Alps Advisors Inc. Sells 47,378 Shares of Genuine Parts Company $GPC

Key Points

• Alps Advisors cut its Genuine Parts stake by 18.3%, selling 47,378 shares in the third quarter; it retained 211,722 shares valued at about $26.6 million.
• Genuine Parts reported quarterly EPS of $2.07, slightly above estimates, while revenue rose 4.2% year over year to $6.52 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $145; the company’s shares opened at $122.79 in the latest trading session reported.

Alps Advisors Inc. decreased its holdings in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 18.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 211,722 shares of the specialty retailer's stock after selling 47,378 shares during the quarter. Alps Advisors Inc. owned 0.15% of Genuine Parts worth $26,622,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Compass Wealth Management LLC bought a new stake in Genuine Parts during the third quarter worth about $25,000. Elevation Wealth Partners LLC increased its position in shares of Genuine Parts by 510.9% in the second quarter. Elevation Wealth Partners LLC now owns 281 shares of the specialty retailer's stock valued at $33,000 after buying an additional 235 shares in the last quarter. EFG International AG purchased a new stake in shares of Genuine Parts during the second quarter worth about $36,000. Latitude Advisors LLC acquired a new stake in shares of Genuine Parts during the 3rd quarter valued at $37,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Genuine Parts during the second quarter worth approximately $47,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GPC. 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, October 21st. Argus decreased their target price on Genuine Parts from $156.00 to $150.00 and set a "buy" rating for the company in a research note on Thursday, October 22nd. The Goldman Sachs Group set a $122.00 price target on shares of Genuine Parts in a research report on Tuesday, October 20th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Genuine Parts in a research report on Monday, September 21st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Genuine Parts from $125.00 to $137.00 and gave the stock an "overweight" rating in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Genuine Parts currently has an average rating of "Moderate Buy" and a consensus price target of $145.00.

Genuine Parts Trading Down 1.3%

NYSE:GPC opened at $122.79 on Friday. Genuine Parts Company has a one year low of $90.78 and a one year high of $151.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.22 and a quick ratio of 0.54. The business has a fifty day moving average price of $128.88 and a 200-day moving average price of $120.01. The firm has a market capitalization of $16.93 billion, a price-to-earnings ratio of 491.16, a price-to-earnings-growth ratio of 2.73 and a beta of 0.65.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Tuesday, October 20th. The specialty retailer reported $2.07 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.52 billion for the quarter, compared to analyst estimates of $6.49 billion. During the same quarter in the previous year, the company posted $1.98 earnings per share. The company's revenue for the quarter was up 4.2% compared to the same quarter last year. Sell-side analysts forecast that Genuine Parts Company will post 7.62 EPS for the current year.

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Investors of record on Friday, September 4th were paid a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, September 4th. Genuine Parts's dividend payout ratio (DPR) 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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