Conning Inc. Buys 27,046 Shares of Genuine Parts (NYSE:GPC)

Conning Inc. increased its stake in Genuine Parts (NYSE:GPC) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 288,349 shares of the specialty retailer’s stock after purchasing an additional 27,046 shares during the period. Conning Inc.’s holdings in Genuine Parts were worth $33,668,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of GPC. International Assets Investment Management LLC increased its position in shares of Genuine Parts by 14,222.1% in the third quarter. International Assets Investment Management LLC now owns 584,342 shares of the specialty retailer’s stock worth $81,621,000 after purchasing an additional 580,262 shares during the period. State Street Corp increased its position in shares of Genuine Parts by 5.4% in the third quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock worth $1,103,300,000 after purchasing an additional 401,180 shares during the period. Boston Trust Walden Corp bought a new position in Genuine Parts in the third quarter valued at about $39,474,000. Caisse DE Depot ET Placement DU Quebec grew its position in Genuine Parts by 1,038.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 277,802 shares of the specialty retailer’s stock valued at $38,803,000 after acquiring an additional 253,400 shares during the last quarter. Finally, Synovus Financial Corp grew its position in Genuine Parts by 95.4% in the third quarter. Synovus Financial Corp now owns 391,670 shares of the specialty retailer’s stock valued at $54,708,000 after acquiring an additional 191,272 shares during the last quarter. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Performance

NYSE:GPC opened at $117.77 on Friday. The stock has a market cap of $16.37 billion, a P/E ratio of 15.16 and a beta of 0.94. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. The stock’s 50-day moving average is $118.70 and its 200-day moving average is $128.47. Genuine Parts has a 1-year low of $112.74 and a 1-year high of $164.45.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date was Friday, December 6th. Genuine Parts’s dividend payout ratio is currently 51.48%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Evercore ISI lifted their target price on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday, October 22nd. UBS Group decreased their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Truist Financial decreased their target price on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Eight research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $141.50.

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 1,608 shares of Genuine Parts stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $120.78, for a total value of $194,214.24. Following the transaction, the director now directly owns 11,357 shares of the company’s stock, valued at $1,371,698.46. The trade was a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.37% of the stock is owned by insiders.

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.