Gabelli Funds LLC Cuts Stock Position in Genuine Parts Company $GPC

Key Points

• Gabelli Funds LLC has reduced its stake in Genuine Parts Company by 14.1%, selling 120,900 shares during the first quarter and now holds 737,400 shares of the company.
• Genuine Parts reported a quarterly EPS of $2.10, beating analyst estimates of $2.08, with a revenue of $6.16 billion, a 3.4% increase year-over-year.
• The company declared a quarterly dividend of $1.03 per share with a yield of 3.0%, impacting its dividend payout ratio, currently at 70.91%.

Gabelli Funds LLC cut its stake in Genuine Parts Company (NYSE:GPC - Free Report) by 14.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 737,400 shares of the specialty retailer's stock after selling 120,900 shares during the period. Genuine Parts accounts for about 0.7% of Gabelli Funds LLC's portfolio, making the stock its 24th largest position. Gabelli Funds LLC owned about 0.53% of Genuine Parts worth $87,854,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Rossby Financial LCC acquired a new stake in Genuine Parts in the 1st quarter worth approximately $25,000. Olde Wealth Management LLC acquired a new stake in Genuine Parts in the 1st quarter worth approximately $27,000. North Capital Inc. acquired a new stake in Genuine Parts in the 1st quarter worth approximately $28,000. Investors Research Corp boosted its stake in Genuine Parts by 75.3% in the 1st quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock worth $35,000 after purchasing an additional 125 shares in the last quarter. Finally, Golden State Wealth Management LLC boosted its stake in Genuine Parts by 7,950.0% in the 1st quarter. Golden State Wealth Management LLC now owns 322 shares of the specialty retailer's stock worth $38,000 after purchasing an additional 318 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on GPC. JPMorgan Chase & Co. lifted their target price on shares of Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Loop Capital lifted their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Evercore ISI lifted their price objective on shares of Genuine Parts from $145.00 to $148.00 and gave the company an "outperform" rating in a research note on Tuesday, August 26th. Truist Financial lifted their price objective on shares of Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, UBS Group lifted their price objective on shares of Genuine Parts from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

Genuine Parts Stock Performance

Shares of NYSE:GPC traded up $0.17 during trading on Friday, hitting $139.48. 675,888 shares of the stock traded hands, compared to its average volume of 1,009,791. 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 company has a market cap of $19.40 billion, a price-to-earnings ratio of 24.01 and a beta of 0.75. The company has a fifty day moving average price of $130.41 and a two-hundred day moving average price of $124.18. Genuine Parts Company has a 52-week low of $104.01 and a 52-week high of $144.44.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.02. The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.10 billion. Genuine Parts had a net margin of 3.40% and a return on equity of 22.41%. The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.44 EPS. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. As a group, equities analysts predict that Genuine Parts Company will post 7.9 EPS for the current year.

Genuine Parts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Friday, September 5th will be issued a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 5th. Genuine Parts's payout ratio is presently 70.91%.

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.