Legacy Capital Wealth Partners LLC Boosts Stake in Genuine Parts (NYSE:GPC)

Legacy Capital Wealth Partners LLC lifted its stake in Genuine Parts (NYSE:GPC) by 113.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,297 shares of the specialty retailer’s stock after purchasing an additional 3,350 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Genuine Parts were worth $735,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in Genuine Parts in the 3rd quarter worth $26,000. Capital Performance Advisors LLP purchased a new stake in Genuine Parts in the 3rd quarter worth $31,000. Synergy Asset Management LLC purchased a new stake in Genuine Parts in the 4th quarter worth $32,000. Concord Wealth Partners increased its stake in Genuine Parts by 79.3% in the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock worth $38,000 after buying an additional 119 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new stake in Genuine Parts in the 3rd quarter worth $44,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Stock Up 0.2 %

Shares of NYSE:GPC opened at $124.87 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45. The company has a 50-day moving average price of $118.36 and a 200 day moving average price of $127.75. The company has a market cap of $17.36 billion, a price-to-earnings ratio of 16.07 and a beta of 0.94.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date was Friday, December 6th. Genuine Parts’s payout ratio is 51.48%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GPC. Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research note on Monday, November 11th. UBS Group cut their price target on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. cut their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Evercore ISI increased their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a report on Tuesday, October 22nd. Finally, Truist Financial dropped their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Genuine Parts presently has an average rating of “Hold” and a consensus target price of $141.50.

Insider Activity at Genuine Parts

In related news, Director Wendy B. Needham sold 1,608 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $120.78, for a total value of $194,214.24. Following the completion of the transaction, the director now owns 11,357 shares of the company’s stock, valued at approximately $1,371,698.46. This trade represents a 12.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.37% of the stock is owned by insiders.

Genuine Parts 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.