Bank of New York Mellon Corp Sells 80,766 Shares of Genuine Parts (NYSE:GPC)

Bank of New York Mellon Corp lessened its stake in Genuine Parts (NYSE:GPC – Get Rating) by 5.7% during the third quarter, Holdings Channel reports. The firm owned 1,340,420 shares of the specialty retailer’s stock after selling 80,766 shares during the period. Bank of New York Mellon Corp’s holdings in Genuine Parts were worth $200,153,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Weiss Asset Management LP bought a new position in shares of Genuine Parts in the third quarter valued at approximately $5,114,000. Centaurus Financial Inc. lifted its holdings in shares of Genuine Parts by 8.6% in the third quarter. Centaurus Financial Inc. now owns 3,586 shares of the specialty retailer’s stock valued at $535,000 after purchasing an additional 285 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Genuine Parts by 822.5% in the third quarter. EP Wealth Advisors LLC now owns 45,878 shares of the specialty retailer’s stock valued at $6,851,000 after purchasing an additional 40,905 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Genuine Parts by 105.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 715,885 shares of the specialty retailer’s stock valued at $106,896,000 after purchasing an additional 368,252 shares in the last quarter. Finally, Bridgefront Capital LLC bought a new position in shares of Genuine Parts in the third quarter valued at approximately $679,000. Institutional investors own 78.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GPC shares. StockNews.com assumed coverage on Genuine Parts in a report on Thursday. They issued a “buy” rating on the stock. Truist Financial lifted their price target on Genuine Parts from $170.00 to $186.00 and gave the stock a “hold” rating in a report on Friday, February 24th. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a report on Friday, February 24th. Finally, The Goldman Sachs Group lifted their price target on Genuine Parts from $147.00 to $157.00 and gave the stock a “sell” rating in a report on Thursday, February 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $152.20.

Genuine Parts Stock Performance

NYSE:GPC opened at $162.07 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.15 and a quick ratio of 0.57. The business has a fifty day simple moving average of $170.16 and a two-hundred day simple moving average of $169.50. Genuine Parts has a 1 year low of $124.85 and a 1 year high of $187.73. The company has a market capitalization of $22.82 billion, a P/E ratio of 19.50, a P/E/G ratio of 1.83 and a beta of 0.90.

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

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Friday, March 3rd will be given a $0.95 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $0.90. This represents a $3.80 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Thursday, March 2nd. Genuine Parts’s dividend payout ratio (DPR) is currently 45.73%.

Genuine Parts Company Profile

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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.