Cresset Asset Management LLC Reduces Stock Position in Genuine Parts (NYSE:GPC)

Cresset Asset Management LLC reduced its position in shares of Genuine Parts (NYSE:GPC - Free Report) by 16.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,044 shares of the specialty retailer's stock after selling 10,083 shares during the period. Cresset Asset Management LLC's holdings in Genuine Parts were worth $5,889,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Centiva Capital LP purchased a new position in shares of Genuine Parts during the 4th quarter worth $480,000. Captrust Financial Advisors lifted its position in Genuine Parts by 1.3% during the fourth quarter. Captrust Financial Advisors now owns 29,920 shares of the specialty retailer's stock worth $3,493,000 after buying an additional 379 shares during the period. Cary Street Partners Financial LLC acquired a new stake in Genuine Parts in the 4th quarter worth about $963,000. Balyasny Asset Management L.P. purchased a new stake in Genuine Parts in the 4th quarter valued at about $7,677,000. Finally, Bastion Asset Management Inc. acquired a new position in shares of Genuine Parts during the 4th quarter valued at about $3,391,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GPC shares. Evercore ISI decreased their price target on shares of Genuine Parts from $135.00 to $130.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Truist Financial upped their price target on Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Loop Capital assumed coverage on Genuine Parts in a research note on Thursday, January 16th. They issued a "buy" rating and a $155.00 target price for the company. Northcoast Research cut shares of Genuine Parts from a "buy" rating to a "neutral" rating in a research report on Friday, January 17th. Finally, StockNews.com lowered Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Genuine Parts presently has an average rating of "Moderate Buy" and a consensus price target of $130.86.

Genuine Parts Stock Down 0.9 %

NYSE:GPC opened at $115.97 on Thursday. Genuine Parts has a one year low of $104.01 and a one year high of $158.65. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. The company has a market capitalization of $16.10 billion, a price-to-earnings ratio of 17.92 and a beta of 0.76. The stock has a 50-day simple moving average of $118.19 and a 200 day simple moving average of $119.54.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.66 by $0.09. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.83 billion. Sell-side analysts predict that Genuine Parts will post 7.9 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Friday, June 6th will be given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Friday, June 6th. Genuine Parts's payout ratio is 67.65%.

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.

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