Norges Bank Takes Position in Genuine Parts (NYSE:GPC)

Norges Bank acquired a new position in shares of Genuine Parts (NYSE:GPC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,769,830 shares of the specialty retailer’s stock, valued at approximately $206,645,000. Norges Bank owned about 1.27% of Genuine Parts at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. CreativeOne Wealth LLC purchased a new stake in shares of Genuine Parts during the 3rd quarter valued at approximately $620,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Genuine Parts by 13.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,886 shares of the specialty retailer’s stock worth $4,314,000 after acquiring an additional 3,601 shares during the last quarter. Fiduciary Trust Co raised its position in Genuine Parts by 40.9% in the third quarter. Fiduciary Trust Co now owns 2,406 shares of the specialty retailer’s stock valued at $336,000 after purchasing an additional 698 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of Genuine Parts by 15.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 6,068 shares of the specialty retailer’s stock valued at $848,000 after purchasing an additional 800 shares during the last quarter. Finally, PEAK6 Investments LLC purchased a new position in shares of Genuine Parts during the 3rd quarter worth $3,089,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Trading Down 1.7 %

NYSE:GPC opened at $118.49 on Monday. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The firm has a market cap of $16.44 billion, a PE ratio of 18.31 and a beta of 0.93. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. The stock has a fifty day moving average price of $121.13 and a 200 day moving average price of $124.00.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same period in the previous year, the company posted $2.26 earnings per share. Sell-side analysts anticipate that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed 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. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.48%. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, March 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 63.68%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Truist Financial upped their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Evercore ISI lowered their price objective on shares of 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. Loop Capital started coverage on 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, Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Eight research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $137.63.

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.