Norges Bank Purchases Shares of 1,769,830 Genuine Parts (NYSE:GPC)

Norges Bank acquired a new position in shares of Genuine Parts (NYSE:GPC) in the 4th quarter, Holdings Channel reports. The fund acquired 1,769,830 shares of the specialty retailer’s stock, valued at approximately $206,645,000.

Several other large investors have also modified their holdings of GPC. Millstone Evans Group LLC purchased a new stake in Genuine Parts in the fourth quarter valued at $25,000. Kestra Investment Management LLC acquired a new stake in shares of Genuine Parts during the fourth quarter worth about $28,000. First Command Advisory Services Inc. purchased a new stake in shares of Genuine Parts in the 4th quarter valued at about $28,000. Compass Planning Associates Inc acquired a new stake in shares of Genuine Parts in the 4th quarter valued at about $29,000. Finally, Synergy Asset Management LLC purchased a new position in Genuine Parts during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Performance

Shares of GPC stock opened at $118.49 on Monday. The stock has a fifty day moving average price of $121.13 and a 200 day moving average price of $124.00. 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 stock has a market cap of $16.44 billion, a PE ratio of 18.31 and a beta of 0.93. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the firm earned $2.26 EPS. Sell-side analysts forecast that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.48%. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, March 7th. Genuine Parts’s dividend payout ratio (DPR) is 63.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GPC shares. Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. Truist Financial upped their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Evercore ISI lowered their price objective on shares of 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. Finally, Loop Capital started coverage on shares of Genuine Parts in a report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price for the company. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $137.63.

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.