Bank of New York Mellon Corp Acquires 10,445 Shares of Genuine Parts Company (NYSE:GPC)

Bank of New York Mellon Corp boosted its position in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 1.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 855,151 shares of the specialty retailer's stock after purchasing an additional 10,445 shares during the period. Bank of New York Mellon Corp owned about 0.62% of Genuine Parts worth $101,883,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in GPC. Jones Financial Companies Lllp boosted its stake in Genuine Parts by 95.3% during the 4th quarter. Jones Financial Companies Lllp now owns 3,578 shares of the specialty retailer's stock worth $418,000 after acquiring an additional 1,746 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Genuine Parts in the fourth quarter worth $21,840,000. Callan Family Office LLC bought a new stake in Genuine Parts during the fourth quarter worth $253,000. Edgestream Partners L.P. bought a new stake in Genuine Parts during the fourth quarter worth $776,000. Finally, Amundi raised its position in Genuine Parts by 45.0% during the fourth quarter. Amundi now owns 573,366 shares of the specialty retailer's stock worth $66,814,000 after acquiring an additional 178,050 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

Genuine Parts Stock Down 1.2%

NYSE:GPC traded down $1.49 during trading hours on Friday, hitting $124.53. 896,087 shares of the company traded hands, compared to its average volume of 1,303,610. The company has a market cap of $17.28 billion, a PE ratio of 20.45 and a beta of 0.74. Genuine Parts Company has a one year low of $104.01 and a one year high of $149.22. The company has a quick ratio of 0.52, a current ratio of 1.15 and a debt-to-equity ratio of 0.85. The firm's 50-day simple moving average is $123.67 and its 200-day simple moving average is $120.38.

Genuine Parts (NYSE:GPC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 EPS for the quarter, topping analysts' consensus estimates of $1.66 by $0.09. Genuine Parts had a return on equity of 23.71% and a net margin of 3.60%. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.83 billion. Equities analysts predict that Genuine Parts Company will post 7.9 earnings per share for the current year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Friday, June 6th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Friday, June 6th. Genuine Parts's payout ratio is presently 67.65%.

Wall Street Analyst Weigh In

GPC has been the topic of several research reports. The Goldman Sachs Group reiterated 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. Evercore ISI dropped their target price 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. Argus upgraded shares of Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. Wall Street Zen lowered shares of Genuine Parts from a "buy" rating to a "hold" rating in a report on Saturday, April 26th. Finally, Truist Financial raised their price objective on shares of Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $130.86.

About Genuine Parts

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.