Forsta AP Fonden Sells 1,300 Shares of Genuine Parts (NYSE:GPC)

Forsta AP Fonden reduced its position in Genuine Parts (NYSE:GPC) by 4.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,900 shares of the specialty retailer’s stock after selling 1,300 shares during the period. Forsta AP Fonden’s holdings in Genuine Parts were worth $3,859,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GPC. Stifel Financial Corp boosted its holdings in shares of Genuine Parts by 27.0% in the fourth 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 last quarter. Comerica Bank lifted its holdings in shares of Genuine Parts by 19.6% in the 1st quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after acquiring an additional 18,657 shares during the last quarter. Harvest Investment Advisors LLC boosted its holdings in shares of Genuine Parts by 1.5% in the 4th quarter. Harvest Investment Advisors LLC now owns 8,869 shares of the specialty retailer’s stock worth $1,228,000 after purchasing an additional 133 shares during the period. Mezzasalma Advisors LLC boosted its stake in Genuine Parts by 497.0% during the first quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock worth $1,865,000 after buying an additional 10,019 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in Genuine Parts by 137.9% during the 1st quarter. Acadian Asset Management LLC now owns 22,997 shares of the specialty retailer’s stock valued at $3,560,000 after purchasing an additional 13,330 shares during the last quarter. 78.83% of the stock is owned by institutional investors.

Genuine Parts Stock Performance

Shares of NYSE GPC opened at $137.35 on Monday. The company’s fifty day moving average price is $139.38 and its 200 day moving average price is $145.68. The company has a market capitalization of $19.14 billion, a PE ratio of 15.31 and a beta of 0.90. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $164.45. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12.

Genuine Parts (NYSE:GPC) last announced its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The business had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the business earned $2.44 EPS. On average, research analysts predict that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, September 6th. Genuine Parts’s payout ratio is 44.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GPC shares. The Goldman Sachs Group cut their price objective on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Evercore ISI cut their price target on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a report on Wednesday, July 24th. Wedbush lowered their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Truist Financial restated a “buy” rating and set a $164.00 price objective on shares of Genuine Parts in a report on Wednesday, August 28th. Finally, UBS Group lowered their price target on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a research report on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Genuine Parts currently has an average rating of “Hold” and an average target price of $161.14.

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.