Evercore ISI Raises Genuine Parts (NYSE:GPC) Price Target to $160.00

Genuine Parts (NYSE:GPC) had its target price boosted by Evercore ISI from $155.00 to $160.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has an in-line rating on the specialty retailer’s stock.

GPC has been the subject of a number of other research reports. StockNews.com cut Genuine Parts from a buy rating to a hold rating in a report on Monday, March 18th. Truist Financial upped their target price on Genuine Parts from $155.00 to $157.00 and gave the stock a buy rating in a report on Friday, February 16th. Finally, Wedbush reaffirmed a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a report on Friday, February 16th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Genuine Parts currently has an average rating of Moderate Buy and an average price target of $167.78.

Genuine Parts Price Performance

Shares of GPC stock opened at $154.93 on Tuesday. The company has a quick ratio of 0.63, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. Genuine Parts has a twelve month low of $126.35 and a twelve month high of $174.91. The company has a market cap of $21.60 billion, a P/E ratio of 16.61 and a beta of 0.94. The business has a fifty day simple moving average of $147.60 and a 200 day simple moving average of $141.89.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, February 15th. The specialty retailer reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.06. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The business had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the prior year, the company earned $2.05 EPS. Genuine Parts’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Genuine Parts will post 9.77 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 1st will be paid a $1.00 dividend. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date is Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.58%. Genuine Parts’s dividend payout ratio is presently 42.87%.

Insider Activity

In other news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total value of $503,490.00. Following the completion of the sale, the director now owns 14,397 shares of the company’s stock, valued at $2,230,383.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Genuine Parts

Several large investors have recently added to or reduced their stakes in GPC. Imprint Wealth LLC grew its stake in Genuine Parts by 16,507.5% during the second quarter. Imprint Wealth LLC now owns 2,611,194 shares of the specialty retailer’s stock worth $261,119,000 after purchasing an additional 2,595,471 shares during the period. Norges Bank acquired a new stake in Genuine Parts during the fourth quarter worth approximately $215,643,000. Invesco Ltd. grew its stake in Genuine Parts by 71.1% during the third quarter. Invesco Ltd. now owns 2,590,036 shares of the specialty retailer’s stock worth $373,949,000 after purchasing an additional 1,076,361 shares during the period. Capital World Investors bought a new position in Genuine Parts in the first quarter worth approximately $124,130,000. Finally, International Assets Investment Management LLC boosted its holdings in Genuine Parts by 15,175.4% in the fourth quarter. International Assets Investment Management LLC now owns 713,056 shares of the specialty retailer’s stock worth $98,758,000 after acquiring an additional 708,388 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Company Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: 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 equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.