Rhumbline Advisers Increases Stock Position in Genuine Parts (NYSE:GPC)

Rhumbline Advisers lifted its holdings in Genuine Parts (NYSE:GPC) by 9.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 267,672 shares of the specialty retailer’s stock after purchasing an additional 23,598 shares during the period. Rhumbline Advisers owned about 0.19% of Genuine Parts worth $31,890,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC lifted its position in shares of Genuine Parts by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 3,362,748 shares of the specialty retailer’s stock worth $391,604,000 after purchasing an additional 65,783 shares during the period. Invesco Ltd. lifted its position in shares of Genuine Parts by 18.9% in the 4th quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer’s stock worth $380,898,000 after purchasing an additional 518,851 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Genuine Parts by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,889,930 shares of the specialty retailer’s stock worth $337,428,000 after purchasing an additional 145,960 shares during the period. Stifel Financial Corp lifted its position in shares of Genuine Parts by 21.6% in the 4th quarter. Stifel Financial Corp now owns 2,502,852 shares of the specialty retailer’s stock worth $292,233,000 after purchasing an additional 445,259 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Genuine Parts by 5.1% in the 4th quarter. Ameriprise Financial Inc. now owns 2,136,214 shares of the specialty retailer’s stock worth $249,426,000 after purchasing an additional 104,343 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Saturday, April 26th. Argus raised shares of Genuine Parts to a “strong-buy” rating in a research report on Friday, April 25th. Evercore ISI decreased their target price on shares of Genuine Parts from $135.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 target price (down previously from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Finally, Truist Financial increased their target price on shares of Genuine Parts from $133.00 to $137.00 and gave the company a “buy” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $130.86.

Genuine Parts Trading Down 1.1%

Shares of Genuine Parts stock opened at $126.32 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $149.22. The firm has a market capitalization of $17.53 billion, a price-to-earnings ratio of 19.52 and a beta of 0.76. The firm’s 50 day simple moving average is $119.41 and its two-hundred day simple moving average is $120.32.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.83 billion. Analysts predict that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Announces Dividend

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 of this dividend is Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.26%. Genuine Parts’s payout ratio is currently 67.65%.

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.