SVB Wealth LLC Grows Stake in Genuine Parts (NYSE:GPC)

SVB Wealth LLC boosted its position in Genuine Parts (NYSE:GPC) by 3.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,927 shares of the specialty retailer’s stock after purchasing an additional 151 shares during the period. SVB Wealth LLC’s holdings in Genuine Parts were worth $763,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Genuine Parts during the fourth quarter worth $215,643,000. International Assets Investment Management LLC increased its position in Genuine Parts by 15,175.4% during the fourth quarter. International Assets Investment Management LLC now owns 713,056 shares of the specialty retailer’s stock worth $98,758,000 after buying an additional 708,388 shares in the last quarter. Stifel Financial Corp increased its position in Genuine Parts by 27.0% during the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after buying an additional 431,623 shares in the last quarter. DAVENPORT & Co LLC increased its position in Genuine Parts by 3,029.9% during the first quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock worth $58,999,000 after buying an additional 368,470 shares in the last quarter. Finally, Morningstar Investment Services LLC increased its position in Genuine Parts by 161.2% during the fourth quarter. Morningstar Investment Services LLC now owns 578,555 shares of the specialty retailer’s stock worth $80,066,000 after buying an additional 357,091 shares in the last quarter. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

GPC stock traded up $0.81 during midday trading on Monday, reaching $142.78. The company had a trading volume of 809,973 shares, compared to its average volume of 1,024,626. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66. The stock has a 50 day moving average price of $140.11 and a 200 day moving average price of $146.44. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two week high of $164.45. The firm has a market capitalization of $19.89 billion, a PE ratio of 15.92 and a beta of 0.92.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.15). The business had revenue of $5.96 billion for the quarter, compared to analyst estimates of $6.03 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 earnings per share. Analysts anticipate that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 7th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $4.00 dividend on an annualized basis and a yield of 2.80%. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Insiders Place Their Bets

In other Genuine Parts news, Director Wendy B. Needham sold 3,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total value of $453,870.00. Following the transaction, the director now owns 13,006 shares of the company’s stock, valued at $1,967,677.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.37% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GPC. The Goldman Sachs Group decreased their price objective on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. UBS Group reduced their target price on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Wedbush reduced their target price on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Evercore ISI reduced their target price on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday, July 24th. Finally, Truist Financial reduced their target price on Genuine Parts from $183.00 to $164.00 and set a “buy” rating on the stock in a report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $161.14.

About Genuine Parts

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.