Parsons Capital Management Inc. RI Boosts Stake in Genuine Parts (NYSE:GPC)

Parsons Capital Management Inc. RI raised its position in shares of Genuine Parts (NYSE:GPCFree Report) by 35.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,741 shares of the specialty retailer’s stock after acquiring an additional 975 shares during the period. Parsons Capital Management Inc. RI’s holdings in Genuine Parts were worth $518,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Genuine Parts by 2.9% in the first quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock worth $2,153,442,000 after buying an additional 481,039 shares during the period. State Street Corp boosted its position in shares of Genuine Parts by 2.2% in the second quarter. State Street Corp now owns 7,344,846 shares of the specialty retailer’s stock worth $1,249,779,000 after buying an additional 155,203 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Genuine Parts by 4.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,860,574 shares of the specialty retailer’s stock worth $612,531,000 after buying an additional 185,529 shares during the period. Geode Capital Management LLC boosted its position in shares of Genuine Parts by 1.3% in the first quarter. Geode Capital Management LLC now owns 2,977,671 shares of the specialty retailer’s stock worth $497,089,000 after buying an additional 36,774 shares during the period. Finally, Imprint Wealth LLC boosted its position in shares of Genuine Parts by 16,507.5% in the second quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock worth $261,119,000 after buying an additional 2,595,471 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Down 0.3 %

NYSE:GPC opened at $153.79 on Wednesday. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. The business’s 50 day moving average is $148.29 and its two-hundred day moving average is $141.91. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $174.91. The company has a market cap of $21.44 billion, a PE ratio of 16.48 and a beta of 0.94.

Genuine Parts (NYSE:GPCGet Free Report) last announced its quarterly earnings results on Thursday, February 15th. The specialty retailer reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.06. The business had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.64 billion. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $2.05 EPS. On average, analysts predict that Genuine Parts will post 9.77 EPS for the current year.

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were issued a $1.00 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.60%. Genuine Parts’s dividend payout ratio (DPR) is 42.87%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GPC shares. Evercore ISI upped their target price on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research report on Tuesday, March 26th. Wedbush restated a “neutral” rating and set a $140.00 price objective on shares of Genuine Parts in a research note on Friday, February 16th. Truist Financial raised their price objective on Genuine Parts from $157.00 to $167.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $168.89.

Get Our Latest Analysis on Genuine Parts

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 3,250 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value of $503,490.00. Following the sale, the director now owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.37% of the company’s stock.

Genuine Parts Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Genuine Parts (NYSE:GPC)

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