Genuine Parts (NYSE:GPC) Stock Holdings Lowered by Truist Financial Corp

Truist Financial Corp decreased its stake in Genuine Parts (NYSE:GPC) by 3.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,393,045 shares of the specialty retailer’s stock after selling 54,266 shares during the quarter. Truist Financial Corp owned approximately 1.00% of Genuine Parts worth $192,686,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of GPC. Comerica Bank grew its holdings in Genuine Parts by 19.6% during the 1st 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 last quarter. Harvest Investment Advisors LLC increased its position in Genuine Parts by 1.5% during the 4th quarter. Harvest Investment Advisors LLC now owns 8,869 shares of the specialty retailer’s stock worth $1,228,000 after buying an additional 133 shares during the period. Mezzasalma Advisors LLC raised its position in Genuine Parts by 497.0% during the first quarter. Mezzasalma Advisors LLC now owns 12,035 shares of the specialty retailer’s stock valued at $1,865,000 after purchasing an additional 10,019 shares in the last quarter. Acadian Asset Management LLC boosted its position 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 worth $3,560,000 after buying an additional 13,330 shares during the period. Finally, Hennessy Advisors Inc. acquired a new stake in Genuine Parts during the first quarter worth approximately $3,083,000. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Stock Performance

NYSE:GPC opened at $139.68 on Tuesday. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two 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 stock has a market cap of $19.46 billion, a PE ratio of 15.57 and a beta of 0.90. The firm’s fifty day simple moving average is $139.62 and its 200-day simple moving average is $144.73.

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

Genuine Parts Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GPC. Truist Financial reiterated a “buy” rating and set a $164.00 target price on shares of Genuine Parts in a research report on Wednesday, August 28th. The Goldman Sachs Group dropped their target price on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a 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 for the company in a report on Wednesday, July 24th. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. Finally, Wedbush dropped their target price on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average 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.