By otakuyassine3@gmail.com 
CIBC Asset Management Inc raised its position in shares of Genuine Parts (NYSE:GPC – Free Report) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,311 shares of the specialty retailer’s stock after acquiring an additional 543 shares during the quarter. CIBC Asset Management Inc’s holdings in Genuine Parts were worth $2,839,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. State Street Corp grew its position in shares of Genuine Parts by 5.4% in the third quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock valued at $1,103,300,000 after purchasing an additional 401,180 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Genuine Parts by 1.0% in the third quarter. Geode Capital Management LLC now owns 3,296,965 shares of the specialty retailer’s stock valued at $458,947,000 after purchasing an additional 32,858 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Genuine Parts by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,743,970 shares of the specialty retailer’s stock valued at $383,511,000 after purchasing an additional 30,354 shares in the last quarter. Stifel Financial Corp grew its position in shares of Genuine Parts by 1.2% in the third quarter. Stifel Financial Corp now owns 2,057,593 shares of the specialty retailer’s stock valued at $287,405,000 after purchasing an additional 25,015 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Genuine Parts by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 1,840,807 shares of the specialty retailer’s stock valued at $257,124,000 after purchasing an additional 114,180 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on GPC shares. Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Loop Capital started coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 price target for the company. Truist Financial increased their price objective on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday. Evercore ISI lowered their price objective on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research report on Wednesday. Finally, Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $137.63.
Get Our Latest Research Report on GPC
Genuine Parts Trading Up 1.1 %
GPC opened at $123.40 on Friday. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45. The business has a fifty day simple moving average of $118.28 and a 200-day simple moving average of $127.27. The firm has a market cap of $17.16 billion, a P/E ratio of 19.07 and a beta of 0.94. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81.
Genuine Parts (NYSE:GPC – Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping the consensus estimate of $1.54 by $0.07. Genuine Parts had a return on equity of 24.99% and a net margin of 3.85%. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period last year, the business posted $2.26 earnings per share. On average, equities analysts expect that Genuine Parts will post 7.98 earnings per share for the current year.
Genuine Parts Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be given a dividend of $1.03 per share. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Friday, March 7th. Genuine Parts’s dividend payout ratio (DPR) is currently 61.82%.
Insider Transactions at Genuine Parts
In other news, Director Wendy B. Needham sold 1,608 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $120.78, for a total value of $194,214.24. Following the sale, the director now directly owns 11,357 shares in the company, valued at approximately $1,371,698.46. This trade represents a 12.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.37% of the company’s stock.
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.
Read More
Want to see what other hedge funds are holding GPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Genuine Parts (NYSE:GPC – Free Report).
Receive News & Ratings for Genuine Parts Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Genuine Parts and related companies with MarketBeat.com’s FREE daily email newsletter.