Contravisory Investment Management Inc. Trims Holdings in Genuine Parts (NYSE:GPC)

Contravisory Investment Management Inc. reduced its holdings in shares of Genuine Parts (NYSE:GPC) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,749 shares of the specialty retailer’s stock after selling 270 shares during the quarter. Genuine Parts accounts for about 1.8% of Contravisory Investment Management Inc.’s investment portfolio, making the stock its 25th largest holding. Contravisory Investment Management Inc.’s holdings in Genuine Parts were worth $6,896,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Genuine Parts by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after acquiring an additional 481,039 shares in the last quarter. State Street Corp raised its position in shares of Genuine Parts by 2.4% during the 1st quarter. State Street Corp now owns 7,189,643 shares of the specialty retailer’s stock valued at $1,209,476,000 after acquiring an additional 171,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Genuine Parts by 4.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,378,334 shares of the specialty retailer’s stock valued at $910,664,000 after acquiring an additional 205,421 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Genuine Parts by 388.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,241,510 shares of the specialty retailer’s stock valued at $119,159,000 after acquiring an additional 2,577,514 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Genuine Parts by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 2,977,671 shares of the specialty retailer’s stock valued at $497,089,000 after acquiring an additional 36,774 shares in the last quarter. 77.51% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Trading Up 0.3 %

Shares of NYSE:GPC traded up $0.47 during midday trading on Monday, reaching $149.30. The company had a trading volume of 141,449 shares, compared to its average volume of 991,853. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.58 and a current ratio of 1.15. Genuine Parts has a 1-year low of $145.30 and a 1-year high of $187.73. The firm has a market cap of $20.97 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 1.82 and a beta of 0.90. The company has a fifty day simple moving average of $156.35 and a two-hundred day simple moving average of $161.23.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, July 20th. The specialty retailer reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.10. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.96 billion. Genuine Parts had a return on equity of 32.43% and a net margin of 5.30%. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.20 EPS. Research analysts predict that Genuine Parts will post 9.24 earnings per share for the current year.

Genuine Parts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th 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 2.55%. The ex-dividend date of this dividend is Thursday, September 7th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.44%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on Genuine Parts from $190.00 to $184.00 and set an “overweight” rating on the stock in a research report on Friday, July 21st. Bank of America raised Genuine Parts from a “neutral” rating to a “buy” rating and increased their target price for the stock from $185.00 to $189.00 in a research report on Thursday, June 1st. Truist Financial dropped their target price on Genuine Parts from $195.00 to $191.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Wedbush dropped their target price on Genuine Parts from $170.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, July 21st. Finally, StockNews.com assumed coverage on Genuine Parts in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.