Cerity Partners LLC raised its stake in Genuine Parts (NYSE:GPC – Free Report) by 6.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 150,498 shares of the specialty retailer’s stock after purchasing an additional 9,698 shares during the quarter. Cerity Partners LLC owned about 0.11% of Genuine Parts worth $95,849,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in GPC. Envestnet Asset Management Inc. boosted its holdings in shares of Genuine Parts by 388.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,241,510 shares of the specialty retailer’s stock valued at $119,159,000 after purchasing an additional 2,577,514 shares during the last quarter. Norges Bank purchased a new position in shares of Genuine Parts in the 4th quarter valued at $239,384,000. Capital World Investors purchased a new position in shares of Genuine Parts in the 1st quarter valued at $124,130,000. Vanguard Group Inc. increased its stake in Genuine Parts by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock worth $2,153,442,000 after buying an additional 481,039 shares during the period. Finally, Morgan Stanley increased its stake in Genuine Parts by 16.2% during the 4th quarter. Morgan Stanley now owns 2,133,505 shares of the specialty retailer’s stock worth $370,185,000 after buying an additional 297,814 shares during the period. Institutional investors and hedge funds own 80.67% of the company’s stock.
Analyst Ratings Changes
GPC has been the topic of several analyst reports. The Goldman Sachs Group raised shares of Genuine Parts from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $163.00 to $164.00 in a research note on Monday, May 1st. They noted that the move was a valuation call. Northcoast Research began coverage on Genuine Parts in a report on Wednesday, June 28th. They set a “buy” rating and a $195.00 target price for the company. Wedbush dropped their price target on shares of Genuine Parts from $170.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, July 21st. Truist Financial reduced their price objective on Genuine Parts from $195.00 to $191.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Finally, Bank of America upgraded Genuine Parts from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $185.00 to $189.00 in a research report on Thursday, June 1st. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $177.00.
Insider Transactions at Genuine Parts
In related news, insider Randall P. Breaux bought 500 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were bought at an average cost of $149.44 per share, with a total value of $74,720.00. Following the completion of the transaction, the insider now directly owns 20,523 shares of the company’s stock, valued at $3,066,957.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is owned by insiders.
Genuine Parts Price Performance
Shares of GPC traded down $1.00 during midday trading on Thursday, reaching $153.36. The stock had a trading volume of 91,491 shares, compared to its average volume of 1,016,184. Genuine Parts has a 52 week low of $145.30 and a 52 week high of $187.73. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.15 and a quick ratio of 0.58. The firm’s 50 day moving average price is $160.48 and its 200-day moving average price is $164.10. The company has a market capitalization of $21.54 billion, a P/E ratio of 18.05, a P/E/G ratio of 1.85 and a beta of 0.90.
Genuine Parts (NYSE:GPC – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.10. Genuine Parts had a return on equity of 32.43% and a net margin of 5.30%. The company had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter in the previous year, the business earned $2.20 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, analysts forecast that Genuine Parts will post 9.24 earnings per share for the current fiscal year.
Genuine Parts Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.44%.
Genuine Parts Profile
Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.