OLD National Bancorp IN Lowers Position in Genuine Parts (NYSE:GPC)

OLD National Bancorp IN cut its holdings in shares of Genuine Parts (NYSE:GPC) by 15.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,317 shares of the specialty retailer’s stock after selling 1,315 shares during the quarter. OLD National Bancorp IN’s holdings in Genuine Parts were worth $1,013,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of GPC. CWM LLC boosted its holdings in Genuine Parts by 13.4% during the 3rd quarter. CWM LLC now owns 3,628 shares of the specialty retailer’s stock valued at $524,000 after acquiring an additional 428 shares during the period. Ronald Blue Trust Inc. boosted its holdings in Genuine Parts by 32.8% during the 3rd quarter. Ronald Blue Trust Inc. now owns 352 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 87 shares during the period. SG Americas Securities LLC boosted its holdings in Genuine Parts by 18.7% during the 3rd quarter. SG Americas Securities LLC now owns 11,467 shares of the specialty retailer’s stock valued at $1,656,000 after acquiring an additional 1,809 shares during the period. RFG Advisory LLC acquired a new stake in Genuine Parts in the 3rd quarter valued at about $227,000. Finally, DAVENPORT & Co LLC raised its position in shares of Genuine Parts by 4.6% during the 3rd quarter. DAVENPORT & Co LLC now owns 6,099 shares of the specialty retailer’s stock worth $881,000 after acquiring an additional 269 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GPC shares. Truist Financial raised their target price on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Wedbush reaffirmed a “neutral” rating and set a $170.00 price target (up previously from $140.00) on shares of Genuine Parts in a research report on Friday, April 19th. Evercore ISI cut their price target on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a research report on Tuesday, April 16th. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Finally, Jefferies Financial Group lifted their price target on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research report on Friday, April 19th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $173.10.

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 3,250 shares of Genuine Parts stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $154.92, for a total transaction of $503,490.00. Following the completion of the transaction, the director now directly 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 accessible through the SEC website. 0.37% of the stock is currently owned by insiders.

Genuine Parts Stock Up 0.2 %

Genuine Parts stock opened at $163.36 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.14 and a quick ratio of 0.59. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $174.91. The company has a market cap of $22.76 billion, a PE ratio of 18.21 and a beta of 0.94. The stock’s 50 day moving average price is $151.08 and its 200 day moving average price is $142.62.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07. The firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.14 earnings per share. On average, sell-side analysts predict that Genuine Parts will post 9.89 EPS for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. This represents a $4.00 annualized dividend and a yield of 2.45%. Genuine Parts’s payout ratio is currently 44.59%.

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.