State of New Jersey Common Pension Fund D Sells 623 Shares of Genuine Parts (NYSE:GPC)

State of New Jersey Common Pension Fund D cut its holdings in shares of Genuine Parts (NYSE:GPC) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,394 shares of the specialty retailer’s stock after selling 623 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Genuine Parts were worth $7,039,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in Genuine Parts in the third quarter valued at approximately $31,000. Concord Wealth Partners lifted its stake in shares of Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 119 shares during the period. Triad Wealth Partners LLC bought a new position in shares of Genuine Parts in the 2nd quarter worth $40,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Genuine Parts during the third quarter worth $44,000. Finally, Armstrong Advisory Group Inc. increased its holdings in Genuine Parts by 63.8% in the third quarter. Armstrong Advisory Group Inc. now owns 362 shares of the specialty retailer’s stock valued at $51,000 after purchasing an additional 141 shares during the last quarter. Institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

GPC has been the subject of a number of recent analyst reports. Truist Financial lowered their price target 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. UBS Group cut their target price 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. JPMorgan Chase & Co. decreased their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Evercore ISI raised their price objective on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group decreased their target price 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 analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $139.57.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $122.36 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.17 and a quick ratio of 0.57. The firm has a market cap of $17.01 billion, a price-to-earnings ratio of 15.75 and a beta of 0.92. The stock’s 50-day moving average is $132.05 and its 200-day moving average is $139.31. Genuine Parts has a one year low of $112.74 and a one year high of $164.45.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.54). The business had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.94 billion. Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. Genuine Parts’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.49 earnings per share. Equities 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 disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Friday, September 6th. Genuine Parts’s payout ratio is 51.48%.

Genuine Parts Company 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.