Birch Capital Management LLC Increases Stock Holdings in Genuine Parts (NYSE:GPC)

Birch Capital Management LLC increased its holdings in Genuine Parts (NYSE:GPC - Free Report) by 20.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,952 shares of the specialty retailer's stock after acquiring an additional 3,278 shares during the quarter. Genuine Parts makes up about 1.2% of Birch Capital Management LLC's investment portfolio, making the stock its 28th largest position. Birch Capital Management LLC's holdings in Genuine Parts were worth $2,258,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in GPC. Norges Bank purchased a new stake in Genuine Parts in the fourth quarter worth about $206,645,000. Junto Capital Management LP bought a new position in Genuine Parts in the fourth quarter worth about $94,868,000. Equity Investment Corp bought a new position in Genuine Parts in the fourth quarter worth about $84,128,000. Alyeska Investment Group L.P. raised its holdings in Genuine Parts by 204.7% in the fourth quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer's stock worth $92,129,000 after purchasing an additional 530,057 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Genuine Parts by 18.9% in the fourth quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer's stock worth $380,898,000 after purchasing an additional 518,851 shares in the last quarter. 78.83% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Stock Performance

NYSE GPC traded up $0.76 during trading hours on Monday, reaching $120.44. The stock had a trading volume of 1,351,818 shares, compared to its average volume of 1,296,320. The stock has a fifty day moving average of $120.88 and a 200 day moving average of $120.16. The stock has a market cap of $16.72 billion, a P/E ratio of 18.62 and a beta of 0.76. Genuine Parts has a 52-week low of $104.01 and a 52-week high of $149.22. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16.

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

Genuine Parts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Friday, June 6th will be given a $1.03 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $4.12 annualized dividend and a yield of 3.42%. Genuine Parts's dividend payout ratio is presently 67.65%.

Wall Street Analysts Forecast Growth

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

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.