Farther Finance Advisors LLC Raises Stock Position in Genuine Parts (NYSE:GPC)

Farther Finance Advisors LLC grew its stake in shares of Genuine Parts (NYSE:GPC) by 90.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,300 shares of the specialty retailer’s stock after purchasing an additional 1,569 shares during the period. Farther Finance Advisors LLC’s holdings in Genuine Parts were worth $461,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Creative Financial Designs Inc. ADV grew its holdings in shares of Genuine Parts by 5.2% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 5,744 shares of the specialty retailer’s stock worth $802,000 after acquiring an additional 282 shares during the period. Stephens Inc. AR boosted its position in shares of Genuine Parts by 5.9% during the third quarter. Stephens Inc. AR now owns 11,725 shares of the specialty retailer’s stock valued at $1,638,000 after purchasing an additional 657 shares in the last quarter. United Asset Strategies Inc. grew its stake in Genuine Parts by 2.4% in the third quarter. United Asset Strategies Inc. now owns 4,659 shares of the specialty retailer’s stock worth $651,000 after purchasing an additional 108 shares during the period. HM Payson & Co. raised its holdings in Genuine Parts by 20.2% in the third quarter. HM Payson & Co. now owns 3,200 shares of the specialty retailer’s stock worth $447,000 after purchasing an additional 537 shares in the last quarter. Finally, Pinnacle Associates Ltd. lifted its position in Genuine Parts by 12.8% during the third quarter. Pinnacle Associates Ltd. now owns 3,549 shares of the specialty retailer’s stock valued at $492,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Up 5.7 %

Genuine Parts stock opened at $123.28 on Thursday. The firm has a market cap of $17.14 billion, a price-to-earnings ratio of 15.87 and a beta of 0.92. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45. The stock has a fifty day simple moving average of $133.66 and a two-hundred day simple moving average of $140.42.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.54). Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The company had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.94 billion. During the same quarter in the prior year, the company posted $2.49 EPS. Genuine Parts’s revenue was up 3.0% on a year-over-year basis. Equities analysts predict that Genuine Parts will post 8.09 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a yield of 3.24%. Genuine Parts’s dividend payout ratio is presently 51.48%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GPC. StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group decreased their target price on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. dropped their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Wedbush reduced their price objective on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday, October 23rd. Finally, Truist Financial dropped their target price on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $139.57.

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.