Novare Capital Management LLC Increases Position in Genuine Parts (NYSE:GPC)

Novare Capital Management LLC grew its holdings in shares of Genuine Parts (NYSE:GPC) by 29.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,063 shares of the specialty retailer’s stock after purchasing an additional 688 shares during the period. Novare Capital Management LLC’s holdings in Genuine Parts were worth $428,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GPC. Quarry LP grew its position in Genuine Parts by 138.7% during the 4th quarter. Quarry LP now owns 284 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 165 shares during the last quarter. V Square Quantitative Management LLC increased its position in shares of Genuine Parts by 28.7% during the fourth quarter. V Square Quantitative Management LLC now owns 2,775 shares of the specialty retailer’s stock valued at $384,000 after acquiring an additional 618 shares in the last quarter. Virtu Financial LLC purchased a new position in Genuine Parts in the 4th quarter worth approximately $494,000. Wellington Management Group LLP lifted its position in Genuine Parts by 726.9% in the 4th quarter. Wellington Management Group LLP now owns 54,742 shares of the specialty retailer’s stock valued at $7,582,000 after acquiring an additional 48,122 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Genuine Parts by 4.6% during the 4th quarter. Fisher Asset Management LLC now owns 2,355 shares of the specialty retailer’s stock valued at $326,000 after purchasing an additional 103 shares during the last quarter. 78.83% of the stock is owned by institutional investors.

Genuine Parts Trading Up 1.6 %

Shares of GPC stock opened at $139.44 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The company has a market cap of $19.42 billion, a price-to-earnings ratio of 15.55 and a beta of 0.90. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $164.45. The firm has a fifty day moving average price of $138.62 and a 200-day moving average price of $143.44.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $6.03 billion. During the same quarter in the previous year, the company earned $2.44 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year. As a group, equities analysts predict that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is currently 44.59%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GPC. The Goldman Sachs Group lowered their price target on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Evercore ISI dropped their price target on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday, July 24th. StockNews.com cut shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Friday, October 4th. Wedbush dropped their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Wednesday, July 24th. Finally, Truist Financial reiterated a “buy” rating and set a $164.00 target price on shares of Genuine Parts in a research note on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Genuine Parts currently has an average rating of “Hold” and a consensus price target of $161.14.

Genuine Parts 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.