Genuine Parts (NYSE:GPC) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Genuine Parts (NYSE:GPC) from a hold rating to a buy rating in a research note issued to investors on Friday.

GPC has been the topic of several other reports. Evercore ISI increased their target price on Genuine Parts from $155.00 to $160.00 and gave the stock an in-line rating in a research report on Tuesday, March 26th. Truist Financial increased their price objective on shares of Genuine Parts from $157.00 to $167.00 and gave the stock a buy rating in a report on Tuesday. Finally, Wedbush restated a neutral rating and issued a $140.00 target price on shares of Genuine Parts in a report on Friday, February 16th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $168.89.

Genuine Parts Stock Performance

Shares of NYSE GPC opened at $150.00 on Friday. The company has a 50-day simple moving average of $148.79 and a 200-day simple moving average of $142.05. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.23 and a quick ratio of 0.63. The company has a market cap of $20.91 billion, a PE ratio of 16.08 and a beta of 0.94. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91.

Genuine Parts (NYSE:GPC) last released its earnings results on Thursday, February 15th. The specialty retailer reported $2.26 EPS for the quarter, topping the consensus estimate of $2.20 by $0.06. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.64 billion. During the same period in the previous 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, equities analysts anticipate that Genuine Parts will post 9.76 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.67%. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. Genuine Parts’s dividend payout ratio is presently 42.87%.

Insider Activity

In related news, Director Wendy B. Needham sold 3,250 shares of the stock in a transaction on 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 directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Genuine Parts

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank acquired a new stake in Genuine Parts in the second quarter valued at $190,000. Sunbelt Securities Inc. lifted its position in shares of Genuine Parts by 122.2% during the second quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 88 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC acquired a new position in Genuine Parts in the third quarter worth about $25,000. OFI Invest Asset Management bought a new stake in Genuine Parts in the third quarter valued at about $25,000. Finally, First Capital Advisors Group LLC. acquired a new stake in Genuine Parts during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors 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.