Byrne Asset Management LLC Acquires 548 Shares of Genuine Parts (NYSE:GPC)

Byrne Asset Management LLC boosted its position in Genuine Parts (NYSE:GPC) by 11.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,400 shares of the specialty retailer’s stock after buying an additional 548 shares during the quarter. Byrne Asset Management LLC’s holdings in Genuine Parts were worth $643,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Genuine Parts in the 4th quarter worth $206,645,000. Junto Capital Management LP acquired a new stake in Genuine Parts in the 4th quarter worth $94,868,000. Equity Investment Corp acquired a new stake in Genuine Parts in the 4th quarter worth $84,128,000. Alyeska Investment Group L.P. grew its position in Genuine Parts by 204.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer’s stock worth $92,129,000 after purchasing an additional 530,057 shares during the last quarter. Finally, Invesco Ltd. grew its position in 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 last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Genuine Parts Price Performance

Shares of Genuine Parts stock opened at $119.43 on Friday. Genuine Parts has a twelve month low of $104.01 and a twelve month high of $149.22. The firm has a market cap of $16.58 billion, a P/E ratio of 18.46 and a beta of 0.76. The firm’s 50-day simple moving average is $120.58 and its 200-day simple moving average is $120.29. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.83 billion. As a group, research analysts expect that Genuine Parts will post 7.9 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Friday, June 6th will be issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, June 6th. 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.