Genuine Parts (NYSE:GPC) Stake Lessened by Beacon Financial Group

Beacon Financial Group lessened its stake in Genuine Parts (NYSE:GPC) by 6.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,977 shares of the specialty retailer’s stock after selling 1,555 shares during the period. Beacon Financial Group’s holdings in Genuine Parts were worth $2,857,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in GPC. Caprock Group LLC bought a new stake in Genuine Parts during the fourth quarter valued at $540,000. Dimensional Fund Advisors LP increased its stake in Genuine Parts by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,698,737 shares of the specialty retailer’s stock valued at $198,338,000 after purchasing an additional 182,965 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Genuine Parts by 436.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 31,451 shares of the specialty retailer’s stock valued at $3,672,000 after purchasing an additional 25,583 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Genuine Parts during the fourth quarter valued at $21,840,000. Finally, Parvin Asset Management LLC bought a new stake in Genuine Parts during the fourth quarter valued at $1,320,000. Institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

GPC has been the subject of several analyst reports. Wall Street Zen downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Saturday, April 26th. Truist Financial boosted their price target on shares of Genuine Parts from $133.00 to $137.00 and gave the company a “buy” rating in a report on Thursday, April 24th. Evercore ISI reduced their price target on shares of Genuine Parts from $135.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, April 23rd. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. Finally, Argus raised shares of Genuine Parts to a “strong-buy” rating in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Genuine Parts presently has an average rating of “Moderate Buy” and an average price target of $130.86.

Genuine Parts Stock Performance

GPC stock opened at $126.32 on Thursday. The company has a market capitalization of $17.53 billion, a P/E ratio of 19.52 and a beta of 0.76. The company has a 50-day simple moving average of $119.41 and a 200 day simple moving average of $120.32. Genuine Parts has a fifty-two week low of $104.01 and a fifty-two week high of $149.22. 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 posted its quarterly earnings data on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.09. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.83 billion. Sell-side analysts predict that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Friday, June 6th will be paid a $1.03 dividend. The ex-dividend date is Friday, June 6th. This represents a $4.12 annualized dividend and a dividend yield of 3.26%. Genuine Parts’s dividend payout ratio is currently 67.65%.

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.