Summit Trail Advisors LLC Increases Holdings in Genuine Parts (NYSE:GPC)

Summit Trail Advisors LLC raised its stake in Genuine Parts (NYSE:GPC) by 7.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,273 shares of the specialty retailer’s stock after buying an additional 166 shares during the quarter. Summit Trail Advisors LLC’s holdings in Genuine Parts were worth $317,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sei Investments Co. increased its position in Genuine Parts by 11.7% during the second quarter. Sei Investments Co. now owns 118,676 shares of the specialty retailer’s stock worth $16,413,000 after purchasing an additional 12,437 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Genuine Parts by 21.1% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 29,240 shares of the specialty retailer’s stock worth $4,044,000 after buying an additional 5,100 shares during the last quarter. AE Wealth Management LLC lifted its holdings in Genuine Parts by 23.7% in the second quarter. AE Wealth Management LLC now owns 24,396 shares of the specialty retailer’s stock valued at $3,374,000 after acquiring an additional 4,672 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Genuine Parts by 45.2% in the second quarter. Canada Pension Plan Investment Board now owns 22,207 shares of the specialty retailer’s stock worth $3,072,000 after acquiring an additional 6,911 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Genuine Parts by 8.3% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,551 shares of the specialty retailer’s stock worth $1,183,000 after acquiring an additional 656 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Price Performance

Genuine Parts stock opened at $137.74 on Tuesday. The company’s 50 day moving average is $139.66 and its two-hundred day moving average is $145.17. The firm has a market cap of $19.19 billion, a PE ratio of 15.36 and a beta of 0.90. The company has a quick ratio of 0.54, a current ratio of 1.12 and a debt-to-equity ratio of 0.66. Genuine Parts has a 52-week low of $126.35 and a 52-week high of $164.45.

Genuine Parts (NYSE:GPC) last released its earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The company had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $6.03 billion. During the same quarter last year, the business posted $2.44 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts expect that Genuine Parts will post 9.37 EPS 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 paid 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 2.90%. Genuine Parts’s payout ratio is 44.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on GPC shares. Truist Financial reiterated a “buy” rating and set a $164.00 price target on shares of Genuine Parts in a report on Wednesday, August 28th. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. Evercore ISI lowered their price objective on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a research report on Wednesday, July 24th. The Goldman Sachs Group cut their target price on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Finally, Wedbush lowered their price target on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.