Genuine Parts (NYSE:GPC) Holdings Lowered by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp trimmed its stake in shares of Genuine Parts (NYSE:GPC) by 33.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,723 shares of the specialty retailer’s stock after selling 4,421 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Genuine Parts were worth $1,018,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in GPC. Equity Investment Corp acquired a new position in shares of Genuine Parts in the 4th quarter worth approximately $84,128,000. Raymond James Financial Inc. acquired a new position in shares of Genuine Parts in the 4th quarter worth approximately $57,407,000. State Street Corp grew its stake in shares of Genuine Parts by 5.4% in the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock worth $1,103,300,000 after purchasing an additional 401,180 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Genuine Parts by 1,038.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 277,802 shares of the specialty retailer’s stock worth $38,803,000 after purchasing an additional 253,400 shares during the last quarter. Finally, Synovus Financial Corp grew its stake in shares of Genuine Parts by 95.4% in the 3rd quarter. Synovus Financial Corp now owns 391,670 shares of the specialty retailer’s stock worth $54,708,000 after purchasing an additional 191,272 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Performance

GPC stock opened at $127.41 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. The stock has a market cap of $17.68 billion, a P/E ratio of 19.69 and a beta of 0.93. The firm has a 50 day simple moving average of $119.74 and a 200 day simple moving average of $126.10. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45.

Genuine Parts (NYSE:GPC) last posted 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. The business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. During the same period last year, the company posted $2.26 earnings per share. Research analysts anticipate that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th will be paid a $1.03 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a yield of 3.23%. Genuine Parts’s payout ratio is 63.68%.

Analyst Upgrades and Downgrades

GPC has been the topic of several recent research reports. Truist Financial lifted their price objective on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Redburn Atlantic raised shares of Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Loop Capital began coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price on the stock. Finally, Evercore ISI dropped their target price on shares of Genuine Parts from $128.00 to $125.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Genuine Parts currently has an average rating of “Hold” and an average target price of $137.63.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 1,608 shares of Genuine Parts stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $120.78, for a total value of $194,214.24. Following the completion of the sale, the director now directly owns 11,357 shares in the company, valued at $1,371,698.46. The trade was a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.37% of the company’s stock.

Genuine Parts 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.