CCM Investment Group LLC Purchases Shares of 10,439 Genuine Parts Company (NYSE:GPC)

Key Points

• CCM Investment Group LLC has purchased 10,439 shares of Genuine Parts Company, valued at approximately $1.24 million, marking its new position in the company.
• Goldman Sachs Group Inc. significantly increased its stake in Genuine Parts by 276.2% this quarter, now holding over 3.35 million shares valued at about $399 million.
• Genuine Parts Company reported $2.10 earnings per share for the last quarter, surpassing estimates and showing a year-over-year revenue increase of 3.4%.

CCM Investment Group LLC acquired a new position in Genuine Parts Company (NYSE:GPC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,439 shares of the specialty retailer's stock, valued at approximately $1,237,000.

Several other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in Genuine Parts by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,698,737 shares of the specialty retailer's stock valued at $198,338,000 after buying an additional 182,965 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Genuine Parts by 436.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 31,451 shares of the specialty retailer's stock valued at $3,672,000 after buying an additional 25,583 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Genuine Parts during the 4th quarter valued at approximately $1,320,000. FORA Capital LLC grew its holdings in Genuine Parts by 410.9% during the 4th quarter. FORA Capital LLC now owns 26,332 shares of the specialty retailer's stock valued at $3,075,000 after buying an additional 21,178 shares in the last quarter. Finally, Bastion Asset Management Inc. purchased a new position in Genuine Parts during the 4th quarter valued at approximately $3,391,000. Institutional investors own 78.83% of the company's stock.

Genuine Parts Stock Up 1.0%

GPC stock traded up $1.37 during trading on Tuesday, reaching $134.77. 847,037 shares of the company traded hands, compared to its average volume of 1,314,513. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $144.49. The business has a 50 day simple moving average of $126.25 and a 200 day simple moving average of $122.37. The company has a market capitalization of $18.75 billion, a price-to-earnings ratio of 23.20 and a beta of 0.75. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.51 and a current ratio of 1.14.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.02. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same period in the previous year, the business earned $2.44 EPS. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Genuine Parts Company will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, September 5th will be paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 3.1%. Genuine Parts's dividend payout ratio (DPR) is 70.91%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Evercore ISI cut their price target on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price target on Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. UBS Group raised their price target on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Truist Financial lifted their target price on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Argus raised Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Genuine Parts presently has a consensus rating of "Hold" and an average price target of $135.29.

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.