Pacer Advisors Inc. Sells 1,071 Shares of Genuine Parts (NYSE:GPC)

Pacer Advisors Inc. reduced its position in shares of Genuine Parts (NYSE:GPC) by 9.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 9,964 shares of the specialty retailer’s stock after selling 1,071 shares during the period. Pacer Advisors Inc.’s holdings in Genuine Parts were worth $1,378,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Genuine Parts by 21.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 29,240 shares of the specialty retailer’s stock valued at $4,044,000 after acquiring an additional 5,100 shares during the last quarter. AE Wealth Management LLC increased its holdings in Genuine Parts by 23.7% during the 2nd quarter. AE Wealth Management LLC now owns 24,396 shares of the specialty retailer’s stock valued at $3,374,000 after purchasing an additional 4,672 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Genuine Parts by 45.2% in the 2nd quarter. Canada Pension Plan Investment Board now owns 22,207 shares of the specialty retailer’s stock valued at $3,072,000 after purchasing an additional 6,911 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Genuine Parts by 8.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,551 shares of the specialty retailer’s stock worth $1,183,000 after purchasing an additional 656 shares in the last quarter. Finally, ProVise Management Group LLC boosted its stake in Genuine Parts by 6.4% in the second quarter. ProVise Management Group LLC now owns 21,943 shares of the specialty retailer’s stock worth $3,035,000 after purchasing an additional 1,324 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GPC has been the subject of a number of research analyst reports. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a report on Saturday, September 7th. UBS Group reduced 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 report on Wednesday, July 3rd. Wedbush lowered their price target on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. The Goldman Sachs Group reduced their price objective on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Finally, Truist Financial reissued a “buy” rating and issued a $164.00 target price on shares of Genuine Parts in a research note on Wednesday, August 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and an average target price of $161.14.

Genuine Parts Stock Performance

GPC stock opened at $141.50 on Friday. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $164.45. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66. The company has a market cap of $19.71 billion, a P/E ratio of 15.77 and a beta of 0.90. The business’s fifty day moving average is $139.54 and its 200-day moving average is $145.02.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The company had revenue of $5.96 billion during the quarter, compared to the consensus estimate of $6.03 billion. During the same period last year, the company earned $2.44 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. Equities research analysts forecast that Genuine Parts will post 9.37 EPS for the current year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

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.