Golden State Equity Partners Trims Holdings in Genuine Parts (NYSE:GPC)

Golden State Equity Partners decreased its stake in shares of Genuine Parts (NYSE:GPC) by 41.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,557 shares of the specialty retailer’s stock after selling 2,506 shares during the quarter. Golden State Equity Partners’ holdings in Genuine Parts were worth $497,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank lifted its position in Genuine Parts by 19.6% during the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock worth $17,609,000 after buying an additional 18,657 shares in the last quarter. Hamlin Capital Management LLC increased its stake in Genuine Parts by 12.3% during the third quarter. Hamlin Capital Management LLC now owns 591,075 shares of the specialty retailer’s stock worth $82,561,000 after acquiring an additional 64,520 shares during the last quarter. Acadian Asset Management LLC increased its stake in Genuine Parts by 137.9% during the first quarter. Acadian Asset Management LLC now owns 22,997 shares of the specialty retailer’s stock worth $3,560,000 after acquiring an additional 13,330 shares during the last quarter. Orion Portfolio Solutions LLC increased its stake in Genuine Parts by 707.2% during the first quarter. Orion Portfolio Solutions LLC now owns 14,691 shares of the specialty retailer’s stock worth $2,276,000 after acquiring an additional 12,871 shares during the last quarter. Finally, UniSuper Management Pty Ltd increased its stake in Genuine Parts by 422.7% during the first quarter. UniSuper Management Pty Ltd now owns 7,840 shares of the specialty retailer’s stock worth $1,215,000 after acquiring an additional 6,340 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analyst Weigh In

GPC has been the subject of several recent analyst reports. Wedbush cut their target price on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Truist Financial cut their target price on Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Evercore ISI lifted their price objective on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research note on Tuesday, October 22nd. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group dropped their price objective on 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 equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $139.57.

Genuine Parts Trading Down 0.9 %

NYSE:GPC opened at $116.27 on Thursday. The firm has a market cap of $16.20 billion, a PE ratio of 12.96 and a beta of 0.90. The stock has a fifty day moving average price of $135.82 and a 200 day moving average price of $141.50. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45. The company has a current ratio of 1.17, a quick ratio of 0.54 and a debt-to-equity ratio of 0.81.

Genuine Parts (NYSE:GPC) last released its 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). The company had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the business posted $2.49 earnings per share. Sell-side analysts anticipate that Genuine Parts will post 8.1 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were issued a $1.00 dividend. The ex-dividend date was Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a yield of 3.44%. Genuine Parts’s dividend payout ratio (DPR) is presently 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.