Short Interest in Genuine Parts (NYSE:GPC) Decreases By 18.6%

Genuine Parts (NYSE:GPC) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 4,430,000 shares, a drop of 18.6% from the February 28th total of 5,440,000 shares. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is currently 2.9 days. Approximately 3.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GPC. Loop Capital started coverage on Genuine Parts in a report on Thursday, January 16th. They set a “buy” rating and a $155.00 target price for the company. Truist Financial upped their price objective on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Evercore ISI lifted their target price on Genuine Parts from $125.00 to $128.00 and gave the company an “in-line” rating in a research note on Tuesday. The Goldman Sachs Group reissued a “sell” rating and set a $114.00 price target (down from $133.00) on shares of Genuine Parts in a research report on Tuesday. Finally, Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $135.00.

Genuine Parts Stock Performance

Shares of Genuine Parts stock traded up $1.72 during midday trading on Wednesday, hitting $120.17. The company had a trading volume of 1,078,396 shares, compared to its average volume of 1,217,214. The company has a fifty day simple moving average of $121.16 and a 200 day simple moving average of $123.72. The stock has a market cap of $16.68 billion, a price-to-earnings ratio of 18.57 and a beta of 0.93. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The business 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 last year, the company posted $2.26 earnings per share. As a group, analysts predict that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th will be paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s payout ratio is presently 63.68%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Millstone Evans Group LLC acquired a new position in Genuine Parts in the 4th quarter worth approximately $25,000. Kestra Investment Management LLC purchased a new stake in shares of Genuine Parts in the 4th quarter valued at $28,000. First Command Advisory Services Inc. acquired a new stake in shares of Genuine Parts in the fourth quarter worth $28,000. Compass Planning Associates Inc purchased a new position in shares of Genuine Parts during the fourth quarter worth $29,000. Finally, Synergy Asset Management LLC acquired a new position in Genuine Parts during the fourth quarter valued at $32,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

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.