Envestnet Asset Management Inc. Raises Stock Holdings in Genuine Parts (NYSE:GPC)

Envestnet Asset Management Inc. increased its position in Genuine Parts (NYSE:GPC) by 2.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 544,579 shares of the specialty retailer’s stock after purchasing an additional 13,753 shares during the period. Envestnet Asset Management Inc.’s holdings in Genuine Parts were worth $75,326,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Great Lakes Advisors LLC purchased a new stake in shares of Genuine Parts in the fourth quarter worth $2,361,000. Brown Advisory Inc. grew its stake in shares of Genuine Parts by 0.6% in the fourth quarter. Brown Advisory Inc. now owns 19,812 shares of the specialty retailer’s stock worth $2,744,000 after acquiring an additional 110 shares during the last quarter. Norges Bank purchased a new stake in shares of Genuine Parts in the fourth quarter worth $215,643,000. D.A. Davidson & CO. grew its stake in shares of Genuine Parts by 1.4% in the fourth quarter. D.A. Davidson & CO. now owns 45,342 shares of the specialty retailer’s stock worth $6,280,000 after acquiring an additional 622 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Genuine Parts in the fourth quarter worth $635,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Down 0.1 %

GPC stock opened at $137.28 on Wednesday. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two week high of $164.45. The business’s 50-day moving average is $139.47 and its two-hundred day moving average is $145.59. 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 company has a market cap of $19.12 billion, a price-to-earnings ratio of 15.30 and a beta of 0.90.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.15). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. 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 business earned $2.44 EPS. The firm’s quarterly revenue was up .8% compared to the same quarter last year. As a group, analysts forecast that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is currently 44.59%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. 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 report on Wednesday, July 24th. Truist Financial reaffirmed a “buy” rating and set a $164.00 price target on shares of Genuine Parts in a report on Wednesday, August 28th. Evercore ISI lowered their price target on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday, July 24th. Finally, Wedbush lowered their price target on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $161.14.

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.