Genuine Parts (NYSE:GPC) Shares Acquired by Covestor Ltd

Covestor Ltd grew its stake in shares of Genuine Parts (NYSE:GPCGet Rating) by 88.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,588 shares of the specialty retailer’s stock after purchasing an additional 745 shares during the quarter. Covestor Ltd’s holdings in Genuine Parts were worth $200,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Genuine Parts during the 4th quarter worth approximately $184,165,000. Vanguard Group Inc. increased its position in shares of Genuine Parts by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after acquiring an additional 481,039 shares during the period. State Street Corp increased its position in shares of Genuine Parts by 3.6% in the 4th quarter. State Street Corp now owns 8,081,541 shares of the specialty retailer’s stock valued at $1,139,431,000 after acquiring an additional 284,554 shares during the period. Panagora Asset Management Inc. raised its stake in Genuine Parts by 926.1% in the 1st quarter. Panagora Asset Management Inc. now owns 213,771 shares of the specialty retailer’s stock worth $26,939,000 after acquiring an additional 192,938 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Genuine Parts by 39.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 633,835 shares of the specialty retailer’s stock valued at $79,876,000 after purchasing an additional 178,892 shares during the last quarter. 78.27% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

Shares of GPC stock opened at $161.94 on Friday. Genuine Parts has a 52-week low of $115.63 and a 52-week high of $162.38. The company has a quick ratio of 0.58, a current ratio of 1.17 and a debt-to-equity ratio of 0.90. The stock has a market cap of $22.90 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 2.03 and a beta of 0.97. The business has a 50-day simple moving average of $149.65 and a 200-day simple moving average of $137.16.

Genuine Parts (NYSE:GPCGet Rating) last announced its quarterly earnings results on Wednesday, July 27th. The specialty retailer reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.17. Genuine Parts had a return on equity of 31.67% and a net margin of 5.38%. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the previous year, the company posted $1.74 earnings per share. Genuine Parts’s revenue for the quarter was up 17.1% on a year-over-year basis. On average, equities analysts expect that Genuine Parts will post 7.97 EPS for the current year.

Genuine Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be issued a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Thursday, September 1st. Genuine Parts’s dividend payout ratio (DPR) is presently 46.37%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GPC shares. Evercore ISI reduced their price objective on Genuine Parts to $135.00 in a research note on Thursday, June 9th. Wedbush raised their price target on shares of Genuine Parts from $140.00 to $150.00 in a research report on Thursday, July 28th. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $140.20.

Genuine Parts Company Profile

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Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, industrial concerns, and individuals.

Further Reading

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Institutional Ownership by Quarter for Genuine Parts (NYSE:GPC)

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