ProShare Advisors LLC Grows Position in Genuine Parts (NYSE:GPC)

ProShare Advisors LLC grew its stake in shares of Genuine Parts (NYSE:GPC) by 8.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,056,006 shares of the specialty retailer’s stock after acquiring an additional 85,785 shares during the period. ProShare Advisors LLC owned about 0.75% of Genuine Parts worth $176,680,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Genuine Parts by 388.2% in the first quarter. Envestnet Asset Management Inc. now owns 3,241,510 shares of the specialty retailer’s stock valued at $119,159,000 after purchasing an additional 2,577,514 shares in the last quarter. Norges Bank acquired a new position in Genuine Parts in the 4th quarter valued at about $239,384,000. Capital World Investors purchased a new position in Genuine Parts in the 1st quarter valued at about $124,130,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Genuine Parts by 45.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,100,517 shares of the specialty retailer’s stock worth $351,437,000 after purchasing an additional 656,655 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Genuine Parts by 239.0% during the first quarter. Renaissance Technologies LLC now owns 774,700 shares of the specialty retailer’s stock worth $129,615,000 after buying an additional 546,200 shares in the last quarter. 77.51% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Trading Up 0.9 %

Shares of Genuine Parts stock traded up $1.29 during trading hours on Wednesday, reaching $148.57. The stock had a trading volume of 118,334 shares, compared to its average volume of 996,166. The company has a current ratio of 1.15, a quick ratio of 0.58 and a debt-to-equity ratio of 0.73. Genuine Parts has a 1 year low of $145.30 and a 1 year high of $187.73. The firm has a market capitalization of $20.86 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 1.83 and a beta of 0.90. The firm has a 50 day simple moving average of $157.35 and a two-hundred day simple moving average of $161.78.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings results on Thursday, July 20th. The specialty retailer reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.10. Genuine Parts had a net margin of 5.30% and a return on equity of 32.43%. The firm had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.96 billion. During the same period in the previous year, the company posted $2.20 earnings per share. Genuine Parts’s revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Genuine Parts will post 9.24 earnings per share for the current year.

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.56%. The ex-dividend date is Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.44%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GPC shares. Northcoast Research assumed coverage on shares of Genuine Parts in a research note on Wednesday, June 28th. They set a “buy” rating and a $195.00 price objective on the stock. JPMorgan Chase & Co. reduced their price target on Genuine Parts from $190.00 to $184.00 and set an “overweight” rating on the stock in a research note on Friday, July 21st. Bank of America raised Genuine Parts from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $185.00 to $189.00 in a research report on Thursday, June 1st. Stephens reduced their target price on Genuine Parts from $172.00 to $168.00 and set an “equal weight” rating on the stock in a research report on Friday, July 21st. Finally, Truist Financial lowered their price target on Genuine Parts from $195.00 to $191.00 and set a “buy” rating for the company in a report on Friday, July 21st. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Genuine Parts has a consensus rating of “Moderate Buy” and a consensus target price of $177.00.

Genuine Parts Company Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.