Truist Securities Begins Coverage on Genuine Parts (NYSE:GPC)

Equities researchers at Truist Securities initiated coverage on shares of Genuine Parts (NYSE:GPC) in a note issued to investors on Thursday, Analyst Ratings Network reports. The brokerage set a “hold” rating and a $142.00 price target on the specialty retailer’s stock. Truist Securities’ target price indicates a potential upside of 2.82% from the company’s current price. Truist Securities also issued estimates for Genuine Parts’ Q4 2021 earnings at $1.60 EPS, FY2021 earnings at $6.72 EPS, Q1 2022 earnings at $1.61 EPS, Q2 2022 earnings at $1.90 EPS, Q3 2022 earnings at $1.97 EPS, Q4 2022 earnings at $1.72 EPS, FY2022 earnings at $7.20 EPS, Q1 2023 earnings at $1.71 EPS, Q2 2023 earnings at $2.01 EPS, Q3 2023 earnings at $2.10 EPS, Q4 2023 earnings at $1.82 EPS and FY2023 earnings at $7.65 EPS.

Other analysts have also recently issued reports about the company. Stephens upped their price objective on Genuine Parts from $130.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, October 22nd. Truist Financial initiated coverage on Genuine Parts in a report on Thursday. They set a “hold” rating and a $142.00 price target on the stock. Finally, Zacks Investment Research downgraded Genuine Parts from a “buy” rating to a “hold” rating and set a $141.00 price target on the stock. in a research report on Wednesday, December 22nd. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Genuine Parts presently has an average rating of “Hold” and an average price target of $138.00.

Genuine Parts stock opened at $138.11 on Thursday. The business has a 50-day simple moving average of $135.46 and a two-hundred day simple moving average of $129.29. The company has a market cap of $19.67 billion, a P/E ratio of 24.53, a P/E/G ratio of 1.57 and a beta of 1.08. Genuine Parts has a 52-week low of $93.62 and a 52-week high of $142.97. The company has a quick ratio of 0.62, a current ratio of 1.19 and a debt-to-equity ratio of 0.76.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Wednesday, October 20th. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.24. The company had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.70 billion. Genuine Parts had a return on equity of 29.60% and a net margin of 4.44%. During the same period in the previous year, the company posted $1.63 EPS. Research analysts anticipate that Genuine Parts will post 6.71 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Patriot Financial Group Insurance Agency LLC increased its stake in Genuine Parts by 4.8% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 1,665 shares of the specialty retailer’s stock valued at $233,000 after purchasing an additional 76 shares in the last quarter. Jacobi Capital Management LLC increased its stake in Genuine Parts by 1.6% in the 2nd quarter. Jacobi Capital Management LLC now owns 4,964 shares of the specialty retailer’s stock valued at $628,000 after purchasing an additional 80 shares in the last quarter. CIBC Asset Management Inc increased its stake in Genuine Parts by 0.6% in the 2nd quarter. CIBC Asset Management Inc now owns 12,709 shares of the specialty retailer’s stock valued at $1,607,000 after purchasing an additional 82 shares in the last quarter. Ausdal Financial Partners Inc. increased its stake in Genuine Parts by 1.5% in the 3rd quarter. Ausdal Financial Partners Inc. now owns 5,562 shares of the specialty retailer’s stock valued at $674,000 after purchasing an additional 83 shares in the last quarter. Finally, Marks Group Wealth Management Inc increased its stake in Genuine Parts by 1.8% in the 2nd quarter. Marks Group Wealth Management Inc now owns 4,755 shares of the specialty retailer’s stock valued at $606,000 after purchasing an additional 84 shares in the last quarter. 75.70% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Company Profile

Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group and Industrial Parts Group. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.

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Analyst Recommendations for Genuine Parts (NYSE:GPC)

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