Kentucky Retirement Systems Sells 570 Shares of Genuine Parts (NYSE:GPC)

Kentucky Retirement Systems decreased its holdings in Genuine Parts (NYSE:GPC) by 5.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,647 shares of the specialty retailer’s stock after selling 570 shares during the period. Kentucky Retirement Systems’ holdings in Genuine Parts were worth $1,650,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in GPC. Norges Bank purchased a new stake in shares of Genuine Parts in the fourth quarter worth about $215,643,000. International Assets Investment Management LLC raised its position in Genuine Parts by 15,175.4% during the fourth quarter. International Assets Investment Management LLC now owns 713,056 shares of the specialty retailer’s stock valued at $98,758,000 after purchasing an additional 708,388 shares during the period. Stifel Financial Corp raised its position in Genuine Parts by 27.0% during the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock valued at $281,078,000 after purchasing an additional 431,623 shares during the period. DAVENPORT & Co LLC raised its position in Genuine Parts by 3,029.9% during the first quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock valued at $58,999,000 after purchasing an additional 368,470 shares during the period. Finally, Morningstar Investment Services LLC raised its position in Genuine Parts by 161.2% during the fourth quarter. Morningstar Investment Services LLC now owns 578,555 shares of the specialty retailer’s stock valued at $80,066,000 after purchasing an additional 357,091 shares during the period. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Up 2.9 %

NYSE:GPC traded up $4.00 during midday trading on Friday, hitting $141.97. The stock had a trading volume of 988,185 shares, compared to its average volume of 1,197,496. Genuine Parts has a one year low of $126.35 and a one year high of $164.45. The company has a market capitalization of $19.78 billion, a price-to-earnings ratio of 15.83 and a beta of 0.92. The stock has a 50-day moving average of $140.29 and a 200 day moving average of $146.41. The company has a quick ratio of 0.59, a current ratio of 1.12 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.15). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The firm had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $6.03 billion. During the same period last year, the company earned $2.44 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts forecast that Genuine Parts will post 9.37 EPS for the current year.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 7th were paid a $1.00 dividend. The ex-dividend date was Friday, June 7th. This represents a $4.00 annualized dividend and a yield of 2.82%. Genuine Parts’s dividend payout ratio (DPR) is currently 44.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on GPC shares. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research report on Wednesday. Truist Financial decreased their price objective on Genuine Parts from $183.00 to $164.00 and set a “buy” rating on the stock in a research report on Tuesday, July 23rd. Evercore ISI reduced their price target on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday. The Goldman Sachs Group reduced their price target on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Wedbush reduced their price target on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and an average target price of $161.14.

Insider Buying and Selling at Genuine Parts

In other Genuine Parts news, Director Wendy B. Needham sold 3,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total transaction of $453,870.00. Following the sale, the director now owns 13,006 shares of the company’s stock, valued at approximately $1,967,677.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.37% 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.