Truist Financial Lowers Genuine Parts (NYSE:GPC) Price Target to $129.00

Genuine Parts (NYSE:GPC) had its price objective cut by Truist Financial from $164.00 to $129.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

Other equities research analysts also recently issued research reports about the company. Evercore ISI raised their price target on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday. UBS Group decreased their price objective on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday. The Goldman Sachs Group cut their target price on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research note on Wednesday. Wedbush decreased their price target on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $139.57.

Genuine Parts Stock Performance

Shares of GPC opened at $116.24 on Wednesday. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. The company has a market cap of $16.19 billion, a PE ratio of 12.96 and a beta of 0.90. The stock has a 50-day moving average price of $138.23 and a 200-day moving average price of $142.63.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The company had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. Genuine Parts’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.49 EPS. As a group, equities analysts forecast that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Friday, September 6th. Genuine Parts’s payout ratio is 44.59%.

Institutional Investors Weigh In On Genuine Parts

Institutional investors have recently added to or reduced their stakes in the company. Manchester Capital Management LLC raised its stake in shares of Genuine Parts by 36.1% during the first quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 66 shares during the last quarter. North Star Investment Management Corp. raised its position in Genuine Parts by 8.5% during the 1st quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer’s stock valued at $138,000 after purchasing an additional 70 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in Genuine Parts by 4.9% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer’s stock worth $224,000 after buying an additional 75 shares during the period. HBK Sorce Advisory LLC grew its position in shares of Genuine Parts by 1.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 4,437 shares of the specialty retailer’s stock worth $689,000 after buying an additional 80 shares during the last quarter. Finally, Dover Advisors LLC increased its stake in shares of Genuine Parts by 5.1% during the second quarter. Dover Advisors LLC now owns 1,756 shares of the specialty retailer’s stock valued at $243,000 after buying an additional 85 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

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.