Eastern Bank Purchases 16,067 Shares of Genuine Parts (NYSE:GPC)

Eastern Bank increased its position in Genuine Parts (NYSE:GPC) by 1,062.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,579 shares of the specialty retailer’s stock after acquiring an additional 16,067 shares during the period. Eastern Bank’s holdings in Genuine Parts were worth $2,455,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wulff Hansen & CO. boosted its holdings in shares of Genuine Parts by 13,732.0% in the second quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer’s stock worth $216,675,000 after buying an additional 1,555,149 shares during the last quarter. DAVENPORT & Co LLC boosted its stake in shares of Genuine Parts by 3,029.9% during the 1st quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock worth $58,999,000 after acquiring an additional 368,470 shares during the last quarter. Natixis grew its position in shares of Genuine Parts by 768.4% during the 1st quarter. Natixis now owns 316,359 shares of the specialty retailer’s stock valued at $49,014,000 after acquiring an additional 279,930 shares during the period. Anchor Capital Advisors LLC increased its stake in shares of Genuine Parts by 1,457.3% in the 1st quarter. Anchor Capital Advisors LLC now owns 269,961 shares of the specialty retailer’s stock worth $41,825,000 after purchasing an additional 252,626 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Genuine Parts by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,368,562 shares of the specialty retailer’s stock worth $189,296,000 after purchasing an additional 239,858 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Truist Financial restated a “buy” rating and issued a $164.00 price target on shares of Genuine Parts in a research report on Wednesday, August 28th. Evercore ISI raised their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday. JPMorgan Chase & Co. dropped their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday. UBS Group decreased their price objective 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. Finally, Wedbush dropped their target price 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $155.14.

Genuine Parts Stock Down 21.0 %

Shares of GPC opened at $113.02 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.60 and a beta of 0.90. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The business’s 50 day simple moving average is $139.12 and its 200-day simple moving average is $143.08.

Genuine Parts (NYSE:GPC) last released its quarterly 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 net margin of 5.24% and a return on equity of 30.03%. The business had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same period in the previous year, the company earned $2.44 EPS. Genuine Parts’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts expect that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 3.54%. Genuine Parts’s payout ratio is currently 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.