Truist Financial Raises Genuine Parts (NYSE:GPC) Price Target to $183.00

Genuine Parts (NYSE:GPC) had its target price raised by Truist Financial from $167.00 to $183.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

A number of other brokerages also recently commented on GPC. Wedbush restated a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a research note on Friday, February 16th. StockNews.com upgraded Genuine Parts from a hold rating to a buy rating in a research note on Friday, April 5th. Finally, Evercore ISI reduced their price objective on Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a research report on Tuesday, April 16th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $173.10.

Genuine Parts Stock Performance

Shares of GPC stock opened at $162.39 on Friday. The company has a quick ratio of 0.63, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. The business has a 50 day moving average of $150.30 and a two-hundred day moving average of $142.35. 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 $22.64 billion, a P/E ratio of 18.10 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last issued its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period in the previous year, the firm posted $2.14 earnings per share. Genuine Parts’s quarterly revenue was up .3% compared to the same quarter last year. As a group, analysts anticipate that Genuine Parts will post 9.86 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were paid a dividend of $1.00 per share. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Genuine Parts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mezzasalma Advisors LLC boosted its stake in Genuine Parts by 497.0% during the 1st quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock valued at $1,865,000 after purchasing an additional 10,019 shares in the last quarter. Teamwork Financial Advisors LLC acquired a new stake in shares of Genuine Parts during the 1st quarter valued at $202,000. First Trust Direct Indexing L.P. lifted its position in shares of Genuine Parts by 16.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,656 shares of the specialty retailer’s stock valued at $566,000 after acquiring an additional 522 shares during the last quarter. Cornerstone Wealth Management LLC lifted its position in shares of Genuine Parts by 4.5% during the 1st quarter. Cornerstone Wealth Management LLC now owns 23,062 shares of the specialty retailer’s stock valued at $3,573,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Norden Group LLC acquired a new stake in shares of Genuine Parts during the 1st quarter valued at $390,000. 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.