Genuine Parts (NYSE:GPC) Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI cut its position in Genuine Parts (NYSE:GPC) by 26.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,067 shares of the specialty retailer’s stock after selling 1,110 shares during the period. Parsons Capital Management Inc. RI’s holdings in Genuine Parts were worth $365,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in Genuine Parts by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,698,737 shares of the specialty retailer’s stock worth $198,338,000 after acquiring an additional 182,965 shares during the period. Canada Pension Plan Investment Board grew its holdings in Genuine Parts by 436.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 31,451 shares of the specialty retailer’s stock worth $3,672,000 after acquiring an additional 25,583 shares during the period. Proficio Capital Partners LLC acquired a new stake in Genuine Parts during the fourth quarter worth about $21,840,000. Parvin Asset Management LLC acquired a new stake in Genuine Parts during the fourth quarter worth about $1,320,000. Finally, FORA Capital LLC grew its holdings in Genuine Parts by 410.9% during the fourth quarter. FORA Capital LLC now owns 26,332 shares of the specialty retailer’s stock worth $3,075,000 after acquiring an additional 21,178 shares during the period. 78.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GPC has been the topic of several research analyst reports. Wall Street Zen lowered Genuine Parts from a “buy” rating to a “hold” rating in a report on Saturday, April 26th. Evercore ISI dropped their price objective on Genuine Parts from $135.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Truist Financial raised their price objective on Genuine Parts from $133.00 to $137.00 and gave the company a “buy” rating in a report on Thursday, April 24th. Argus raised Genuine Parts to a “strong-buy” rating in a report on Friday, April 25th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Genuine Parts has an average rating of “Moderate Buy” and an average target price of $130.86.

Genuine Parts Stock Performance

Shares of NYSE:GPC opened at $123.29 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The business’s 50 day moving average price is $120.07 and its 200-day moving average price is $120.40. The firm has a market capitalization of $17.11 billion, a PE ratio of 19.06 and a beta of 0.76. Genuine Parts has a 1 year low of $104.01 and a 1 year high of $149.22.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.83 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. As a group, equities research analysts expect that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Friday, June 6th will be given a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a yield of 3.34%. Genuine Parts’s payout ratio is 67.65%.

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.