Assenagon Asset Management S.A. Increases Stake in Genuine Parts (NYSE:GPC)

Assenagon Asset Management S.A. boosted its position in shares of Genuine Parts (NYSE:GPC - Free Report) by 187.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 195,582 shares of the specialty retailer's stock after buying an additional 127,627 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.14% of Genuine Parts worth $23,302,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GPC. Apollon Wealth Management LLC raised its holdings in Genuine Parts by 6.6% during the 4th quarter. Apollon Wealth Management LLC now owns 3,921 shares of the specialty retailer's stock valued at $458,000 after buying an additional 242 shares during the last quarter. Empowered Funds LLC raised its holdings in Genuine Parts by 28.0% during the 4th quarter. Empowered Funds LLC now owns 33,253 shares of the specialty retailer's stock valued at $3,883,000 after buying an additional 7,276 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in Genuine Parts during the 4th quarter valued at $45,000. Avidian Wealth Enterprises LLC bought a new stake in Genuine Parts during the 4th quarter valued at $270,000. Finally, Naples Global Advisors LLC raised its holdings in Genuine Parts by 34.0% during the 4th quarter. Naples Global Advisors LLC now owns 18,464 shares of the specialty retailer's stock valued at $2,173,000 after buying an additional 4,686 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on GPC. Argus upgraded shares of Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. Truist Financial upped their price objective on shares of Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Evercore ISI decreased their price objective on shares of Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. The Goldman Sachs Group restated a "sell" rating and issued a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. Finally, Wall Street Zen lowered shares of Genuine Parts from a "buy" rating to a "hold" rating in a report on Saturday, April 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Genuine Parts currently has an average rating of "Moderate Buy" and an average target price of $130.86.

Genuine Parts Stock Down 2.2%

Shares of NYSE:GPC traded down $2.70 during midday trading on Friday, reaching $119.43. The company's stock had a trading volume of 1,231,217 shares, compared to its average volume of 1,296,097. The firm has a 50 day moving average of $120.58 and a 200-day moving average of $120.20. The firm has a market capitalization of $16.58 billion, a P/E ratio of 18.46 and a beta of 0.76. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. Genuine Parts has a 12-month low of $104.01 and a 12-month high of $149.22.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.66 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.83 billion. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. On average, research analysts anticipate that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Friday, June 6th will be given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Friday, June 6th. Genuine Parts's dividend payout ratio is presently 67.65%.

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.