QRG Capital Management Inc. Raises Position in Genuine Parts (NYSE:GPC)

QRG Capital Management Inc. increased its holdings in Genuine Parts (NYSE:GPC) by 7.9% during the third quarter, Holdings Channel.com reports. The firm owned 15,261 shares of the specialty retailer’s stock after acquiring an additional 1,120 shares during the quarter. QRG Capital Management Inc.’s holdings in Genuine Parts were worth $2,132,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Manchester Capital Management LLC grew its holdings in Genuine Parts by 36.1% in the 1st quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 66 shares during the last quarter. Concord Wealth Partners grew its holdings in Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock worth $38,000 after acquiring an additional 119 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in Genuine Parts in the 2nd quarter worth $40,000. Armstrong Advisory Group Inc. grew its holdings in Genuine Parts by 63.8% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 362 shares of the specialty retailer’s stock worth $51,000 after acquiring an additional 141 shares during the last quarter. Finally, Rosenberg Matthew Hamilton grew its holdings in Genuine Parts by 92.2% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 371 shares of the specialty retailer’s stock worth $50,000 after acquiring an additional 178 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Down 0.2 %

Shares of NYSE GPC opened at $123.06 on Friday. Genuine Parts has a 1 year low of $112.74 and a 1 year high of $164.45. The stock has a market cap of $17.11 billion, a P/E ratio of 15.84 and a beta of 0.92. The firm has a 50-day moving average of $132.89 and a 200 day moving average of $140.18. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.57.

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

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given 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 3.25%. Genuine Parts’s dividend payout ratio (DPR) is currently 51.48%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GPC shares. UBS Group cut their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Wedbush cut their target price on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Truist Financial cut their target price on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI lifted their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. cut their target price on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.