Advisors Asset Management Inc. Raises Stock Holdings in Genuine Parts (NYSE:GPC)

Advisors Asset Management Inc. raised its position in shares of Genuine Parts (NYSE:GPC) by 11.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,526 shares of the specialty retailer’s stock after acquiring an additional 5,567 shares during the period. Advisors Asset Management Inc.’s holdings in Genuine Parts were worth $7,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in Genuine Parts during the 3rd quarter valued at $26,000. Capital Performance Advisors LLP purchased a new stake in Genuine Parts during the 3rd quarter valued at $31,000. Concord Wealth Partners raised its holdings in Genuine Parts by 79.3% during the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after buying an additional 119 shares during the period. Triad Wealth Partners LLC purchased a new stake in Genuine Parts during the 2nd quarter valued at $40,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in Genuine Parts during the 3rd quarter valued at $44,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Truist Financial decreased their price target on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. The Goldman Sachs Group cut their price objective on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Redburn Atlantic raised Genuine Parts to a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. cut their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Evercore ISI upped 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, October 22nd. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and a consensus price target of $139.57.

Genuine Parts Price Performance

GPC opened at $120.76 on Thursday. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. The business’s fifty day simple moving average is $129.96 and its 200-day simple moving average is $137.71. The company has a market capitalization of $16.79 billion, a price-to-earnings ratio of 15.54 and a beta of 0.92.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The firm had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.94 billion. During the same period in the previous year, the company posted $2.49 EPS. Genuine Parts’s quarterly revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts anticipate that Genuine Parts will post 8.09 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, December 6th. Genuine Parts’s payout ratio is currently 51.48%.

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.