Genuine Parts (NYSE:GPC) Shares Bought by ProVise Management Group LLC

ProVise Management Group LLC raised its holdings in shares of Genuine Parts (NYSE:GPC) by 6.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,943 shares of the specialty retailer’s stock after acquiring an additional 1,324 shares during the quarter. ProVise Management Group LLC’s holdings in Genuine Parts were worth $3,035,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Manchester Capital Management LLC boosted its holdings in Genuine Parts by 36.1% in the first quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 66 shares in the last quarter. North Star Investment Management Corp. grew its position in shares of Genuine Parts by 8.5% in the 1st quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer’s stock valued at $138,000 after buying an additional 70 shares during the last quarter. CHICAGO TRUST Co NA raised its stake in Genuine Parts by 3.6% during the 1st quarter. CHICAGO TRUST Co NA now owns 2,042 shares of the specialty retailer’s stock worth $316,000 after acquiring an additional 71 shares in the last quarter. First Citizens Bank & Trust Co. lifted its position in Genuine Parts by 4.9% in the second quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer’s stock valued at $224,000 after acquiring an additional 75 shares during the last quarter. Finally, HBK Sorce Advisory LLC boosted its stake in Genuine Parts by 1.8% in the first quarter. HBK Sorce Advisory LLC now owns 4,437 shares of the specialty retailer’s stock valued at $689,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Stock Up 0.8 %

Shares of Genuine Parts stock opened at $139.14 on Friday. Genuine Parts has a one year low of $126.35 and a one year high of $164.45. The company has a market cap of $19.38 billion, a P/E ratio of 15.51 and a beta of 0.90. 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 firm has a fifty day moving average of $139.71 and a two-hundred day moving average of $145.46.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) 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 firm had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same period in the prior year, the company earned $2.44 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts forecast that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Friday, September 6th. Genuine Parts’s dividend payout ratio is presently 44.59%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GPC shares. The Goldman Sachs Group reduced their target price on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Evercore ISI decreased their price objective 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. UBS Group cut their target price on shares of Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $164.00 target price on shares of Genuine Parts in a report on Wednesday, August 28th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Genuine Parts currently has a consensus rating of “Hold” and a consensus price target 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.