Does the Smart Money Agree With Goldman on These Two Downgraded Stocks?

Hedge funds are becoming more bullish on Genuine Parts Company (NYSE:GPC). According to our data, 27 funds owned $479.46 million of the company’s shares (representing 3.50% of the float) on June 30, versus 23 funds and $494.66 million respectively a quarter earlier. Mario Gabelli’s GAMCO Investors decreased its position by 3% to 2.53 million shares, while Jim Simons’ Renaissance Technologies increased its holding by 67% to 649,800 shares. Ken Gray and Steve Walsh’s Bryn Mawr Capital upped its stake by 1587% to 45,000 shares, while Phill Gross and Robert Atchinson’s Adage Capital Management kept its position unchanged at 232,902 shares.

When it comes to bearish ratings on Genuine Parts Company, Goldman is in the minority. Five analysts have a ‘Buy’ rating, one has a ‘Hold’ rating, and only two have a ‘Sell’ rating. Earlier this month, Jefferies Group initiated coverage on the stock wth a ‘Buy’ rating with a price target of $95 per share. Overall, analysts have a consensus price target of $101.43 per share, or 21% higher than Goldman’s target price of $83 per share.

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