Cinctive Capital Management LP Acquires New Shares in Genuine Parts (NYSE:GPC)

Cinctive Capital Management LP bought a new position in shares of Genuine Parts (NYSE:GPC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 77,338 shares of the specialty retailer’s stock, valued at approximately $9,030,000. Cinctive Capital Management LP owned approximately 0.06% of Genuine Parts at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new stake in Genuine Parts in the fourth quarter valued at approximately $206,645,000. Equity Investment Corp acquired a new stake in shares of Genuine Parts during the 4th quarter valued at $84,128,000. Raymond James Financial Inc. acquired a new stake in shares of Genuine Parts during the fourth quarter valued at about $57,407,000. State Street Corp increased its stake in shares of Genuine Parts by 5.4% in the third quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock valued at $1,103,300,000 after buying an additional 401,180 shares during the period. Finally, Synovus Financial Corp raised its holdings in Genuine Parts by 95.4% in the 3rd quarter. Synovus Financial Corp now owns 391,670 shares of the specialty retailer’s stock valued at $54,708,000 after buying an additional 191,272 shares during the last quarter. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Down 0.5 %

NYSE:GPC opened at $118.59 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The company has a market cap of $16.46 billion, a P/E ratio of 18.33 and a beta of 0.93. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The stock’s fifty day moving average price is $121.11 and its two-hundred day moving average price is $123.75.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The company had revenue of $5.77 billion for 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 quarter last year, the business posted $2.26 earnings per share. As a group, analysts expect that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Friday, March 7th will be issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.47%. 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 dividend payout ratio (DPR) is currently 63.68%.

Analysts Set New Price Targets

Several research analysts recently issued reports on GPC shares. Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Loop Capital started coverage on shares of Genuine Parts in a report on Thursday, January 16th. They set a “buy” rating and a $155.00 price target for the company. Truist Financial boosted their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 target price (down previously from $133.00) on shares of Genuine Parts in a research note on Tuesday. Finally, Evercore ISI boosted their price target on Genuine Parts from $125.00 to $128.00 and gave the company an “in-line” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Genuine Parts has an average rating of “Hold” and a consensus target price of $135.00.

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.