Gabelli Funds LLC Sells 21,800 Shares of Genuine Parts (NYSE:GPC)

Gabelli Funds LLC trimmed its holdings in shares of Genuine Parts (NYSE:GPC) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 895,200 shares of the specialty retailer’s stock after selling 21,800 shares during the period. Genuine Parts comprises approximately 0.9% of Gabelli Funds LLC’s investment portfolio, making the stock its 13th largest holding. Gabelli Funds LLC’s holdings in Genuine Parts were worth $123,824,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GPC. Assetmark Inc. increased its holdings in Genuine Parts by 109.1% in the 4th quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 96 shares during the last quarter. WD Rutherford LLC bought a new position in Genuine Parts during the first quarter worth about $26,000. Union Savings Bank increased its stake 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 in the last quarter. Thompson Investment Management Inc. bought a new stake in shares of Genuine Parts in the first quarter valued at approximately $35,000. Finally, Stephens Consulting LLC lifted its stake in shares of Genuine Parts by 740.7% during the 1st quarter. Stephens Consulting LLC now owns 227 shares of the specialty retailer’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

Shares of GPC opened at $137.02 on Friday. Genuine Parts has a 12-month low of $126.35 and a 12-month high of $164.45. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. The company has a market cap of $19.09 billion, a PE ratio of 15.28 and a beta of 0.90. The stock has a 50-day moving average price of $139.73 and a 200-day moving average price of $145.29.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.15). The company 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 revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.44 earnings per share. As a group, equities analysts forecast that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.92%. Genuine Parts’s payout ratio is 44.59%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group reduced 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. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. Wedbush cut their target price 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. Evercore ISI lowered 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. Finally, Truist Financial restated a “buy” rating and issued a $164.00 price objective on shares of Genuine Parts in a research report on Wednesday, August 28th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Genuine Parts has a consensus rating of “Hold” and an average target price 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.