Pinnacle West Asset Management Inc. Increases Position in Genuine Parts (NYSE:GPC)

Pinnacle West Asset Management Inc. raised its position in Genuine Parts (NYSE:GPC) by 2.6% during the fourth quarter, HoldingsChannel reports. The firm owned 7,035 shares of the specialty retailer’s stock after buying an additional 175 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in Genuine Parts were worth $821,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Genuine Parts in the 3rd quarter valued at approximately $26,000. Kestra Investment Management LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $28,000. Compass Planning Associates Inc purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $29,000. Capital Performance Advisors LLP purchased a new stake in shares of Genuine Parts in the 3rd quarter valued at approximately $31,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $32,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Genuine Parts

In other news, Director Wendy B. Needham sold 1,608 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $120.78, for a total value of $194,214.24. Following the completion of the sale, the director now owns 11,357 shares in the company, valued at approximately $1,371,698.46. This trade represents a 12.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Evercore ISI dropped their target price on shares of Genuine Parts from $128.00 to $125.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. Loop Capital assumed coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price on the stock. Truist Financial increased their target price on shares of Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, Redburn Atlantic raised shares of Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Genuine Parts currently has an average rating of “Hold” and a consensus target price of $137.63.

Genuine Parts Stock Up 0.8 %

Shares of NYSE:GPC opened at $123.22 on Wednesday. The stock has a market cap of $17.13 billion, a P/E ratio of 19.04 and a beta of 0.94. The firm has a fifty day moving average price of $118.46 and a 200 day moving average price of $126.78. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. Genuine Parts has a 1-year low of $112.74 and a 1-year high of $164.45.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The firm had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. During the same quarter in the prior year, the business earned $2.26 EPS. Sell-side analysts predict that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Friday, March 7th. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s dividend payout ratio (DPR) is 63.68%.

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.