history of dividend payouts.
The company also just raised its dividend to 95 cents. While this dividend was payable on July 3, and was the 68th year of increases from the company, we expect to see even more dividend announcements shortly.