Weiss Asset Management LP Invests $5.11 Million in Genuine Parts (NYSE:GPC)

Weiss Asset Management LP acquired a new position in shares of Genuine Parts (NYSE:GPC – Get Rating) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 34,250 shares of the specialty retailer’s stock, valued at approximately $5,114,000.

A number of other hedge funds also recently made changes to their positions in the stock. CVA Family Office LLC lifted its holdings in shares of Genuine Parts by 5.8% during the 3rd quarter. CVA Family Office LLC now owns 1,007 shares of the specialty retailer’s stock worth $150,000 after acquiring an additional 55 shares during the last quarter. Quent Capital LLC raised its position in Genuine Parts by 20.7% in the 3rd quarter. Quent Capital LLC now owns 344 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 59 shares during the period. Forum Financial Management LP raised its position in Genuine Parts by 2.5% in the 3rd quarter. Forum Financial Management LP now owns 2,453 shares of the specialty retailer’s stock worth $366,000 after purchasing an additional 60 shares during the period. Buckingham Strategic Wealth LLC raised its position in Genuine Parts by 0.7% in the 3rd quarter. Buckingham Strategic Wealth LLC now owns 8,091 shares of the specialty retailer’s stock worth $1,208,000 after purchasing an additional 60 shares during the period. Finally, Pacer Advisors Inc. raised its position in Genuine Parts by 28.0% in the 3rd quarter. Pacer Advisors Inc. now owns 288 shares of the specialty retailer’s stock worth $43,000 after purchasing an additional 63 shares during the period. 78.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on GPC. Wedbush reiterated a “neutral” rating on shares of Genuine Parts in a research report on Friday, February 24th. The Goldman Sachs Group lifted their target price 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. StockNews.com started coverage on shares of Genuine Parts in a research report on Thursday. They issued a “buy” rating on the stock. Finally, Truist Financial boosted their price objective on shares of Genuine Parts from $170.00 to $186.00 and gave the company a “hold” rating 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $152.20.

Genuine Parts Price Performance

GPC stock opened at $162.07 on Friday. The firm’s 50-day moving average price is $170.16 and its two-hundred day moving average price is $169.50. Genuine Parts has a 12-month low of $124.85 and a 12-month high of $187.73. The stock has a market capitalization of $22.82 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.83 and a beta of 0.90. The company has a current ratio of 1.15, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81.

Genuine Parts (NYSE:GPC – Get Rating) last announced its earnings results on Thursday, February 23rd. The specialty retailer reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.15. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.33 billion. Genuine Parts had a net margin of 5.35% and a return on equity of 32.22%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.79 EPS. As a group, equities analysts predict that Genuine Parts will post 8.93 earnings per share for the current year.

Genuine Parts Increases Dividend

The business also recently announced 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 is a positive change from Genuine Parts’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.34%. Genuine Parts’s payout ratio is presently 45.73%.

Genuine Parts Profile

(Get Rating)

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.