Clearstead Advisors LLC Sells 372 Shares of Genuine Parts (NYSE:GPC)

Clearstead Advisors LLC cut its stake in shares of Genuine Parts (NYSE:GPC – Get Rating) by 14.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,120 shares of the specialty retailer’s stock after selling 372 shares during the period. Clearstead Advisors LLC’s holdings in Genuine Parts were worth $317,000 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. Vanguard Group Inc. increased its position in shares of Genuine Parts by 1.5% in the third quarter. Vanguard Group Inc. now owns 17,760,417 shares of the specialty retailer’s stock worth $2,651,985,000 after purchasing an additional 258,620 shares during the last quarter. State Street Corp increased its position in shares of Genuine Parts by 4.0% in the second quarter. State Street Corp now owns 8,061,113 shares of the specialty retailer’s stock worth $1,079,211,000 after purchasing an additional 313,090 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Genuine Parts by 4.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,860,574 shares of the specialty retailer’s stock worth $612,531,000 after purchasing an additional 185,529 shares during the last quarter. Truist Financial Corp increased its position in shares of Genuine Parts by 14.8% in the third quarter. Truist Financial Corp now owns 1,857,081 shares of the specialty retailer’s stock worth $277,299,000 after purchasing an additional 239,186 shares during the last quarter. Finally, Cullen Capital Management LLC increased its position in shares of Genuine Parts by 2.6% in the second quarter. Cullen Capital Management LLC now owns 1,708,791 shares of the specialty retailer’s stock worth $227,269,000 after purchasing an additional 43,982 shares during the last quarter. 78.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Genuine Parts from $147.00 to $157.00 and gave the stock a “sell” rating in a research report on Thursday, February 23rd. Truist Financial upped their price objective on shares of Genuine Parts from $170.00 to $186.00 and gave the stock a “hold” rating in a research report on Friday, February 24th. Finally, Wedbush restated a “neutral” rating on shares of Genuine Parts in a research report on Friday, February 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Genuine Parts has a consensus rating of “Hold” and a consensus price target of $152.20.

Genuine Parts Stock Up 0.8 %

Shares of GPC opened at $163.80 on Wednesday. The firm has a market cap of $23.06 billion, a P/E ratio of 19.71, a P/E/G ratio of 1.82 and a beta of 0.90. The stock has a 50 day simple moving average of $170.53 and a two-hundred day simple moving average of $169.53. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.15 and a quick ratio of 0.57. Genuine Parts has a 1 year low of $122.90 and a 1 year high of $187.73.

Genuine Parts (NYSE:GPC – Get Rating) last issued its earnings results on Thursday, February 23rd. The specialty retailer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.15. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.33 billion. Genuine Parts had a return on equity of 32.22% and a net margin of 5.35%. Genuine Parts’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.79 earnings per share. On average, analysts forecast that Genuine Parts will post 8.93 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Friday, March 3rd will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Thursday, March 2nd. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.90. Genuine Parts’s dividend payout ratio is 45.73%.

About Genuine Parts

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Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group, Industrial Parts Group, and Corporate. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.