Genuine Parts (NYSE:GPC) Hits New 1-Year Low – Here’s Why

Shares of Genuine Parts (NYSE:GPC) hit a new 52-week low during trading on Tuesday . The company traded as low as $117.20 and last traded at $117.33, with a volume of 518587 shares trading hands. The stock had previously closed at $143.12.

Analyst Ratings Changes

GPC has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Genuine Parts from $157.00 to $162.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. UBS Group dropped their price target on shares of Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 3rd. Truist Financial reissued a “buy” rating and set a $164.00 price objective on shares of Genuine Parts in a report on Wednesday, August 28th. Wedbush dropped their target price on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Finally, StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $157.29.

Genuine Parts Trading Down 18.1 %

The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The company has a market capitalization of $16.32 billion, a P/E ratio of 13.08 and a beta of 0.90. The firm has a fifty day moving average price of $138.97 and a 200-day moving average price of $143.12.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The business had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $6.03 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $2.44 EPS. On average, equities research analysts anticipate that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a yield of 3.41%. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Comerica Bank lifted its stake in Genuine Parts by 19.6% in the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after purchasing an additional 18,657 shares during the last quarter. Mezzasalma Advisors LLC boosted its position in Genuine Parts by 497.0% during the first quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock worth $1,865,000 after purchasing an additional 10,019 shares during the period. Acadian Asset Management LLC increased its stake in shares of Genuine Parts by 137.9% in the first quarter. Acadian Asset Management LLC now owns 22,997 shares of the specialty retailer’s stock worth $3,560,000 after purchasing an additional 13,330 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in shares of Genuine Parts in the first quarter valued at approximately $3,083,000. Finally, Wellington Management Group LLP lifted its stake in shares of Genuine Parts by 726.9% during the 4th quarter. Wellington Management Group LLP now owns 54,742 shares of the specialty retailer’s stock valued at $7,582,000 after buying an additional 48,122 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

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.