Elevation Point Wealth Partners LLC Buys 2,124 Shares of Genuine Parts (NYSE:GPC)

Elevation Point Wealth Partners LLC boosted its holdings in Genuine Parts (NYSE:GPC - Free Report) by 74.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,990 shares of the specialty retailer's stock after purchasing an additional 2,124 shares during the period. Elevation Point Wealth Partners LLC's holdings in Genuine Parts were worth $595,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Millstone Evans Group LLC bought a new position in shares of Genuine Parts during the fourth quarter valued at approximately $25,000. Kestra Investment Management LLC purchased a new stake in Genuine Parts in the fourth quarter worth about $28,000. First Command Advisory Services Inc. bought a new stake in Genuine Parts during the 4th quarter valued at approximately $28,000. Compass Planning Associates Inc purchased a new position in shares of Genuine Parts during the 4th quarter worth approximately $29,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Genuine Parts in the 4th quarter worth approximately $33,000. 78.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial upped their price target on Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Argus upgraded Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Wall Street Zen downgraded shares of Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. Finally, Evercore ISI decreased 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Genuine Parts has an average rating of "Moderate Buy" and a consensus price target of $130.86.

Genuine Parts Stock Performance

Shares of NYSE GPC traded up $0.76 during trading on Monday, reaching $120.44. 1,351,816 shares of the company traded hands, compared to its average volume of 1,296,318. Genuine Parts has a 52-week low of $104.01 and a 52-week high of $149.22. The company has a quick ratio of 0.57, a current ratio of 1.16 and a debt-to-equity ratio of 0.86. The firm has a 50 day simple moving average of $120.58 and a 200-day simple moving average of $120.20. The stock has a market capitalization of $16.72 billion, a PE ratio of 18.62 and a beta of 0.76.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.83 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. Equities research analysts anticipate 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. Investors of record on Friday, June 6th will be paid a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.42%. Genuine Parts's dividend payout ratio (DPR) is presently 67.65%.

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.