Handelsbanken Fonder AB Cuts Stake in Genuine Parts (NYSE:GPC)

Handelsbanken Fonder AB lowered its stake in shares of Genuine Parts (NYSE:GPC) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,839 shares of the specialty retailer’s stock after selling 2,793 shares during the period. Handelsbanken Fonder AB owned about 0.06% of Genuine Parts worth $10,919,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Amalgamated Bank increased its stake in shares of Genuine Parts by 10.7% during the third quarter. Amalgamated Bank now owns 41,734 shares of the specialty retailer’s stock worth $6,026,000 after purchasing an additional 4,047 shares in the last quarter. Conning Inc. grew its stake in Genuine Parts by 5.9% during the 4th quarter. Conning Inc. now owns 227,942 shares of the specialty retailer’s stock valued at $31,501,000 after acquiring an additional 12,634 shares in the last quarter. Hunter Associates Investment Management LLC grew its stake in Genuine Parts by 20.7% during the 4th quarter. Hunter Associates Investment Management LLC now owns 11,891 shares of the specialty retailer’s stock valued at $1,646,000 after acquiring an additional 2,041 shares in the last quarter. Teza Capital Management LLC purchased a new stake in Genuine Parts during the 3rd quarter valued at about $1,593,000. Finally, Schwartz Investment Counsel Inc. grew its stake in Genuine Parts by 26.2% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 240,500 shares of the specialty retailer’s stock valued at $33,309,000 after acquiring an additional 50,000 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Price Performance

Genuine Parts stock opened at $161.80 on Thursday. The firm has a market cap of $22.54 billion, a PE ratio of 18.04 and a beta of 0.94. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. The company’s 50 day moving average is $151.08 and its two-hundred day moving average is $142.62.

Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the business earned $2.14 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts expect that Genuine Parts will post 9.89 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.47%. Genuine Parts’s dividend payout ratio is currently 44.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GPC shares. Truist Financial boosted their target price on shares of Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a report on Friday, April 19th. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Evercore ISI decreased their target price on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. Jefferies Financial Group boosted their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday, April 19th. Finally, Wedbush restated a “neutral” rating and issued a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $173.10.

Insider Buying and Selling at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the transaction, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.37% of the company’s stock.

Genuine Parts 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.