Handelsbanken Fonder AB Lowers Stock Position in Genuine Parts (NYSE:GPC)

Handelsbanken Fonder AB reduced its position in Genuine Parts (NYSE:GPC) by 3.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 78,839 shares of the specialty retailer’s stock after selling 2,793 shares during the period. Handelsbanken Fonder AB’s holdings in Genuine Parts were worth $10,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC lifted its stake in shares of Genuine Parts by 13.4% in the 3rd quarter. CWM LLC now owns 3,628 shares of the specialty retailer’s stock valued at $524,000 after purchasing an additional 428 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Genuine Parts by 18.7% in the 3rd quarter. SG Americas Securities LLC now owns 11,467 shares of the specialty retailer’s stock valued at $1,656,000 after purchasing an additional 1,809 shares in the last quarter. RFG Advisory LLC acquired a new position in shares of Genuine Parts in the 3rd quarter valued at about $227,000. DAVENPORT & Co LLC lifted its stake in shares of Genuine Parts by 4.6% in the 3rd quarter. DAVENPORT & Co LLC now owns 6,099 shares of the specialty retailer’s stock valued at $881,000 after purchasing an additional 269 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its stake in shares of Genuine Parts by 51.9% in the 3rd quarter. Avior Wealth Management LLC now owns 483 shares of the specialty retailer’s stock valued at $70,000 after purchasing an additional 165 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Insider Activity

In other news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the sale, the director now directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.37% of the company’s stock.

Genuine Parts Price Performance

GPC stock opened at $161.80 on Thursday. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $174.91. The stock’s 50 day moving average is $151.08 and its two-hundred day moving average is $142.62. The company has a market capitalization of $22.54 billion, a PE ratio of 18.04 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. During the same period in the previous year, the business earned $2.14 EPS. Genuine Parts’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts predict that Genuine Parts will post 9.89 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.47%. This is an increase from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s payout ratio is 44.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Jefferies Financial Group lifted their price objective on Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research note on Friday, April 19th. Wedbush reiterated a “neutral” rating and set a $170.00 target price (up from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. Evercore ISI dropped their target price on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Finally, Truist Financial raised their target price on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a report on Friday, April 19th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $173.10.

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.