Tidal Investments LLC Decreases Stock Position in Genuine Parts (NYSE:GPC)

Tidal Investments LLC decreased its holdings in shares of Genuine Parts (NYSE:GPC) by 2.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 9,986 shares of the specialty retailer’s stock after selling 240 shares during the period. Tidal Investments LLC’s holdings in Genuine Parts were worth $1,395,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Wulff Hansen & CO. grew its position in Genuine Parts by 13,732.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer’s stock worth $216,675,000 after purchasing an additional 1,555,149 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Genuine Parts by 14,222.1% during the third quarter. International Assets Investment Management LLC now owns 584,342 shares of the specialty retailer’s stock valued at $81,621,000 after buying an additional 580,262 shares during the last quarter. State Street Corp increased its position in shares of Genuine Parts by 5.4% in the 3rd quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock valued at $1,103,300,000 after acquiring an additional 401,180 shares during the period. Boston Trust Walden Corp purchased a new position in Genuine Parts in the 3rd quarter worth $39,474,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in Genuine Parts by 1,038.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 277,802 shares of the specialty retailer’s stock worth $38,803,000 after acquiring an additional 253,400 shares during the period. Institutional investors and hedge funds own 78.83% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GPC. Truist Financial reduced their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. The Goldman Sachs Group reduced their price target on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research report on Wednesday, October 23rd. Evercore ISI increased their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 22nd. Wedbush reduced their target price on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Finally, UBS Group lowered their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Genuine Parts has a consensus rating of “Hold” and a consensus price target of $139.57.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 1,608 shares of Genuine Parts stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $120.78, for a total value of $194,214.24. Following the sale, the director now directly owns 11,357 shares in the company, valued at approximately $1,371,698.46. The trade was a 12.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Genuine Parts Stock Down 2.4 %

GPC stock opened at $115.59 on Thursday. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17. The firm’s fifty day moving average is $124.55 and its 200 day moving average is $134.05. The firm has a market cap of $16.07 billion, a PE ratio of 14.88 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The business had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. Genuine Parts’s revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the business earned $2.49 earnings per share. On average, research analysts forecast that Genuine Parts will post 8.09 EPS for the current year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, December 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.46%. Genuine Parts’s dividend payout ratio (DPR) is 51.48%.

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.