Genuine Parts (NYSE:GPC) Position Cut by ProVise Management Group LLC

ProVise Management Group LLC trimmed its holdings in Genuine Parts (NYSE:GPC) by 12.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,537 shares of the specialty retailer’s stock after selling 2,783 shares during the quarter. ProVise Management Group LLC’s holdings in Genuine Parts were worth $2,281,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. State Street Corp grew its holdings in 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 buying an additional 401,180 shares in the last quarter. Geode Capital Management LLC grew its holdings in Genuine Parts by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,296,965 shares of the specialty retailer’s stock worth $458,947,000 after buying an additional 32,858 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Genuine Parts by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,889,930 shares of the specialty retailer’s stock worth $337,428,000 after buying an additional 145,960 shares in the last quarter. Stifel Financial Corp grew its holdings in Genuine Parts by 1.2% in the 3rd quarter. Stifel Financial Corp now owns 2,057,593 shares of the specialty retailer’s stock worth $287,405,000 after buying an additional 25,015 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Genuine Parts by 6.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,840,807 shares of the specialty retailer’s stock worth $257,124,000 after buying an additional 114,180 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Loop Capital assumed coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price for the company. Evercore ISI cut their target price on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Truist Financial upped their target price on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Northcoast Research downgraded Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $137.63.

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $123.98 on Wednesday. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The stock has a fifty day moving average of $120.68 and a 200-day moving average of $125.03. The company has a market capitalization of $17.21 billion, a PE ratio of 19.16 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. As a group, equities analysts anticipate that Genuine Parts will post 7.9 EPS 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. Stockholders of record on Friday, March 7th will be issued a $1.03 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.32%. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s dividend payout ratio is presently 63.68%.

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.