Federated Hermes Inc. Reduces Position in Genuine Parts (NYSE:GPC)

Federated Hermes Inc. lessened its position in shares of Genuine Parts (NYSE:GPC) by 92.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,065 shares of the specialty retailer’s stock after selling 13,303 shares during the quarter. Federated Hermes Inc.’s holdings in Genuine Parts were worth $147,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Stifel Financial Corp boosted its position in Genuine Parts by 27.0% in the fourth quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock valued at $281,078,000 after buying an additional 431,623 shares during the last quarter. Comerica Bank increased its stake in shares of Genuine Parts by 19.6% in the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock worth $17,609,000 after acquiring an additional 18,657 shares during the period. Harvest Investment Advisors LLC increased its stake in shares of Genuine Parts by 1.5% in the fourth quarter. Harvest Investment Advisors LLC now owns 8,869 shares of the specialty retailer’s stock worth $1,228,000 after acquiring an additional 133 shares during the period. Mezzasalma Advisors LLC raised its holdings in shares of 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 purchasing an additional 10,019 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in Genuine Parts by 137.9% during the first 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 period. 78.83% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

NYSE:GPC opened at $139.66 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. The stock has a market capitalization of $19.45 billion, a PE ratio of 15.57 and a beta of 0.90. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two week high of $164.45. The company has a fifty day moving average of $139.62 and a two-hundred day moving average of $145.09.

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

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, September 6th. Genuine Parts’s dividend payout ratio is presently 44.59%.

Analysts Set New Price Targets

A number of research firms have weighed in on GPC. Evercore ISI reduced their price objective on Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a research note on Wednesday, July 24th. Wedbush dropped their price objective on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. UBS Group dropped their price target on shares of Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 3rd. Finally, Truist Financial reiterated a “buy” rating and issued a $164.00 price objective on shares of Genuine Parts in a research report on Wednesday, August 28th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Genuine Parts currently has an average rating of “Hold” and an average price target of $161.14.

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.