Genuine Parts (NYSE:GPC) Short Interest Down 18.6% in March

Genuine Parts (NYSE:GPC) saw a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 4,430,000 shares, a decrease of 18.6% from the February 28th total of 5,440,000 shares. Approximately 3.2% of the shares of the company are short sold. Based on an average daily volume of 1,550,000 shares, the days-to-cover ratio is currently 2.9 days.

Genuine Parts Price Performance

Genuine Parts stock opened at $119.27 on Tuesday. 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 company’s fifty day moving average price is $121.14 and its 200 day moving average price is $123.88. The stock has a market capitalization of $16.55 billion, a P/E ratio of 18.43 and a beta of 0.93. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45.

Genuine Parts (NYSE:GPC) last released its earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the previous year, the company earned $2.26 earnings per share. As a group, equities research 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 declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 3.45%. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, March 7th. Genuine Parts’s payout ratio is presently 63.68%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Strategic Wealth Partners Ltd. raised its position in shares of Genuine Parts by 4.2% in the fourth quarter. Strategic Wealth Partners Ltd. now owns 2,420 shares of the specialty retailer’s stock valued at $302,000 after buying an additional 98 shares during the last quarter. Hartford Financial Management Inc. raised its holdings in Genuine Parts by 0.5% in the 4th quarter. Hartford Financial Management Inc. now owns 18,715 shares of the specialty retailer’s stock valued at $2,185,000 after acquiring an additional 99 shares during the last quarter. New York Life Investment Management LLC lifted its stake in Genuine Parts by 0.6% in the 4th quarter. New York Life Investment Management LLC now owns 18,743 shares of the specialty retailer’s stock worth $2,188,000 after purchasing an additional 108 shares in the last quarter. Grimes & Company Inc. lifted its stake in Genuine Parts by 3.3% in the 4th quarter. Grimes & Company Inc. now owns 3,494 shares of the specialty retailer’s stock worth $408,000 after purchasing an additional 111 shares in the last quarter. Finally, Pinnacle Financial Partners Inc boosted its holdings in shares of Genuine Parts by 2.5% during the 4th quarter. Pinnacle Financial Partners Inc now owns 4,630 shares of the specialty retailer’s stock worth $541,000 after purchasing an additional 115 shares during the last quarter. 78.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. Evercore ISI reduced their price target 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. Loop Capital began coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 price objective on the stock. Finally, Truist Financial lifted their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Eight analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $137.63.

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.