Amalgamated Bank Cuts Stake in Genuine Parts (NYSE:GPC)

Amalgamated Bank cut its holdings in shares of Genuine Parts (NYSE:GPC) by 2.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 26,762 shares of the specialty retailer’s stock after selling 615 shares during the period. Amalgamated Bank’s holdings in Genuine Parts were worth $3,125,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its holdings in Genuine Parts by 8.5% in the third quarter. Assenagon Asset Management S.A. now owns 4,627 shares of the specialty retailer’s stock valued at $646,000 after purchasing an additional 361 shares during the period. First Trust Direct Indexing L.P. boosted its stake in shares of Genuine Parts by 10.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,133 shares of the specialty retailer’s stock valued at $717,000 after buying an additional 466 shares during the period. Pinnacle Associates Ltd. boosted its stake in shares of Genuine Parts by 12.8% in the 3rd quarter. Pinnacle Associates Ltd. now owns 3,549 shares of the specialty retailer’s stock valued at $492,000 after buying an additional 404 shares during the period. HM Payson & Co. grew its position in shares of Genuine Parts by 20.2% during the third quarter. HM Payson & Co. now owns 3,200 shares of the specialty retailer’s stock worth $447,000 after buying an additional 537 shares in the last quarter. Finally, Stephens Inc. AR increased its stake in shares of Genuine Parts by 5.9% during the third quarter. Stephens Inc. AR now owns 11,725 shares of the specialty retailer’s stock worth $1,638,000 after buying an additional 657 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Insider Activity

In related news, Director Wendy B. Needham sold 1,608 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $120.78, for a total value of $194,214.24. Following the transaction, the director now owns 11,357 shares in the company, valued at $1,371,698.46. The trade was a 12.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.37% of the company’s stock.

Genuine Parts Trading Up 1.9 %

NYSE:GPC opened at $125.02 on Friday. The company has a market capitalization of $17.35 billion, a PE ratio of 19.32 and a beta of 0.94. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The stock’s 50 day moving average price is $118.94 and its 200 day moving average price is $126.58. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The business had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.71 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. During the same period last year, the firm posted $2.26 earnings per share. On average, research analysts anticipate that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.30%. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Friday, March 7th. Genuine Parts’s dividend payout ratio is presently 63.68%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GPC shares. Redburn Atlantic upgraded shares of Genuine Parts to a “hold” rating in a research note on Monday, November 11th. Evercore ISI lowered their target price on shares of Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. Truist Financial raised their price target on Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Finally, Loop Capital initiated coverage on Genuine Parts in a research report on Thursday, January 16th. They set a “buy” rating and a $155.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $137.63.

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.