Summit Financial Wealth Advisors LLC Acquires 276 Shares of Genuine Parts (NYSE:GPC)

Summit Financial Wealth Advisors LLC increased its holdings in shares of Genuine Parts (NYSE:GPC) by 0.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,536 shares of the specialty retailer’s stock after purchasing an additional 276 shares during the period. Genuine Parts accounts for 1.8% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 17th biggest holding. Summit Financial Wealth Advisors LLC’s holdings in Genuine Parts were worth $9,433,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new stake in Genuine Parts during the third quarter worth $26,000. Capital Performance Advisors LLP purchased a new stake in shares of Genuine Parts during the 3rd quarter worth $31,000. Concord Wealth Partners boosted its position in Genuine Parts by 79.3% during the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock valued at $38,000 after purchasing an additional 119 shares in the last quarter. Triad Wealth Partners LLC purchased a new position in Genuine Parts in the second quarter valued at about $40,000. Finally, Catalyst Capital Advisors LLC bought a new position in Genuine Parts in the third quarter worth about $44,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wedbush lowered their price target on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. The Goldman Sachs Group lowered their target price on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. UBS Group reduced their price target on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their price objective on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research note on Monday, November 11th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $139.57.

Genuine Parts Trading Up 3.8 %

NYSE:GPC opened at $129.54 on Tuesday. The company has a market capitalization of $18.01 billion, a P/E ratio of 16.67 and a beta of 0.92. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. The firm has a fifty day simple moving average of $129.29 and a 200-day simple moving average of $136.96. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. During the same period in the prior year, the company posted $2.49 earnings per share. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, equities research analysts anticipate that Genuine Parts will post 8.09 earnings per share for the current year.

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Friday, December 6th. Genuine Parts’s dividend payout ratio is presently 51.48%.

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.