Bank of New York Mellon Corp Sells 17,550 Shares of Genuine Parts (NYSE:GPC)

Bank of New York Mellon Corp reduced its holdings in shares of Genuine Parts (NYSE:GPC) by 1.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,110,890 shares of the specialty retailer’s stock after selling 17,550 shares during the period. Bank of New York Mellon Corp’s holdings in Genuine Parts were worth $153,658,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. lifted its position in shares of Genuine Parts by 109.1% during the 4th quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock worth $25,000 after buying an additional 96 shares during the last quarter. WD Rutherford LLC bought a new stake in shares of Genuine Parts during the 1st quarter worth $26,000. Union Savings Bank lifted its position in shares of Genuine Parts by 100.0% during the 1st quarter. Union Savings Bank now owns 200 shares of the specialty retailer’s stock worth $31,000 after buying an additional 100 shares during the last quarter. Thompson Investment Management Inc. acquired a new position in Genuine Parts in the 1st quarter worth about $35,000. Finally, Stephens Consulting LLC increased its holdings in Genuine Parts by 740.7% in the 1st quarter. Stephens Consulting LLC now owns 227 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 200 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Stock Up 0.6 %

Shares of Genuine Parts stock opened at $143.00 on Tuesday. Genuine Parts has a one year low of $126.35 and a one year high of $164.45. 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’s 50-day moving average is $138.87 and its 200 day moving average is $146.29. The firm has a market cap of $19.92 billion, a price-to-earnings ratio of 15.94 and a beta of 0.92.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.15). The business had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $6.03 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.44 EPS. Equities research analysts anticipate that Genuine Parts will post 9.36 EPS for the current year.

Genuine Parts Dividend Announcement

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 issued a $1.00 dividend. The ex-dividend date is Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.80%. Genuine Parts’s dividend payout ratio is presently 44.59%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GPC. UBS Group lowered their target price on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 3rd. Wedbush decreased their price target on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. The Goldman Sachs Group decreased their price target on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Finally, Truist Financial decreased their price target on Genuine Parts from $183.00 to $164.00 and set a “buy” rating for the company in a research note on Tuesday, July 23rd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $161.14.

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.