New York Life Investment Management LLC Trims Position in Genuine Parts (NYSE:GPC)

New York Life Investment Management LLC lowered its position in Genuine Parts (NYSE:GPC) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,996 shares of the specialty retailer’s stock after selling 176 shares during the quarter. New York Life Investment Management LLC’s holdings in Genuine Parts were worth $2,769,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. boosted its holdings in shares of Genuine Parts by 71.1% in the 3rd quarter. Invesco Ltd. now owns 2,590,036 shares of the specialty retailer’s stock valued at $373,949,000 after buying an additional 1,076,361 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Genuine Parts by 17.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,521,786 shares of the specialty retailer’s stock worth $345,130,000 after purchasing an additional 367,665 shares in the last quarter. Ameriprise Financial Inc. grew its position in Genuine Parts by 23.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,633,941 shares of the specialty retailer’s stock worth $235,916,000 after purchasing an additional 313,438 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of Genuine Parts by 2.0% in the third quarter. Stifel Financial Corp now owns 1,597,765 shares of the specialty retailer’s stock worth $230,687,000 after buying an additional 31,155 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Genuine Parts by 4.3% during the third quarter. Northern Trust Corp now owns 1,491,923 shares of the specialty retailer’s stock worth $215,404,000 after buying an additional 61,764 shares during the period. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Up 0.7 %

Shares of Genuine Parts stock opened at $157.41 on Monday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.59 and a current ratio of 1.14. Genuine Parts has a fifty-two week low of $126.35 and a fifty-two week high of $174.91. The firm has a 50-day simple moving average of $153.39 and a two-hundred day simple moving average of $143.24. The company has a market cap of $21.93 billion, a P/E ratio of 17.55 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 EPS for the quarter, beating the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period last year, the company earned $2.14 earnings per share. Genuine Parts’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts predict that Genuine Parts will post 9.94 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be given a $1.00 dividend. The ex-dividend date is Friday, June 7th. This represents a $4.00 annualized dividend and a dividend yield of 2.54%. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Analysts Set New Price Targets

Several analysts have weighed in on GPC shares. Wedbush reiterated a “neutral” rating and set a $170.00 price target (up previously from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. Truist Financial upped their target price on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Evercore ISI reduced their price target on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a research report on Tuesday, April 16th. Jefferies Financial Group increased their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research note on Friday, April 19th. Finally, StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $173.10.

Insider Transactions at Genuine Parts

In related news, Director Wendy B. Needham sold 3,250 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the transaction, the director now directly owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.37% of the company’s stock.

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.