Assenagon Asset Management S.A. Acquires 737,836 Shares of Genuine Parts Company $GPC

Key Points

• Assenagon Asset Management S.A. significantly increased its ownership of Genuine Parts Company by 377.3%, holding 933,418 shares valued at approximately $113.2 million.
• Genuine Parts recently reported a quarterly earnings per share (EPS) of $2.10, outperforming analysts' expectations, with total revenue rising 3.4% year-over-year.
• The company announced a quarterly dividend of $1.03 per share, translating to an annualized yield of 3.0%, with the next payout scheduled for October 2nd.

Assenagon Asset Management S.A. increased its stake in Genuine Parts Company (NYSE:GPC - Free Report) by 377.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 933,418 shares of the specialty retailer's stock after acquiring an additional 737,836 shares during the period. Assenagon Asset Management S.A. owned about 0.67% of Genuine Parts worth $113,233,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Genuine Parts by 4.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,046 shares of the specialty retailer's stock valued at $1,990,000 after purchasing an additional 664 shares in the last quarter. Vident Advisory LLC lifted its holdings in Genuine Parts by 6.1% in the fourth quarter. Vident Advisory LLC now owns 3,874 shares of the specialty retailer's stock worth $452,000 after buying an additional 223 shares during the period. Woodline Partners LP bought a new stake in Genuine Parts during the 4th quarter valued at approximately $975,000. Voloridge Investment Management LLC grew its holdings in shares of Genuine Parts by 4,373.2% during the 4th quarter. Voloridge Investment Management LLC now owns 127,845 shares of the specialty retailer's stock worth $14,927,000 after acquiring an additional 124,987 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Genuine Parts by 9.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,379,368 shares of the specialty retailer's stock valued at $161,055,000 after purchasing an additional 118,783 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Genuine Parts Trading Down 0.4%

GPC opened at $137.41 on Friday. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $144.29. The stock has a fifty day moving average price of $135.01 and a 200-day moving average price of $125.82. The firm has a market cap of $19.11 billion, a price-to-earnings ratio of 23.65 and a beta of 0.75. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.79.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $6.10 billion. During the same quarter in the prior year, the business posted $2.44 EPS. The business's revenue for the quarter was up 3.4% compared to the same quarter last year. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. As a group, 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 given a dividend of $1.03 per share. The ex-dividend date is Friday, September 5th. This represents a $4.12 dividend on an annualized basis and a yield of 3.0%. Genuine Parts's payout ratio is currently 70.91%.

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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