10,922 Genuine Parts Company $GPC Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management reduced its Genuine Parts stake by 6.9%, selling 10,922 shares in the third quarter and retaining 146,871 shares valued at approximately $18.5 million. Institutional investors and hedge funds collectively own 78.83% of the company.
• Analyst sentiment remains positive overall, with Genuine Parts carrying a consensus “Moderate Buy” rating and an average price target of $145, despite individual targets ranging from $125 to $170.
• Genuine Parts beat quarterly expectations, reporting $2.07 in EPS and $6.52 billion in revenue, up 4.2% year over year. The company also maintains a quarterly dividend of $1.0625 per share, equivalent to a 3.5% annualized yield.

Sterling Capital Management LLC decreased its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 6.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 146,871 shares of the specialty retailer's stock after selling 10,922 shares during the quarter. Sterling Capital Management LLC owned 0.11% of Genuine Parts worth $18,468,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of GPC. BlackRock Inc. bought a new stake in Genuine Parts during the second quarter worth approximately $1,574,910,000. Bank of America Corp DE bought a new position in Genuine Parts during the 2nd quarter valued at $201,072,000. Corient Private Wealth LP bought a new position in Genuine Parts during the 2nd quarter valued at $3,903,000. Cullen Capital Management LLC acquired a new position in shares of Genuine Parts during the 2nd quarter valued at $166,471,000. Finally, Equity Investment Corp acquired a new position in shares of Genuine Parts during the 2nd quarter valued at $114,922,000. 78.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GPC. Argus dropped their price objective on Genuine Parts from $156.00 to $150.00 and set a "buy" rating on the stock in a research note on Thursday. UBS Group lifted their target price on Genuine Parts from $122.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday. Raymond James Financial reiterated a "strong-buy" rating and issued a $165.00 price target on shares of Genuine Parts in a research report on Wednesday, July 22nd. DA Davidson upped their price target on shares of Genuine Parts from $150.00 to $170.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Genuine Parts in a research report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Genuine Parts presently has a consensus rating of "Moderate Buy" and a consensus target price of $145.00.

Genuine Parts Price Performance

Shares of NYSE:GPC traded down $4.83 on Friday, reaching $123.14. 1,050,135 shares of the company traded hands, compared to its average volume of 1,013,356. The stock has a market capitalization of $16.98 billion, a PE ratio of 492.56, a P/E/G ratio of 2.39 and a beta of 0.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.22 and a quick ratio of 0.50. The company's 50 day moving average is $131.32 and its 200-day moving average is $119.16. Genuine Parts Company has a fifty-two week low of $90.78 and a fifty-two week high of $151.57.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its earnings results on Tuesday, October 20th. The specialty retailer reported $2.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.04 by $0.03. Genuine Parts had a return on equity of 23.00% and a net margin of 0.12%. The company had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.49 billion. During the same period in the previous year, the firm earned $1.98 earnings per share. Genuine Parts's revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts anticipate that Genuine Parts Company will post 7.64 earnings per share for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 4th were paid a dividend of $1.0625 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $4.25 dividend on an annualized basis and a yield of 3.5%. Genuine Parts's dividend payout ratio is currently 1,700.00%.

Genuine Parts Profile

Genuine Parts Company NYSE: GPC is a distributor of automotive and industrial replacement parts. Its Automotive Parts Group supplies components and accessories for cars, trucks and other vehicles, serving professional repair shops, commercial customers and do-it-yourself consumers through distribution networks, stores and digital channels.

The company's Industrial Parts Group distributes products used to maintain and repair manufacturing, commercial and other industrial equipment. Its offerings include bearings, power-transmission components, motion-control products, industrial supplies and related maintenance, repair and operations products.

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