Evercore ISI Increases Genuine Parts (NYSE:GPC) Price Target to $160.00

Genuine Parts (NYSE:GPC) had its price target raised by Evercore ISI from $155.00 to $160.00 in a research note released on Tuesday, Benzinga reports. They currently have an in-line rating on the specialty retailer’s stock.

Several other brokerages have also recently issued reports on GPC. JPMorgan Chase & Co. lifted their target price on shares of Genuine Parts from $157.00 to $162.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group dropped their price objective on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. 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. StockNews.com lowered Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Wedbush cut their price target on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $139.57.

Genuine Parts Stock Up 1.0 %

Shares of NYSE GPC opened at $114.28 on Tuesday. Genuine Parts has a 52-week low of $112.74 and a 52-week 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’s 50-day simple moving average is $137.22 and its 200-day simple moving average is $142.18. The firm has a market cap of $15.92 billion, a price-to-earnings ratio of 12.74 and a beta of 0.90.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.54). The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. Genuine Parts’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.49 earnings per share. Equities analysts predict that Genuine Parts will post 9.37 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 3.50%. Genuine Parts’s payout ratio is 44.59%.

Hedge Funds Weigh In On Genuine Parts

A number of hedge funds have recently modified their holdings of GPC. Pinnacle Associates Ltd. boosted its stake in Genuine Parts by 12.8% during the third quarter. Pinnacle Associates Ltd. now owns 3,549 shares of the specialty retailer’s stock worth $492,000 after buying an additional 404 shares during the period. First Trust Direct Indexing L.P. lifted its holdings in shares of Genuine Parts by 10.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,133 shares of the specialty retailer’s stock worth $717,000 after acquiring an additional 466 shares during the last quarter. GSB Wealth Management LLC boosted its position in shares of Genuine Parts by 1.2% during the 3rd quarter. GSB Wealth Management LLC now owns 14,130 shares of the specialty retailer’s stock worth $1,974,000 after purchasing an additional 172 shares during the period. Pathway Financial Advisers LLC increased its holdings in Genuine Parts by 56.0% in the 3rd quarter. Pathway Financial Advisers LLC now owns 10,014 shares of the specialty retailer’s stock valued at $1,399,000 after purchasing an additional 3,596 shares during the last quarter. Finally, WD Rutherford LLC raised its position in Genuine Parts by 4,265.9% in the third quarter. WD Rutherford LLC now owns 7,422 shares of the specialty retailer’s stock valued at $1,037,000 after purchasing an additional 7,252 shares during the period. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

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.