Concord Wealth Partners Sells 217 Shares of Genuine Parts (NYSE:GPC)

Concord Wealth Partners trimmed its holdings in shares of Genuine Parts (NYSE:GPC) by 34.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 405 shares of the specialty retailer’s stock after selling 217 shares during the quarter. Concord Wealth Partners’ holdings in Genuine Parts were worth $56,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GPC. Invesco Ltd. boosted its position in shares of Genuine Parts by 71.1% in 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. Charles Schwab Investment Management Inc. boosted its position in shares of Genuine Parts by 17.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,521,786 shares of the specialty retailer’s stock worth $345,130,000 after purchasing an additional 367,665 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Genuine Parts by 23.7% in the third quarter. Ameriprise Financial Inc. now owns 1,633,941 shares of the specialty retailer’s stock worth $235,916,000 after purchasing an additional 313,438 shares during the period. Stifel Financial Corp boosted its position in shares of Genuine Parts by 2.0% in the third quarter. Stifel Financial Corp now owns 1,597,765 shares of the specialty retailer’s stock worth $230,687,000 after purchasing an additional 31,155 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Genuine Parts by 4.3% in the third quarter. Northern Trust Corp now owns 1,491,923 shares of the specialty retailer’s stock worth $215,404,000 after purchasing an additional 61,764 shares during the period. 78.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GPC. Wedbush reiterated a “neutral” rating and issued a $170.00 price target (up from $140.00) on shares of Genuine Parts in a research report on Friday, April 19th. Jefferies Financial Group boosted their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a report on Friday, April 19th. StockNews.com raised shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Truist Financial boosted their target price on shares of Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Evercore ISI lowered their price objective on shares of Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a research report on Tuesday, April 16th. Six investment 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 stock currently has a consensus rating of “Hold” and a consensus price target of $173.10.

Insider Transactions at Genuine Parts

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

Genuine Parts Price Performance

Genuine Parts stock opened at $157.41 on Friday. The firm has a 50-day moving average price of $153.39 and a 200-day moving average price of $143.33. The firm has a market capitalization of $21.93 billion, a PE ratio of 17.55 and a beta of 0.94. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. 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, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07. The firm had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business earned $2.14 EPS. As a group, equities research analysts forecast that Genuine Parts will post 9.94 EPS for the current year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $4.00 annualized dividend and a dividend yield of 2.54%. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Genuine Parts 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.