Genuine Parts (NYSE:GPC – Get Free Report) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 2,190,000 shares, an increase of 47.0% from the February 29th total of 1,490,000 shares. Currently, 1.6% of the company’s shares are short sold. Based on an average trading volume of 975,800 shares, the days-to-cover ratio is currently 2.2 days.
Insider Activity at Genuine Parts
In related news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now owns 14,397 shares in the company, valued at $2,230,383.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.37% of the stock is owned by corporate insiders.
Institutional Trading of Genuine Parts
Several institutional investors have recently made changes to their positions in GPC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Genuine Parts by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,056 shares of the specialty retailer’s stock worth $2,401,000 after purchasing an additional 1,180 shares in the last quarter. Cibc World Market Inc. grew its position in shares of Genuine Parts by 14.8% during the first quarter. Cibc World Market Inc. now owns 2,740 shares of the specialty retailer’s stock worth $345,000 after purchasing an additional 354 shares in the last quarter. Sei Investments Co. grew its position in shares of Genuine Parts by 9.4% during the first quarter. Sei Investments Co. now owns 50,928 shares of the specialty retailer’s stock worth $6,448,000 after purchasing an additional 4,372 shares in the last quarter. Aviva PLC grew its holdings in Genuine Parts by 63.1% during the 1st quarter. Aviva PLC now owns 78,951 shares of the specialty retailer’s stock valued at $9,949,000 after buying an additional 30,545 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Genuine Parts by 195.1% during the 1st quarter. Allianz Asset Management GmbH now owns 114,328 shares of the specialty retailer’s stock valued at $14,408,000 after buying an additional 75,591 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.
Genuine Parts Stock Performance
GPC stock traded down $0.26 during trading on Friday, reaching $154.93. The stock had a trading volume of 954,290 shares, compared to its average volume of 959,679. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $174.91. The stock’s 50 day moving average is $147.86 and its two-hundred day moving average is $141.89. The company has a current ratio of 1.23, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. The firm has a market cap of $21.60 billion, a PE ratio of 16.61 and a beta of 0.94.
Genuine Parts (NYSE:GPC – Get Free Report) last posted its earnings results on Thursday, February 15th. The specialty retailer reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.06. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The company had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the prior year, the company earned $2.05 earnings per share. Genuine Parts’s revenue was up 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Genuine Parts will post 9.77 earnings per share for the current year.
Genuine Parts Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 1st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.58%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio (DPR) is 42.87%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on GPC shares. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Evercore ISI increased their price objective on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday, March 26th. Wedbush reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Genuine Parts in a research report on Friday, February 16th. Finally, Truist Financial increased their price objective on Genuine Parts from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Genuine Parts currently has an average rating of “Moderate Buy” and a consensus target price of $167.78.
Genuine Parts Company Profile
Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: 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 equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.