Cornerstone Wealth Management LLC trimmed its holdings in Genuine Parts (NYSE:GPC) by 48.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 201,308 shares of the specialty retailer’s stock after selling 190,539 shares during the period. Cornerstone Wealth Management LLC’s holdings in Genuine Parts were worth $2,115,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of GPC. Verition Fund Management LLC acquired a new stake in Genuine Parts during the first quarter worth about $288,000. Millennium Management LLC increased its position in Genuine Parts by 1,249.9% during the first quarter. Millennium Management LLC now owns 167,503 shares of the specialty retailer’s stock worth $15,048,000 after purchasing an additional 155,094 shares during the last quarter. WINTON GROUP Ltd increased its position in Genuine Parts by 16.6% during the first quarter. WINTON GROUP Ltd now owns 4,165 shares of the specialty retailer’s stock worth $374,000 after purchasing an additional 592 shares during the last quarter. Allianz Asset Management GmbH increased its position in Genuine Parts by 14.2% during the first quarter. Allianz Asset Management GmbH now owns 137,430 shares of the specialty retailer’s stock worth $12,347,000 after purchasing an additional 17,099 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Genuine Parts during the first quarter worth about $477,000. Institutional investors and hedge funds own 76.57% of the company’s stock.
Shares of GPC stock opened at $98.56 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.33 and a debt-to-equity ratio of 0.67. The stock has a market cap of $14.76 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 2.68 and a beta of 1.17. Genuine Parts has a 1-year low of $84.71 and a 1-year high of $107.75.
The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 7th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.92%. The ex-dividend date was Thursday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is presently 62.07%.
Several equities research analysts recently issued reports on the stock. ValuEngine upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, October 19th. Zacks Investment Research cut shares of Genuine Parts from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Wedbush raised their price objective on shares of Genuine Parts from $93.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, July 20th. Finally, Royal Bank of Canada raised their price objective on shares of Genuine Parts to $99.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $102.80.
Genuine Parts Company Profile
Genuine Parts Company distributes automotive replacement and industrial parts, electrical and electronic materials, and business products in the United States, Canada, Mexico, Australasia, France, the United Kingdom, Germany, and Poland. The company distributes automotive replacement parts for imported vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, and heavy duty equipment through 57 NAPA automotive parts distribution centers and 1,100 NAPA AUTO PARTS stores.
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