Genuine Parts (NYSE:GPC) Stake Lessened by ProVise Management Group LLC

ProVise Management Group LLC lowered its holdings in Genuine Parts (NYSE:GPC) by 12.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 19,537 shares of the specialty retailer’s stock after selling 2,783 shares during the period. ProVise Management Group LLC’s holdings in Genuine Parts were worth $2,281,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of GPC. Equity Investment Corp acquired a new position in shares of Genuine Parts in the fourth quarter worth $84,128,000. Raymond James Financial Inc. acquired a new position in shares of Genuine Parts in the fourth quarter worth $57,407,000. State Street Corp increased its stake 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 acquiring an additional 401,180 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of 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 worth $38,803,000 after acquiring an additional 253,400 shares during the last quarter. Finally, Synovus Financial Corp increased its position in Genuine Parts by 95.4% during the third quarter. Synovus Financial Corp now owns 391,670 shares of the specialty retailer’s stock worth $54,708,000 after buying an additional 191,272 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Analyst Ratings Changes

GPC has been the topic of several analyst reports. Loop Capital initiated coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They set a “buy” rating and a $155.00 target price on the stock. Truist Financial increased their target price on shares of 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 downgraded Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Finally, Evercore ISI lowered their price target on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $137.63.

Genuine Parts Stock Up 0.4 %

NYSE GPC opened at $123.98 on Wednesday. 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 50-day simple moving average of $120.68 and a 200 day simple moving average of $125.03. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45. The stock has a market cap of $17.21 billion, a PE ratio of 19.16 and a beta of 0.93.

Genuine Parts (NYSE:GPC) last released its earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share 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 business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter last year, the company earned $2.26 earnings per share. On average, research analysts forecast that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th will be paid a dividend of $1.03 per share. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, March 7th. This represents a $4.12 dividend on an annualized basis and a yield of 3.32%. Genuine Parts’s dividend payout ratio (DPR) is currently 63.68%.

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.