ProShare Advisors LLC Reduces Stock Position in Genuine Parts (NYSE:GPC)

ProShare Advisors LLC cut its stake in shares of Genuine Parts (NYSE:GPC) by 9.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,108,044 shares of the specialty retailer’s stock after selling 116,391 shares during the period. ProShare Advisors LLC owned about 0.80% of Genuine Parts worth $153,265,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GPC. WD Rutherford LLC purchased a new position in Genuine Parts in the first quarter worth about $26,000. Assetmark Inc. boosted its holdings in shares of Genuine Parts by 109.1% in the fourth quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock worth $25,000 after buying an additional 96 shares during the last quarter. Union Savings Bank boosted its holdings in shares of Genuine Parts by 100.0% in the first quarter. Union Savings Bank now owns 200 shares of the specialty retailer’s stock worth $31,000 after buying an additional 100 shares during the last quarter. Thompson Investment Management Inc. purchased a new stake in Genuine Parts during the first quarter valued at approximately $35,000. Finally, Stephens Consulting LLC raised 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 worth $35,000 after acquiring an additional 200 shares during the period. 78.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. UBS Group decreased their price objective on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Truist Financial reaffirmed a “buy” rating and set a $164.00 price objective on shares of Genuine Parts in a research report on Wednesday, August 28th. Wedbush reduced their target price on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Finally, Evercore ISI lowered 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 report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $161.14.

Genuine Parts Trading Down 1.5 %

Shares of GPC opened at $137.02 on Friday. The firm has a market cap of $19.09 billion, a P/E ratio of 15.28 and a beta of 0.90. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $164.45. The company has a 50 day simple moving average of $139.73 and a two-hundred day simple moving average of $145.29.

Genuine Parts (NYSE:GPC) last posted its 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). The company 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 business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the business posted $2.44 earnings per share. On average, equities analysts expect that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be given a $1.00 dividend. 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 2.92%. Genuine Parts’s dividend payout ratio is currently 44.59%.

Genuine Parts Company 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.