American International Group Inc. Lowers Position in Genuine Parts (NYSE:GPC)

American International Group Inc. lessened its stake in Genuine Parts (NYSE:GPC) by 2.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,307 shares of the specialty retailer’s stock after selling 1,121 shares during the period. American International Group Inc.’s holdings in Genuine Parts were worth $6,552,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in shares of Genuine Parts by 7.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,707,699 shares of the specialty retailer’s stock worth $353,436,000 after buying an additional 185,913 shares during the period. Stifel Financial Corp raised its stake in shares of Genuine Parts by 27.0% during the 4th quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after buying an additional 431,623 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Genuine Parts by 23.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,633,941 shares of the specialty retailer’s stock worth $235,916,000 after buying an additional 313,438 shares during the period. Norges Bank acquired a new position in shares of Genuine Parts during the 4th quarter worth approximately $215,643,000. Finally, Northern Trust Corp raised its stake in shares of Genuine Parts by 4.3% during the 3rd quarter. Northern Trust Corp now owns 1,491,923 shares of the specialty retailer’s stock worth $215,404,000 after buying an additional 61,764 shares during the period. 78.83% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

NYSE GPC opened at $141.42 on Friday. The stock has a market cap of $19.70 billion, a PE ratio of 15.77 and a beta of 0.92. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $170.57. The stock has a fifty day simple moving average of $149.85 and a 200-day simple moving average of $146.27.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The business had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.84 billion. During the same period in the prior year, the business posted $2.14 EPS. The company’s revenue was up .3% compared to the same quarter last year. Equities analysts anticipate that Genuine Parts will post 9.92 earnings per share for the current year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Friday, June 7th. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GPC shares. Truist Financial upped their target price on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Wedbush reissued a “neutral” rating and issued a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Evercore ISI increased their price objective on Genuine Parts from $160.00 to $165.00 and gave the company an “in-line” rating in a research note on Thursday. Finally, Jefferies Financial Group raised their target price on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research note on Friday, April 19th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $172.44.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total transaction of $453,870.00. Following the completion of the transaction, the director now directly owns 13,006 shares in the company, valued at approximately $1,967,677.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.37% of the stock is currently owned by company insiders.

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.