Asset Management One Co. Ltd. Reduces Stock Position in Genuine Parts (NYSE:GPC)

Asset Management One Co. Ltd. cut its stake in Genuine Parts (NYSE:GPC) by 5.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,726 shares of the specialty retailer’s stock after selling 3,343 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Genuine Parts were worth $8,063,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GPC. Concord Wealth Partners raised 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 purchasing an additional 119 shares in the last quarter. Manchester Capital Management LLC raised 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 purchasing an additional 66 shares in the last quarter. Triad Wealth Partners LLC bought a new position in Genuine Parts in the 2nd quarter worth $40,000. Rosenberg Matthew Hamilton raised 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 purchasing an additional 178 shares in the last quarter. Finally, Armstrong Advisory Group Inc. raised 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 purchasing an additional 141 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Stock Down 0.2 %

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

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

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Friday, September 6th. Genuine Parts’s payout ratio is presently 51.48%.

Analysts Set New Price Targets

GPC has been the subject of several research reports. StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Wedbush decreased their price target on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Evercore ISI increased their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 22nd. Truist Financial decreased their price target on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, The Goldman Sachs Group decreased their price target on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Genuine Parts has a consensus rating of “Hold” and a consensus target price of $139.57.

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.