Rhumbline Advisers Sells 8,962 Shares of Genuine Parts (NYSE:GPC)

Rhumbline Advisers cut its stake in shares of Genuine Parts (NYSE:GPC) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 258,840 shares of the specialty retailer’s stock after selling 8,962 shares during the period. Rhumbline Advisers owned 0.19% of Genuine Parts worth $35,803,000 at the end of the most recent reporting period.

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

Genuine Parts Stock Performance

Shares of GPC stock opened at $134.39 on Friday. The company has a market capitalization of $18.72 billion, a P/E ratio of 14.98 and a beta of 0.92. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two week high of $164.45. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. The stock has a 50 day moving average price of $139.14 and a two-hundred day moving average price of $146.10.

Genuine Parts (NYSE:GPC) last posted 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). The firm 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 company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.44 earnings per share. Analysts expect that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.98%. Genuine Parts’s payout ratio is presently 44.59%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Evercore ISI decreased their price target on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday, July 24th. The Goldman Sachs Group lowered their price target on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. UBS Group dropped their target price on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a research report on Wednesday, July 3rd. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Truist Financial reissued a “buy” rating and set a $164.00 price target 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 assigned a buy rating to the stock. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and an average price target of $161.14.

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.