Mizuho Securities USA LLC Has $11.28 Million Stake in Genuine Parts (NYSE:GPC)

Mizuho Securities USA LLC raised its position in Genuine Parts (NYSE:GPC) by 651.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 80,731 shares of the specialty retailer’s stock after buying an additional 69,987 shares during the period. Mizuho Securities USA LLC’s holdings in Genuine Parts were worth $11,277,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Genuine Parts in the 3rd quarter valued at approximately $26,000. Capital Performance Advisors LLP acquired a new position in Genuine Parts in the 3rd quarter valued at approximately $31,000. Concord Wealth Partners increased its position in Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after acquiring an additional 119 shares during the period. Triad Wealth Partners LLC bought a new position in shares of Genuine Parts during the second quarter valued at $40,000. Finally, Catalyst Capital Advisors LLC acquired a new position in shares of Genuine Parts during the third quarter worth $44,000. 78.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GPC has been the subject of several analyst reports. The Goldman Sachs Group lowered their target price on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research report on Wednesday, October 23rd. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price objective on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. UBS Group cut their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Finally, Truist Financial dropped their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Genuine Parts currently has a consensus rating of “Hold” and an average target price of $139.57.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $122.62 on Friday. The business has a 50-day simple moving average of $130.79 and a 200 day simple moving average of $138.44. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.57. The firm has a market capitalization of $17.05 billion, a price-to-earnings ratio of 15.78 and a beta of 0.92.

Genuine Parts (NYSE:GPC) last issued its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. During the same period in the previous year, the company earned $2.49 earnings per share. Genuine Parts’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, research analysts anticipate that Genuine Parts will post 8.09 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.26%. Genuine Parts’s dividend payout ratio is presently 51.48%.

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.