Genuine Parts (NYSE:GPC) Price Target Raised to $183.00 at Truist Financial

Genuine Parts (NYSE:GPC) had its price target upped by Truist Financial from $167.00 to $183.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the specialty retailer’s stock.

Several other research firms also recently issued reports on GPC. StockNews.com upgraded Genuine Parts from a hold rating to a buy rating in a research note on Friday, April 5th. Wedbush reissued a neutral rating and set a $140.00 price objective on shares of Genuine Parts in a research report on Friday, February 16th. Finally, Evercore ISI cut their price objective on Genuine Parts from $160.00 to $155.00 and set an in-line rating for the company in a research report on Tuesday. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Genuine Parts has an average rating of Hold and an average target price of $173.10.

Genuine Parts Stock Performance

GPC opened at $162.39 on Friday. The company has a market cap of $22.64 billion, a PE ratio of 18.10 and a beta of 0.94. The stock has a 50-day moving average of $150.30 and a 200-day moving average of $142.34. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.63 and a current ratio of 1.14.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07. The company had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.14 EPS. As a group, equities research analysts forecast that Genuine Parts will post 9.85 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were issued a $1.00 dividend. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 annualized dividend and a yield of 2.46%. Genuine Parts’s dividend payout ratio is 44.59%.

Insider Activity

In other news, Director Wendy B. Needham sold 3,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value of $503,490.00. Following the sale, the director now directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Genuine Parts

Several large investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. grew its stake in shares of Genuine Parts by 42.9% in the 4th quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock valued at $35,000 after purchasing an additional 60 shares during the period. Wetherby Asset Management Inc. grew its stake in shares of Genuine Parts by 3.0% in the 1st quarter. Wetherby Asset Management Inc. now owns 2,101 shares of the specialty retailer’s stock valued at $352,000 after purchasing an additional 61 shares during the period. Federated Hermes Inc. grew its stake in shares of Genuine Parts by 2.9% in the 3rd quarter. Federated Hermes Inc. now owns 2,402 shares of the specialty retailer’s stock valued at $359,000 after purchasing an additional 68 shares during the period. CHICAGO TRUST Co NA grew its position in Genuine Parts by 3.6% during the 1st quarter. CHICAGO TRUST Co NA now owns 2,042 shares of the specialty retailer’s stock worth $316,000 after acquiring an additional 71 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its position in Genuine Parts by 5.0% during the 3rd quarter. Axxcess Wealth Management LLC now owns 1,546 shares of the specialty retailer’s stock worth $223,000 after acquiring an additional 74 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

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.