Griffin Asset Management Inc. Sells 570 Shares of Genuine Parts (NYSE:GPC)

Griffin Asset Management Inc. lessened its position in Genuine Parts (NYSE:GPC) by 8.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,583 shares of the specialty retailer’s stock after selling 570 shares during the period. Griffin Asset Management Inc.’s holdings in Genuine Parts were worth $769,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new stake in shares of Genuine Parts in the 3rd quarter valued at $26,000. Capital Performance Advisors LLP acquired a new position in Genuine Parts in the third quarter valued at about $31,000. Concord Wealth Partners grew its stake in Genuine Parts by 79.3% in the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after acquiring an additional 119 shares during the period. Catalyst Capital Advisors LLC bought a new stake in shares of Genuine Parts in the third quarter worth about $44,000. Finally, First Financial Corp IN acquired a new stake in shares of Genuine Parts during the fourth quarter worth about $44,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GPC has been the subject of a number of research reports. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price objective on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Truist Financial cut their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Wedbush lowered their target price on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Finally, The Goldman Sachs Group cut their price target on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $141.50.

Insider Activity

In other Genuine Parts news, Director Wendy B. Needham sold 1,608 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $120.78, for a total transaction of $194,214.24. Following the sale, the director now directly owns 11,357 shares of the company’s stock, valued at approximately $1,371,698.46. This represents a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.37% of the stock is currently owned by insiders.

Genuine Parts Price Performance

NYSE:GPC opened at $117.52 on Wednesday. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The company has a market cap of $16.34 billion, a P/E ratio of 15.12 and a beta of 0.95. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17. The stock’s 50-day simple moving average is $120.06 and its 200 day simple moving average is $129.61.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date was Friday, December 6th. Genuine Parts’s dividend payout ratio is currently 51.48%.

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.