Acadian Asset Management LLC Sells 5,651 Shares of Genuine Parts (NYSE:GPC)

Acadian Asset Management LLC decreased its stake in shares of Genuine Parts (NYSE:GPC) by 24.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 17,346 shares of the specialty retailer’s stock after selling 5,651 shares during the quarter. Acadian Asset Management LLC’s holdings in Genuine Parts were worth $2,395,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stifel Financial Corp increased its holdings in shares of Genuine Parts by 27.0% during the 4th quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after purchasing an additional 431,623 shares during the period. Comerica Bank increased its stake in Genuine Parts by 19.6% in the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after acquiring an additional 18,657 shares during the period. Harvest Investment Advisors LLC increased its stake in Genuine Parts by 1.5% in the fourth quarter. Harvest Investment Advisors LLC now owns 8,869 shares of the specialty retailer’s stock valued at $1,228,000 after acquiring an additional 133 shares during the period. Mezzasalma Advisors LLC increased its stake in Genuine Parts by 497.0% in the first quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock valued at $1,865,000 after acquiring an additional 10,019 shares during the period. Finally, Hennessy Advisors Inc. bought a new stake in Genuine Parts in the first quarter valued at about $3,083,000. Institutional investors own 78.83% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on GPC. The Goldman Sachs Group lowered their target price on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. UBS Group lowered their target price on shares of Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Wedbush lowered their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Truist Financial reaffirmed a “buy” rating and set a $164.00 price objective on shares of Genuine Parts in a research note on Wednesday, August 28th. Finally, StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $161.14.

Genuine Parts Price Performance

Shares of GPC stock opened at $137.30 on Friday. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $164.45. The firm’s 50 day moving average is $139.38 and its 200-day moving average is $145.75. The firm has a market capitalization of $19.13 billion, a price-to-earnings ratio of 15.31 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $5.96 billion for the quarter, compared to analyst estimates of $6.03 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. Genuine Parts’s revenue for the quarter was up .8% on a year-over-year basis. Sell-side analysts forecast that Genuine Parts will post 9.37 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.91%. Genuine Parts’s payout ratio is 44.59%.

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.