Genuine Parts (NYSE:GPC) Sees Large Volume Increase – Time to Buy?

Shares of Genuine Parts (NYSE:GPC) saw unusually-strong trading volume on Wednesday . Approximately 3,008,445 shares traded hands during mid-day trading, an increase of 113% from the previous session’s volume of 1,415,184 shares.The stock last traded at $116.58 and had previously closed at $120.07.

Analyst Ratings Changes

A number of equities analysts have issued reports on GPC shares. JPMorgan Chase & Co. lowered their target price on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. UBS Group decreased their price objective on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Wedbush cut their target price on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Redburn Atlantic raised shares of Genuine Parts to a “hold” rating in a research note on Monday, November 11th. Finally, Truist Financial cut their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $141.50.

Genuine Parts Trading Down 1.0 %

The business’s 50 day simple moving average is $120.21 and its 200 day simple moving average is $129.90. The stock has a market cap of $16.29 billion, a price-to-earnings ratio of 15.08 and a beta of 0.95. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81.

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

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.41%. Genuine Parts’s payout ratio is 51.48%.

Insider Buying and Selling

In other news, Director Wendy B. Needham sold 1,608 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $120.78, for a total transaction of $194,214.24. Following the completion of the sale, the director now owns 11,357 shares in the company, valued at $1,371,698.46. The trade was a 12.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GPC. Ashton Thomas Securities LLC bought a new position in Genuine Parts during the 3rd quarter worth $26,000. Capital Performance Advisors LLP acquired a new stake in shares of Genuine Parts in the 3rd quarter valued at $31,000. Synergy Asset Management LLC bought a new position in shares of Genuine Parts in the 4th quarter valued at $32,000. Concord Wealth Partners raised its holdings in shares of Genuine Parts by 79.3% during the 3rd quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock worth $38,000 after buying an additional 119 shares in the last quarter. Finally, Catalyst Capital Advisors LLC bought a new stake in shares of Genuine Parts during the 3rd quarter worth $44,000. Institutional investors own 78.83% of the company’s stock.

About Genuine Parts

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.