Weiss Asset Management LP Makes New Investment in Genuine Parts (NYSE:GPC)

Weiss Asset Management LP acquired a new position in shares of Genuine Parts (NYSE:GPC – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 34,250 shares of the specialty retailer’s stock, valued at approximately $5,114,000.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Genuine Parts by 1.5% during the third quarter. Vanguard Group Inc. now owns 17,760,417 shares of the specialty retailer’s stock worth $2,651,985,000 after buying an additional 258,620 shares during the last quarter. State Street Corp raised its holdings in Genuine Parts by 4.0% during the second quarter. State Street Corp now owns 8,061,113 shares of the specialty retailer’s stock worth $1,079,211,000 after buying an additional 313,090 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Genuine Parts by 4.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,860,574 shares of the specialty retailer’s stock worth $612,531,000 after buying an additional 185,529 shares during the last quarter. Truist Financial Corp raised its holdings in Genuine Parts by 14.8% during the third quarter. Truist Financial Corp now owns 1,857,081 shares of the specialty retailer’s stock worth $277,299,000 after buying an additional 239,186 shares during the last quarter. Finally, Cullen Capital Management LLC raised its holdings in Genuine Parts by 2.6% during the second quarter. Cullen Capital Management LLC now owns 1,708,791 shares of the specialty retailer’s stock worth $227,269,000 after buying an additional 43,982 shares during the last quarter. Institutional investors and hedge funds own 78.14% of the company’s stock.

Genuine Parts Price Performance

GPC opened at $162.07 on Friday. The firm has a market cap of $22.82 billion, a P/E ratio of 19.50, a PEG ratio of 1.83 and a beta of 0.90. The firm has a 50-day moving average of $170.16 and a 200 day moving average of $169.50. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.15. Genuine Parts has a fifty-two week low of $124.85 and a fifty-two week high of $187.73.

Genuine Parts (NYSE:GPC – Get Rating) last issued its earnings results on Thursday, February 23rd. The specialty retailer reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.15. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.33 billion. Genuine Parts had a net margin of 5.35% and a return on equity of 32.22%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business earned $1.79 earnings per share. On average, research analysts expect that Genuine Parts will post 8.93 EPS for the current year.

Genuine Parts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Friday, March 3rd will be given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, March 2nd. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.90. Genuine Parts’s dividend payout ratio (DPR) is currently 45.73%.

Analyst Ratings Changes

GPC has been the subject of several analyst reports. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a report on Friday, February 24th. StockNews.com initiated coverage on shares of Genuine Parts in a report on Thursday. They issued a “buy” rating for the company. The Goldman Sachs Group increased their target price on shares of Genuine Parts from $147.00 to $157.00 and gave the company a “sell” rating in a report on Thursday, February 23rd. Finally, Truist Financial increased their target price on shares of Genuine Parts from $170.00 to $186.00 and gave the company a “hold” rating in a report on Friday, February 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $152.20.

About Genuine Parts

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Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group, Industrial Parts Group, and Corporate. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.