PGGM Investments Sells 42,002 Shares of Genuine Parts (NYSE:GPC)

PGGM Investments reduced its holdings in Genuine Parts (NYSE:GPC) by 85.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,988 shares of the specialty retailer’s stock after selling 42,002 shares during the quarter. PGGM Investments’ holdings in Genuine Parts were worth $968,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Axxcess Wealth Management LLC grew its position in Genuine Parts by 5.0% in the third quarter. Axxcess Wealth Management LLC now owns 1,546 shares of the specialty retailer’s stock worth $223,000 after acquiring an additional 74 shares in the last quarter. Financial Counselors Inc. increased its position in shares of Genuine Parts by 0.3% during the 3rd quarter. Financial Counselors Inc. now owns 22,476 shares of the specialty retailer’s stock valued at $3,245,000 after purchasing an additional 76 shares during the last quarter. Balentine LLC raised its holdings in shares of Genuine Parts by 2.2% during the 3rd quarter. Balentine LLC now owns 3,550 shares of the specialty retailer’s stock valued at $513,000 after buying an additional 76 shares in the last quarter. Grimes & Company Inc. lifted its position in Genuine Parts by 2.5% in the 4th quarter. Grimes & Company Inc. now owns 3,178 shares of the specialty retailer’s stock worth $440,000 after buying an additional 79 shares during the last quarter. Finally, Fiera Capital Corp boosted its stake in Genuine Parts by 2.7% in the third quarter. Fiera Capital Corp now owns 3,080 shares of the specialty retailer’s stock worth $445,000 after buying an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Up 0.9 %

GPC opened at $161.32 on Tuesday. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average of $152.49 and a 200 day moving average of $143.02. The firm has a market cap of $22.47 billion, a P/E ratio of 17.98 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.84 billion. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.14 EPS. As a group, research analysts forecast that Genuine Parts will post 9.89 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a dividend of $1.00 per share. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 dividend on an annualized basis and a yield of 2.48%. Genuine Parts’s payout ratio is 44.59%.

Analysts Set New Price Targets

Several research firms have commented on GPC. Evercore ISI decreased their price target on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research note on Tuesday, April 16th. Jefferies Financial Group raised their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research report on Friday, April 19th. Wedbush restated a “neutral” rating and set a $170.00 target price (up previously from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. Truist Financial increased their price target on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Finally, StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $173.10.

Insider Activity

In related news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.37% of the company’s stock.

Genuine Parts Company 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.