Addison Advisors LLC Reduces Position in Genuine Parts (NYSE:GPC)

Addison Advisors LLC reduced its holdings in Genuine Parts (NYSE:GPC) by 29.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 697 shares of the specialty retailer’s stock after selling 284 shares during the quarter. Addison Advisors LLC’s holdings in Genuine Parts were worth $97,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Ashton Thomas Securities LLC bought a new position in shares of Genuine Parts in the 3rd quarter worth approximately $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Genuine Parts in the third quarter worth $31,000. Concord Wealth Partners grew its holdings in shares of Genuine Parts by 79.3% during the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after buying an additional 119 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in shares of Genuine Parts during the second quarter valued at approximately $40,000. Finally, Catalyst Capital Advisors LLC bought a new position in Genuine Parts in the 3rd quarter worth $44,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

Shares of NYSE:GPC opened at $122.36 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45. The company has a market capitalization of $17.01 billion, a price-to-earnings ratio of 15.75 and a beta of 0.92. The firm’s 50-day moving average is $132.05 and its 200 day moving average is $139.31.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.94 billion. During the same quarter in the previous year, the company posted $2.49 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Research analysts predict that Genuine Parts will post 8.09 EPS for the current year.

Genuine Parts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Friday, September 6th. Genuine Parts’s payout ratio is presently 51.48%.

Analysts Set New Price Targets

A number of research firms have commented on GPC. Truist Financial decreased their target price on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI increased 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, October 22nd. JPMorgan Chase & Co. reduced their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. The Goldman Sachs Group decreased their price target on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Finally, Wedbush cut their target price on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $139.57.

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.