Brookstone Capital Management Trims Stock Position in Genuine Parts (NYSE:GPC)

Brookstone Capital Management lowered its holdings in shares of Genuine Parts (NYSE:GPC) by 8.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,888 shares of the specialty retailer’s stock after selling 644 shares during the quarter. Brookstone Capital Management’s holdings in Genuine Parts were worth $1,067,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GPC. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Genuine Parts in the 3rd quarter worth approximately $662,000. Tower Research Capital LLC TRC increased its holdings in Genuine Parts by 340.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,423 shares of the specialty retailer’s stock worth $1,360,000 after acquiring an additional 7,282 shares in the last quarter. Bank of Nova Scotia increased its holdings in Genuine Parts by 87.9% in the 3rd quarter. Bank of Nova Scotia now owns 27,732 shares of the specialty retailer’s stock worth $4,004,000 after acquiring an additional 12,970 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its holdings in Genuine Parts by 422.8% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 67,772 shares of the specialty retailer’s stock worth $9,785,000 after acquiring an additional 54,808 shares in the last quarter. Finally, Quadrature Capital Ltd increased its holdings in Genuine Parts by 507.8% in the 3rd quarter. Quadrature Capital Ltd now owns 10,807 shares of the specialty retailer’s stock worth $1,560,000 after acquiring an additional 9,029 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Wall Street Analyst Weigh In

GPC has been the subject of several analyst reports. Truist Financial increased their target price on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Evercore ISI increased their price objective on shares of Genuine Parts from $160.00 to $165.00 and gave the company an “in-line” rating in a report on Thursday, June 20th. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, May 24th. Jefferies Financial Group increased their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a report on Friday, April 19th. Finally, Wedbush reaffirmed a “neutral” rating and set a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $169.63.

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 3,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total value of $453,870.00. Following the completion of the sale, the director now directly owns 13,006 shares in the company, valued at $1,967,677.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.37% of the stock is owned by corporate insiders.

Genuine Parts Stock Up 0.7 %

NYSE GPC opened at $138.32 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.59 and a current ratio of 1.14. The company has a market capitalization of $19.27 billion, a P/E ratio of 15.42 and a beta of 0.92. Genuine Parts has a one year low of $126.35 and a one year high of $170.57. The stock has a 50 day moving average price of $148.55 and a 200-day moving average price of $146.53.

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

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be given a $1.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $4.00 dividend on an annualized basis and a yield of 2.89%. Genuine Parts’s dividend payout ratio is presently 44.59%.

Genuine Parts Company 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.