Artisan Partners Limited Partnership Makes New Investment in Genuine Parts (NYSE:GPC)

Artisan Partners Limited Partnership purchased a new stake in shares of Genuine Parts (NYSE:GPC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 171,000 shares of the specialty retailer’s stock, valued at approximately $19,966,000. Artisan Partners Limited Partnership owned about 0.12% of Genuine Parts at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Millstone Evans Group LLC bought a new position in Genuine Parts during the fourth quarter worth about $25,000. Kestra Investment Management LLC acquired a new position in Genuine Parts during the fourth quarter valued at approximately $28,000. First Command Advisory Services Inc. bought a new stake in Genuine Parts in the fourth quarter valued at approximately $28,000. Compass Planning Associates Inc acquired a new stake in Genuine Parts in the fourth quarter worth $29,000. Finally, Synergy Asset Management LLC bought a new position in shares of Genuine Parts during the fourth quarter worth $32,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Price Performance

NYSE:GPC opened at $118.49 on Friday. The stock has a market capitalization of $16.44 billion, a PE ratio of 18.31 and a beta of 0.93. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. The firm has a fifty day simple moving average of $121.13 and a 200 day simple moving average of $124.15. Genuine Parts has a 1-year low of $112.74 and a 1-year high of $164.45.

Genuine Parts (NYSE:GPC) last released its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. The company had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same period last year, the firm posted $2.26 earnings per share. On average, research analysts expect that Genuine Parts will post 7.9 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Friday, March 7th. This is a boost from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s payout ratio is currently 63.68%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GPC. Evercore ISI dropped their price target on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Loop Capital assumed coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price on the stock. Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. Finally, Truist Financial raised their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Eight analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $137.63.

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.