Genuine Parts (NYSE:GPC) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Genuine Parts (NYSE:GPC) from a hold rating to a buy rating in a research note released on Saturday.

Several other analysts have also issued reports on the stock. Truist Financial reiterated a buy rating and set a $164.00 price target on shares of Genuine Parts in a research report on Wednesday, August 28th. Evercore ISI reduced their target price on Genuine Parts from $150.00 to $148.00 and set an in-line rating on the stock in a report on Wednesday, July 24th. Wedbush lowered their price target on Genuine Parts from $170.00 to $145.00 and set a neutral rating for the company in a report on Wednesday, July 24th. The Goldman Sachs Group dropped their price objective on Genuine Parts from $166.00 to $162.00 and set a neutral rating for the company in a research report on Wednesday, July 24th. Finally, UBS Group decreased their target price on Genuine Parts from $165.00 to $150.00 and set a neutral rating on the stock in a research report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $161.14.

Genuine Parts Price Performance

Genuine Parts stock opened at $136.61 on Friday. The firm has a market cap of $19.03 billion, a PE ratio of 15.23 and a beta of 0.90. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The stock’s fifty day moving average price is $139.20 and its two-hundred day moving average price is $146.06. Genuine Parts has a one year low of $126.35 and a one year high of $164.45.

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

Genuine Parts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a $1.00 dividend. The ex-dividend date is Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 2.93%. Genuine Parts’s dividend payout ratio is presently 44.59%.

Institutional Trading of Genuine Parts

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Manchester Capital Management LLC boosted its position in Genuine Parts by 36.1% during the 1st quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock worth $39,000 after buying an additional 66 shares during the period. North Star Investment Management Corp. lifted its holdings in shares of Genuine Parts by 8.5% during the first quarter. North Star Investment Management Corp. now owns 890 shares of the specialty retailer’s stock worth $138,000 after purchasing an additional 70 shares during the period. CHICAGO TRUST Co NA lifted its holdings in shares of Genuine Parts by 3.6% during the first quarter. CHICAGO TRUST Co NA now owns 2,042 shares of the specialty retailer’s stock worth $316,000 after purchasing an additional 71 shares during the period. First Citizens Bank & Trust Co. grew its stake in shares of Genuine Parts by 4.9% in the second quarter. First Citizens Bank & Trust Co. now owns 1,616 shares of the specialty retailer’s stock worth $224,000 after purchasing an additional 75 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its holdings in Genuine Parts by 2.2% in the fourth quarter. Checchi Capital Advisers LLC now owns 3,530 shares of the specialty retailer’s stock valued at $489,000 after purchasing an additional 76 shares during the period. 78.83% of the stock is currently owned by institutional investors.

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.