Palisade Asset Management LLC Has $4.25 Million Stock Position in Genuine Parts (NYSE:GPC)

Palisade Asset Management LLC cut its stake in Genuine Parts (NYSE:GPC) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,652 shares of the specialty retailer’s stock after selling 80 shares during the period. Palisade Asset Management LLC’s holdings in Genuine Parts were worth $4,245,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GPC. Centric Wealth Management acquired a new stake in Genuine Parts during the 4th quarter worth about $2,457,000. Charles Schwab Investment Management Inc. lifted its position in shares of Genuine Parts by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,707,699 shares of the specialty retailer’s stock valued at $353,436,000 after acquiring an additional 185,913 shares during the period. Apollon Wealth Management LLC boosted its stake in Genuine Parts by 28.1% during the fourth quarter. Apollon Wealth Management LLC now owns 3,126 shares of the specialty retailer’s stock worth $433,000 after acquiring an additional 686 shares in the last quarter. Lincoln National Corp grew its holdings in Genuine Parts by 10.0% in the fourth quarter. Lincoln National Corp now owns 2,188 shares of the specialty retailer’s stock worth $303,000 after purchasing an additional 199 shares during the period. Finally, Wealthcare Advisory Partners LLC increased its stake in Genuine Parts by 8.9% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 11,992 shares of the specialty retailer’s stock valued at $1,661,000 after purchasing an additional 979 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on GPC. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Truist Financial lifted their price target on shares of Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, April 19th. 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 note on Friday, April 19th. Wedbush reissued a “neutral” rating and set a $170.00 target price (up from $140.00) on shares of Genuine Parts in a research report on Friday, April 19th. Finally, Evercore ISI dropped 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 report on Tuesday, April 16th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $173.10.

Insider Activity

In related news, Director Wendy B. Needham sold 3,250 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value 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 legal filing with the SEC, which can be accessed through this link. Insiders own 0.37% of the company’s stock.

Genuine Parts Stock Performance

Shares of Genuine Parts stock traded down $0.57 on Wednesday, reaching $154.35. 924,038 shares of the company traded hands, compared to its average volume of 1,055,450. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.14 and a quick ratio of 0.59. The firm has a market capitalization of $21.50 billion, a PE ratio of 17.27 and a beta of 0.94. The company has a 50 day moving average of $153.64 and a 200 day moving average of $143.61. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $174.91.

Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period last year, the business posted $2.14 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. Equities analysts forecast that Genuine Parts will post 9.94 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be paid a $1.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $4.00 annualized dividend and a dividend yield of 2.59%. Genuine Parts’s payout ratio is 44.59%.

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.