BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Stock Holdings in Genuine Parts (NYSE:GPC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in Genuine Parts (NYSE:GPC) by 13.0% in the third quarter, Holdings Channel.com reports. The firm owned 23,241 shares of the specialty retailer’s stock after selling 3,462 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Genuine Parts were worth $3,246,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in Genuine Parts in the 3rd quarter worth approximately $26,000. Capital Performance Advisors LLP bought a new stake in shares of Genuine Parts in the 3rd quarter worth approximately $31,000. Concord Wealth Partners boosted its stake in shares of Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 119 shares in the last quarter. Triad Wealth Partners LLC bought a new position in shares of Genuine Parts during the 2nd quarter valued at $40,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Genuine Parts in the 3rd quarter worth $44,000. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Price Performance

Shares of GPC stock opened at $127.38 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The firm has a market cap of $17.71 billion, a P/E ratio of 16.39 and a beta of 0.94. The business’s 50 day moving average price is $128.22 and its 200-day moving average price is $135.96.

Genuine Parts (NYSE:GPC) last released 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 net margin of 4.67% and a return on equity of 27.23%. The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $5.94 billion. During the same quarter last year, the firm earned $2.49 EPS. The business’s revenue was up 3.0% on a year-over-year basis. On average, equities research analysts anticipate that Genuine Parts will post 8.09 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Friday, December 6th. Genuine Parts’s payout ratio is currently 51.48%.

Wall Street Analysts Forecast Growth

GPC has been the subject of several analyst reports. Truist Financial cut their price target on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI lifted their price target on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. dropped their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group cut their target price on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $139.57.

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.