Stonebridge Capital Management Inc. Reduces Stock Position in Genuine Parts (NYSE:GPC)

Stonebridge Capital Management Inc. lowered its holdings in shares of Genuine Parts (NYSE:GPC) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,885 shares of the specialty retailer’s stock after selling 150 shares during the quarter. Stonebridge Capital Management Inc.’s holdings in Genuine Parts were worth $292,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Assetmark Inc. boosted its holdings in Genuine Parts by 109.1% during the 4th quarter. Assetmark Inc. now owns 184 shares of the specialty retailer’s stock valued at $25,000 after acquiring an additional 96 shares during the period. Thompson Investment Management Inc. purchased a new position in Genuine Parts during the 1st quarter valued at $35,000. Bruce G. Allen Investments LLC boosted its holdings in Genuine Parts by 149.0% during the 1st quarter. Bruce G. Allen Investments LLC now owns 254 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 152 shares during the period. Quarry LP boosted its holdings in Genuine Parts by 138.7% during the 4th quarter. Quarry LP now owns 284 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 165 shares during the period. Finally, Orion Capital Management LLC purchased a new position in Genuine Parts during the 3rd quarter valued at $42,000. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Insider Activity

In other news, Director Wendy B. Needham sold 3,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $151.29, for a total value of $453,870.00. Following the transaction, the director now directly owns 13,006 shares of the company’s stock, valued at $1,967,677.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.37% of the company’s stock.

Genuine Parts Stock Performance

Shares of GPC stock traded down $0.52 during mid-day trading on Thursday, reaching $137.55. The stock had a trading volume of 90,616 shares, compared to its average volume of 983,883. The business’s fifty day moving average is $149.49 and its 200-day moving average is $146.49. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. The firm has a market cap of $19.16 billion, a price-to-earnings ratio of 15.33 and a beta of 0.92. Genuine Parts has a 1-year low of $126.35 and a 1-year high of $170.57.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data 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 business had revenue of $5.78 billion for the quarter, compared to analyst estimates 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 was up .3% on a year-over-year basis. During the same period in the prior year, the company earned $2.14 earnings per share. On average, research analysts forecast that Genuine Parts will post 9.92 earnings per share for the current year.

Genuine Parts Announces Dividend

The company also recently disclosed 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, June 7th. Genuine Parts’s dividend payout ratio is presently 44.59%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GPC. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Jefferies Financial Group upped their price objective on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research note on Friday, April 19th. Truist Financial upped their price objective on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Wedbush restated a “neutral” rating and set a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. Finally, Evercore ISI upped their target price on Genuine Parts from $160.00 to $165.00 and gave the company an “in-line” rating in a research report on Thursday, June 20th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $172.44.

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.