Genuine Parts (NYSE:GPC) Shares Purchased by VELA Investment Management LLC

VELA Investment Management LLC raised its position in shares of Genuine Parts (NYSE:GPC) by 26.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,124 shares of the specialty retailer’s stock after purchasing an additional 663 shares during the quarter. VELA Investment Management LLC’s holdings in Genuine Parts were worth $432,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. NBC Securities Inc. grew its holdings in Genuine Parts by 27.1% during the fourth quarter. NBC Securities Inc. now owns 3,129 shares of the specialty retailer’s stock worth $433,000 after acquiring an additional 668 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Genuine Parts by 22.0% in the 4th quarter. BNP Paribas Financial Markets now owns 148,121 shares of the specialty retailer’s stock worth $20,515,000 after purchasing an additional 26,710 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of Genuine Parts by 27.0% in the 4th quarter. Stifel Financial Corp now owns 2,029,388 shares of the specialty retailer’s stock worth $281,078,000 after purchasing an additional 431,623 shares in the last quarter. Comerica Bank lifted its stake in Genuine Parts by 19.6% during the first quarter. Comerica Bank now owns 113,657 shares of the specialty retailer’s stock valued at $17,609,000 after purchasing an additional 18,657 shares during the last quarter. Finally, Harvest Investment Advisors LLC boosted its holdings in Genuine Parts by 1.5% during the fourth quarter. Harvest Investment Advisors LLC now owns 8,869 shares of the specialty retailer’s stock worth $1,228,000 after buying an additional 133 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Trading Down 2.7 %

Shares of NYSE GPC opened at $137.34 on Friday. The firm has a market capitalization of $19.13 billion, a PE ratio of 15.31 and a beta of 0.92. Genuine Parts has a one year low of $126.35 and a one year high of $164.45. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. The business has a 50-day moving average price of $139.22 and a two-hundred day moving average price of $146.16.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The company had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same period in the previous year, the firm posted $2.44 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, analysts predict that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a dividend of $1.00 per share. The ex-dividend date is Friday, September 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.91%. Genuine Parts’s dividend payout ratio is 44.59%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GPC. Wedbush cut their price objective on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. UBS Group reduced their target price on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 3rd. Truist Financial restated a “buy” rating and set a $164.00 price objective on shares of Genuine Parts in a report on Wednesday, August 28th. Evercore ISI decreased their target price on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a report on Wednesday, July 24th. Finally, StockNews.com upgraded shares of Genuine Parts from a “hold” rating to a “buy” rating in a report on Thursday, August 29th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $161.14.

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.