Kornitzer Capital Management Inc. KS Lowers Stake in Genuine Parts (NYSE:GPC)

Kornitzer Capital Management Inc. KS decreased its position in shares of Genuine Parts (NYSE:GPC) by 2.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 100,984 shares of the specialty retailer’s stock after selling 2,220 shares during the period. Kornitzer Capital Management Inc. KS owned 0.07% of Genuine Parts worth $14,105,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GPC. Conning Inc. boosted its holdings in shares of Genuine Parts by 8.2% during the third quarter. Conning Inc. now owns 261,303 shares of the specialty retailer’s stock worth $36,499,000 after purchasing an additional 19,795 shares during the last quarter. WD Rutherford LLC boosted its stake in Genuine Parts by 4,265.9% in the 3rd quarter. WD Rutherford LLC now owns 7,422 shares of the specialty retailer’s stock worth $1,037,000 after buying an additional 7,252 shares during the last quarter. Comerica Bank grew its holdings in Genuine Parts by 19.6% in the 1st quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after buying an additional 18,657 shares during the period. Hamlin Capital Management LLC increased its stake in shares of Genuine Parts by 12.3% during the 3rd quarter. Hamlin Capital Management LLC now owns 591,075 shares of the specialty retailer’s stock valued at $82,561,000 after acquiring an additional 64,520 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of 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 acquiring an additional 13,330 shares during the period. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Up 0.7 %

Shares of NYSE:GPC traded up $0.92 during mid-day trading on Thursday, hitting $124.20. 158,779 shares of the company traded hands, compared to its average volume of 1,044,163. The firm’s 50 day simple moving average is $133.27 and its 200 day simple moving average is $140.30. The firm has a market cap of $17.27 billion, a P/E ratio of 15.87 and a beta of 0.92. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.57 and a current ratio of 1.17. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.49 EPS. On average, equities analysts anticipate that Genuine Parts will post 8.09 EPS for the current year.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.22%. Genuine Parts’s dividend payout ratio is presently 51.48%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. UBS Group cut their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Truist Financial cut their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Finally, Evercore ISI increased their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research report on Tuesday, October 22nd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $139.57.

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.