Wealthfront Advisers LLC Increases Stock Position in Genuine Parts (NYSE:GPC)

Wealthfront Advisers LLC raised its position in shares of Genuine Parts (NYSE:GPC) by 796.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,290 shares of the specialty retailer’s stock after buying an additional 58,894 shares during the quarter. Wealthfront Advisers LLC’s holdings in Genuine Parts were worth $7,740,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Genuine Parts in the 3rd quarter worth about $26,000. Kestra Investment Management LLC purchased a new position in shares of Genuine Parts in the 4th quarter worth about $28,000. First Command Advisory Services Inc. purchased a new position in shares of Genuine Parts in the 4th quarter worth about $28,000. Compass Planning Associates Inc purchased a new position in shares of Genuine Parts in the 4th quarter worth about $29,000. Finally, Synergy Asset Management LLC purchased a new position in shares of Genuine Parts in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Insider Activity

In other news, Director Wendy B. Needham sold 1,608 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $120.78, for a total transaction of $194,214.24. Following the completion of the sale, the director now owns 11,357 shares of the company’s stock, valued at $1,371,698.46. This represents a 12.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

GPC has been the subject of several recent analyst reports. Truist Financial lifted their price target on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Northcoast Research lowered Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Evercore ISI lowered their price target on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Finally, Loop Capital initiated coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price for the company. 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 stock. According to MarketBeat, Genuine Parts currently has a consensus rating of “Hold” and a consensus price target of $137.63.

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $121.33 on Thursday. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The business has a 50-day simple moving average of $120.24 and a two-hundred day simple moving average of $125.73. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. The firm has a market cap of $16.84 billion, a price-to-earnings ratio of 18.75 and a beta of 0.93.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, beating the consensus estimate of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. On average, analysts expect that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be given a dividend of $1.03 per share. The ex-dividend date is Friday, March 7th. This represents a $4.12 annualized dividend and a dividend yield of 3.40%. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s dividend payout ratio is presently 63.68%.

About Genuine Parts

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.