Verity & Verity LLC Grows Position in Genuine Parts (NYSE:GPC)

Verity & Verity LLC grew its holdings in Genuine Parts (NYSE:GPC) by 2.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 95,274 shares of the specialty retailer’s stock after buying an additional 2,532 shares during the period. Verity & Verity LLC owned 0.07% of Genuine Parts worth $13,308,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GPC. Acadian Asset Management LLC raised its holdings in Genuine Parts by 137.9% in the 1st quarter. Acadian Asset Management LLC now owns 22,997 shares of the specialty retailer’s stock valued at $3,560,000 after acquiring an additional 13,330 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of Genuine Parts by 13.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 18,915 shares of the specialty retailer’s stock valued at $2,930,000 after purchasing an additional 2,249 shares during the last quarter. Seven Eight Capital LP lifted its position in Genuine Parts by 116.7% during the first quarter. Seven Eight Capital LP now owns 8,535 shares of the specialty retailer’s stock worth $1,322,000 after buying an additional 4,597 shares in the last quarter. UniSuper Management Pty Ltd boosted 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 buying an additional 6,340 shares during the last quarter. Finally, Lake Street Advisors Group LLC purchased a new stake in Genuine Parts in the 1st quarter valued at $278,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $124.18 on Tuesday. The stock has a market capitalization of $17.27 billion, a price-to-earnings ratio of 15.98 and a beta of 0.92. 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 business has a 50-day moving average of $130.54 and a 200 day moving average of $138.08. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45.

Genuine Parts (NYSE:GPC) last announced its 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). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.94 billion. During the same period in the previous year, the company earned $2.49 earnings per share. Genuine Parts’s quarterly revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts forecast that Genuine Parts will post 8.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

GPC has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Truist Financial reduced 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. Wedbush dropped 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 lifted their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research report on Tuesday, October 22nd. Finally, Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Genuine Parts presently has a consensus rating of “Hold” and a consensus 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.