Genuine Parts (NYSE:GPC) Sees Large Growth in Short Interest

Genuine Parts (NYSE:GPC) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 2,870,000 shares, a growth of 29.9% from the October 31st total of 2,210,000 shares. Based on an average daily trading volume, of 1,210,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 2.1% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GPC shares. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Redburn Atlantic upgraded shares of Genuine Parts to a “hold” rating in a report on Monday, November 11th. Truist Financial dropped their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Wedbush decreased their target price on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $139.57.

Genuine Parts Stock Performance

Shares of GPC opened at $126.73 on Monday. The firm has a market cap of $17.62 billion, a price-to-earnings ratio of 16.31 and a beta of 0.92. The company’s fifty day moving average is $128.43 and its 200-day moving average is $136.28. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.49 earnings per share. Equities analysts expect that Genuine Parts will post 8.09 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $4.00 annualized dividend and a yield of 3.16%. Genuine Parts’s dividend payout ratio (DPR) is currently 51.48%.

Hedge Funds Weigh In On Genuine Parts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GPC. Ashton Thomas Securities LLC bought a new stake in shares of Genuine Parts during the 3rd quarter worth $26,000. Capital Performance Advisors LLP acquired a new position in Genuine Parts during the 3rd quarter worth $31,000. Concord Wealth Partners boosted its holdings in Genuine Parts by 79.3% during the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after acquiring an additional 119 shares during the period. Triad Wealth Partners LLC acquired a new stake in shares of Genuine Parts in the second quarter valued at about $40,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Genuine Parts in the third quarter worth about $44,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

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.