Cary Street Partners Financial LLC Reduces Stock Position in Genuine Parts Company (NYSE:GPC)

Key Points

• Cary Street Partners Financial LLC reduced its holdings in Genuine Parts Company by 23.6%, owning 6,300 shares valued at approximately $751,000 as per its latest filing.
• The company reported $2.10 earnings per share for the last quarter, beating estimates of $2.08, with revenue increasing by 3.4% year-over-year to $6.16 billion.
• Genuine Parts' stock has seen several price target upgrades from analysts, with JPMorgan raising it to $145.00, indicating positive market sentiment.

Cary Street Partners Financial LLC cut its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 23.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,300 shares of the specialty retailer's stock after selling 1,948 shares during the quarter. Cary Street Partners Financial LLC's holdings in Genuine Parts were worth $751,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of GPC. Pinnacle Associates Ltd. increased its position in Genuine Parts by 2.8% during the 1st quarter. Pinnacle Associates Ltd. now owns 3,376 shares of the specialty retailer's stock worth $402,000 after purchasing an additional 93 shares in the last quarter. Strategic Wealth Partners Ltd. increased its stake in Genuine Parts by 4.2% in the fourth quarter. Strategic Wealth Partners Ltd. now owns 2,420 shares of the specialty retailer's stock valued at $302,000 after purchasing an additional 98 shares during the last quarter. Keybank National Association OH increased its stake in Genuine Parts by 0.5% in the first quarter. Keybank National Association OH now owns 20,862 shares of the specialty retailer's stock valued at $2,486,000 after purchasing an additional 98 shares during the last quarter. Veracity Capital LLC increased its stake in Genuine Parts by 4.9% in the first quarter. Veracity Capital LLC now owns 2,147 shares of the specialty retailer's stock valued at $256,000 after purchasing an additional 100 shares during the last quarter. Finally, Gallagher Fiduciary Advisors LLC increased its stake in Genuine Parts by 4.7% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 2,647 shares of the specialty retailer's stock valued at $309,000 after purchasing an additional 118 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company's stock.

Genuine Parts Stock Up 1.0%

Shares of NYSE GPC traded up $1.37 on Tuesday, hitting $134.77. The company had a trading volume of 847,034 shares, compared to its average volume of 1,417,027. Genuine Parts Company has a 12-month low of $104.01 and a 12-month high of $144.49. The business has a 50 day moving average of $126.11 and a two-hundred day moving average of $122.28. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $18.75 billion, a P/E ratio of 23.20 and a beta of 0.75.

Genuine Parts (NYSE:GPC - Get Free Report) last issued 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. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. The company's revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Genuine Parts Company will post 7.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GPC shares. UBS Group upped their target price on Genuine Parts from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Truist Financial upped their target price on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Argus upgraded Genuine Parts to a "strong-buy" rating in a research note on Friday, April 25th. Wall Street Zen lowered Genuine Parts from a "buy" rating to a "hold" rating in a research note on Saturday, April 26th. Finally, Loop Capital boosted their price target on Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Genuine Parts presently has a consensus rating of "Hold" and a consensus target price of $135.29.

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.