Ethic Inc. Increases Stake in Genuine Parts (NYSE:GPC)

Ethic Inc. lifted its holdings in Genuine Parts (NYSE:GPC) by 60.7% in the second quarter, HoldingsChannel reports. The firm owned 9,981 shares of the specialty retailer’s stock after purchasing an additional 3,770 shares during the quarter. Ethic Inc.’s holdings in Genuine Parts were worth $1,262,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GPC. Cullen Capital Management LLC lifted its position in shares of Genuine Parts by 230.5% during the first quarter. Cullen Capital Management LLC now owns 1,591,073 shares of the specialty retailer’s stock worth $183,912,000 after purchasing an additional 1,109,649 shares during the last quarter. Standard Life Aberdeen plc raised its holdings in shares of Genuine Parts by 43.6% in the first quarter. Standard Life Aberdeen plc now owns 1,653,851 shares of the specialty retailer’s stock valued at $191,243,000 after acquiring an additional 501,896 shares in the last quarter. Candlestick Capital Management LP bought a new stake in shares of Genuine Parts in the first quarter valued at about $52,814,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Genuine Parts in the first quarter valued at about $35,512,000. Finally, AQR Capital Management LLC raised its holdings in shares of Genuine Parts by 61.3% in the first quarter. AQR Capital Management LLC now owns 540,691 shares of the specialty retailer’s stock valued at $62,498,000 after acquiring an additional 205,442 shares in the last quarter. 76.76% of the stock is owned by hedge funds and other institutional investors.

Shares of GPC stock opened at $120.00 on Wednesday. Genuine Parts has a fifty-two week low of $88.99 and a fifty-two week high of $135.93. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.02 and a beta of 1.11. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.62 and a current ratio of 1.18. The stock’s 50-day simple moving average is $124.92 and its 200-day simple moving average is $123.71.

Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, July 22nd. The specialty retailer reported $1.74 EPS for the quarter, topping the Zacks’ consensus estimate of $1.54 by $0.20. Genuine Parts had a return on equity of 28.92% and a net margin of 4.55%. The firm had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the company posted $1.32 earnings per share. The company’s revenue was up 25.1% compared to the same quarter last year. As a group, equities analysts forecast that Genuine Parts will post 6.4 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 3rd will be issued a $0.815 dividend. This represents a $3.26 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Thursday, September 2nd. Genuine Parts’s payout ratio is presently 61.86%.

In related news, Director John R. Holder purchased 2,000 shares of the firm’s stock in a transaction on Friday, August 13th. The stock was bought at an average cost of $124.93 per share, with a total value of $249,860.00. Following the completion of the acquisition, the director now owns 17,482 shares of the company’s stock, valued at approximately $2,184,026.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.50% of the company’s stock.

Separately, Zacks Investment Research upgraded Genuine Parts from a “hold” rating to a “buy” rating and set a $135.00 target price on the stock in a research note on Tuesday, July 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $129.17.

About Genuine Parts

Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group and Industrial Parts Group. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.

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Institutional Ownership by Quarter for Genuine Parts (NYSE:GPC)

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