Ameriprise Financial Inc. Sells 1,531,397 Shares of Genuine Parts Company $GPC

Key Points

• Ameriprise Financial Inc. significantly decreased its holdings in Genuine Parts Company by 71.7%, selling over 1.5 million shares during the first quarter.
• Analysts have raised their price targets for Genuine Parts, with JPMorgan and Truist both rating it as a "buy" and increasing their targets to $145 and $143, respectively.
• Genuine Parts recently reported $2.10 earnings per share, exceeding expectations, and announced a quarterly dividend of $1.03 to be paid on October 2nd with a 3.0% yield.

Ameriprise Financial Inc. reduced its position in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 71.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 604,817 shares of the specialty retailer's stock after selling 1,531,397 shares during the period. Ameriprise Financial Inc. owned 0.44% of Genuine Parts worth $72,063,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Rossby Financial LCC bought a new position in shares of Genuine Parts during the first quarter valued at about $25,000. Olde Wealth Management LLC bought a new position in shares of Genuine Parts during the first quarter valued at about $27,000. North Capital Inc. bought a new position in shares of Genuine Parts during the first quarter valued at about $28,000. Investors Research Corp lifted its position in shares of Genuine Parts by 75.3% during the first quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock valued at $35,000 after purchasing an additional 125 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in Genuine Parts by 7,950.0% in the first quarter. Golden State Wealth Management LLC now owns 322 shares of the specialty retailer's stock worth $38,000 after acquiring an additional 318 shares during the period. 78.83% of the stock is owned by institutional investors.

Genuine Parts Stock Performance

Shares of GPC traded up $0.17 during trading hours on Friday, hitting $139.48. The company's stock had a trading volume of 675,888 shares, compared to its average volume of 1,009,791. The company has a market cap of $19.40 billion, a price-to-earnings ratio of 24.01 and a beta of 0.75. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51. The business has a 50 day simple moving average of $130.41 and a two-hundred day simple moving average of $124.18. Genuine Parts Company has a 52-week low of $104.01 and a 52-week high of $144.44.

Genuine Parts (NYSE:GPC - Get Free Report) last posted 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. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.10 billion. Genuine Parts had a net margin of 3.40% and a return on equity of 22.41%. The company's revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $2.44 earnings per share. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. On average, equities analysts expect 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. Stockholders of record on Friday, September 5th will be paid a $1.03 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.12 annualized dividend and a dividend yield of 3.0%. Genuine Parts's dividend payout ratio (DPR) is presently 70.91%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Loop Capital lifted their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. UBS Group lifted their price objective on shares of Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Truist Financial lifted their price objective on shares of Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Evercore ISI lifted their price objective on shares of Genuine Parts from $145.00 to $148.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $137.86.

Genuine Parts 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.