Ascent Group LLC Reduces Stock Holdings in Genuine Parts (NYSE:GPC)

Ascent Group LLC lowered its position in Genuine Parts (NYSE:GPC) by 26.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,308 shares of the specialty retailer’s stock after selling 2,970 shares during the quarter. Ascent Group LLC’s holdings in Genuine Parts were worth $1,149,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. WD Rutherford LLC acquired a new position in Genuine Parts in the first quarter valued at about $26,000. Union Savings Bank lifted its position in Genuine Parts by 100.0% in the first quarter. Union Savings Bank now owns 200 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 100 shares during the last quarter. Thompson Investment Management Inc. acquired a new position in Genuine Parts in the first quarter valued at about $35,000. Stephens Consulting LLC lifted its position in Genuine Parts by 740.7% in the first quarter. Stephens Consulting LLC now owns 227 shares of the specialty retailer’s stock valued at $35,000 after buying an additional 200 shares during the last quarter. Finally, Quarry LP lifted its position in Genuine Parts by 138.7% in the fourth quarter. Quarry LP now owns 284 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $139.68 on Tuesday. The firm has a market capitalization of $19.46 billion, a P/E ratio of 15.57 and a beta of 0.90. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $164.45. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66. The firm’s 50 day moving average is $139.62 and its two-hundred day moving average is $144.73.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.15). The company had revenue of $5.96 billion during 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 business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.44 earnings per share. Research analysts forecast that Genuine Parts will post 9.37 EPS for the current fiscal year.

Genuine Parts Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wedbush decreased their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Truist Financial reissued a “buy” rating and set a $164.00 price target on shares of Genuine Parts in a research report on Wednesday, August 28th. The Goldman Sachs Group reduced their price target on shares of 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 reduced their price target on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating on the stock in a research report on Wednesday, July 24th. Finally, UBS Group reduced 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. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.