Golden State Equity Partners Decreases Holdings in Genuine Parts (NYSE:GPC)

Golden State Equity Partners trimmed its holdings in shares of Genuine Parts (NYSE:GPC) by 41.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,557 shares of the specialty retailer’s stock after selling 2,506 shares during the period. Golden State Equity Partners’ holdings in Genuine Parts were worth $497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Comerica Bank lifted 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 buying an additional 18,657 shares during the last quarter. Hamlin Capital Management LLC lifted its holdings in Genuine Parts by 12.3% during the 3rd quarter. Hamlin Capital Management LLC now owns 591,075 shares of the specialty retailer’s stock worth $82,561,000 after buying an additional 64,520 shares during the last quarter. Acadian Asset Management LLC lifted its holdings 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 last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Genuine Parts by 707.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 14,691 shares of the specialty retailer’s stock valued at $2,276,000 after purchasing an additional 12,871 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its holdings in shares of Genuine Parts by 422.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 7,840 shares of the specialty retailer’s stock valued at $1,215,000 after purchasing an additional 6,340 shares during the last quarter. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

Shares of GPC stock opened at $116.27 on Thursday. The stock has a market capitalization of $16.20 billion, a PE ratio of 12.96 and a beta of 0.90. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The stock’s 50-day moving average price is $135.82 and its 200 day moving average price is $141.50. The company has a quick ratio of 0.54, a current ratio of 1.17 and a debt-to-equity ratio of 0.81.

Genuine Parts (NYSE:GPC) last released its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.54). Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. During the same quarter in the previous year, the firm posted $2.49 EPS. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities research analysts forecast that Genuine Parts will post 8.1 EPS for the current year.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s payout ratio is 44.59%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. UBS Group reduced their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Truist Financial reduced their target price on Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. The Goldman Sachs Group reduced their target price on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Finally, Wedbush reduced their target price on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $139.57.

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.