Magnetar Financial LLC Sells 22,084 Shares of Genuine Parts (NYSE:GPC)

Magnetar Financial LLC decreased its holdings in shares of Genuine Parts (NYSE:GPC) by 83.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,447 shares of the specialty retailer’s stock after selling 22,084 shares during the period. Magnetar Financial LLC’s holdings in Genuine Parts were worth $689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of GPC. Norges Bank bought a new stake in shares of Genuine Parts during the 4th quarter valued at $215,643,000. International Assets Investment Management LLC grew its position in shares of Genuine Parts by 15,175.4% during the 4th quarter. International Assets Investment Management LLC now owns 713,056 shares of the specialty retailer’s stock valued at $98,758,000 after acquiring an additional 708,388 shares during the period. Stifel Financial Corp grew its position in shares of Genuine Parts by 27.0% during the 4th quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock valued at $281,078,000 after acquiring an additional 431,623 shares during the period. DAVENPORT & Co LLC grew its position in shares of Genuine Parts by 3,029.9% during the 1st quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock valued at $58,999,000 after acquiring an additional 368,470 shares during the period. Finally, Morningstar Investment Services LLC grew its position in shares of Genuine Parts by 161.2% during the 4th quarter. Morningstar Investment Services LLC now owns 578,555 shares of the specialty retailer’s stock valued at $80,066,000 after acquiring an additional 357,091 shares during the period. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Price Performance

Shares of GPC traded down $0.20 during mid-day trading on Monday, hitting $141.77. 23,202 shares of the stock were exchanged, compared to its average volume of 1,019,163. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. The company has a market cap of $19.75 billion, a PE ratio of 15.83 and a beta of 0.92. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $164.45. The firm has a 50-day moving average of $140.29 and a two-hundred day moving average of $146.41.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The business had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same period in the previous year, the company earned $2.44 EPS. Genuine Parts’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts predict that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 7th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Friday, June 7th. Genuine Parts’s payout ratio is 44.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GPC shares. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Truist Financial lowered their target price on shares of Genuine Parts from $183.00 to $164.00 and set a “buy” rating on the stock in a research note on Tuesday, July 23rd. Jefferies Financial Group lifted their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research note on Friday, April 19th. Wedbush lowered their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Finally, Evercore ISI lowered their target price on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $161.14.

Insider Buying and Selling

In other news, Director Wendy B. Needham sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total value of $453,870.00. Following the completion of the sale, the director now directly owns 13,006 shares of the company’s stock, valued at approximately $1,967,677.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.37% of the stock is currently owned by company insiders.

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.