Exchange Traded Concepts LLC Grows Stock Position in Genuine Parts (NYSE:GPC)

Exchange Traded Concepts LLC raised its holdings in Genuine Parts (NYSE:GPC) by 284.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,999 shares of the specialty retailer’s stock after acquiring an additional 1,479 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Genuine Parts were worth $279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wulff Hansen & CO. raised its stake in Genuine Parts by 13,732.0% in the second quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer’s stock valued at $216,675,000 after buying an additional 1,555,149 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Genuine Parts by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,368,562 shares of the specialty retailer’s stock valued at $189,296,000 after purchasing an additional 239,858 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in shares of Genuine Parts by 29.6% in the second quarter. D. E. Shaw & Co. Inc. now owns 980,184 shares of the specialty retailer’s stock valued at $135,579,000 after purchasing an additional 223,712 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Genuine Parts by 2.6% in the second quarter. Envestnet Asset Management Inc. now owns 544,579 shares of the specialty retailer’s stock valued at $75,326,000 after purchasing an additional 13,753 shares during the period. Finally, Sugarloaf Wealth Management LLC increased its holdings in shares of Genuine Parts by 49.2% in the second quarter. Sugarloaf Wealth Management LLC now owns 467,048 shares of the specialty retailer’s stock valued at $673,000 after purchasing an additional 153,981 shares during the period. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GPC has been the topic of a number of research reports. Evercore ISI cut their price objective 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. Wedbush cut their price objective on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Truist Financial reissued a “buy” rating and issued a $164.00 price objective on shares of Genuine Parts in a report on Wednesday, August 28th. UBS Group cut their price objective on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Finally, The Goldman Sachs Group cut their price objective on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $157.29.

Genuine Parts Stock Down 0.3 %

Genuine Parts stock opened at $143.17 on Monday. The firm has a market cap of $19.94 billion, a price-to-earnings ratio of 15.96 and a beta of 0.90. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $164.45. The business’s 50-day moving average price is $138.97 and its 200 day moving average price is $143.19. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last posted 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 company had revenue of $5.96 billion for the quarter, compared to analyst estimates of $6.03 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The firm’s revenue was up .8% on a year-over-year basis. During the same period last year, the business earned $2.44 earnings per share. As a group, sell-side analysts anticipate that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.79%. Genuine Parts’s dividend payout ratio is currently 44.59%.

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.