Genuine Parts Company $GPC Shares Bought by Assetmark Inc.

Key Points

• Assetmark Inc. boosted its stake in Genuine Parts Company by 14.4% in the first quarter, buying 10,931 additional shares and bringing its total holdings to 86,780 shares valued at about $9.18 million.
• Wall Street’s view on GPC is mixed but generally positive, with a consensus rating of “Moderate Buy” and an average price target of $144.50. Recent analyst moves included a DA Davidson upgrade to buy and multiple hold ratings from other firms.
• Genuine Parts reported better-than-expected quarterly results, posting EPS of $1.77 on revenue of $6.26 billion, while also declaring a quarterly dividend of $1.0625 per share, or $4.25 annualized, for a 3.5% yield.

Assetmark Inc. lifted its holdings in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 14.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,780 shares of the specialty retailer's stock after buying an additional 10,931 shares during the period. Assetmark Inc. owned about 0.06% of Genuine Parts worth $9,177,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GPC. Olistico Wealth LLC purchased a new position in Genuine Parts in the fourth quarter worth $25,000. Strive Financial Group LLC purchased a new stake in shares of Genuine Parts during the 4th quarter worth $25,000. WPG Advisers LLC grew its stake in shares of Genuine Parts by 213.0% during the 4th quarter. WPG Advisers LLC now owns 241 shares of the specialty retailer's stock worth $30,000 after purchasing an additional 164 shares during the period. Motiv8 Investments LLC purchased a new position in shares of Genuine Parts in the 4th quarter valued at about $31,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Genuine Parts in the fourth quarter valued at about $32,000. 78.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GPC has been the topic of several recent analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of Genuine Parts in a research report on Wednesday, June 24th. UBS Group lowered their price target on Genuine Parts from $135.00 to $125.00 and set a "neutral" rating on the stock in a report on Wednesday, April 22nd. Zacks Research upgraded Genuine Parts from a "strong sell" rating to a "hold" rating in a research report on Monday, May 25th. DA Davidson raised their price target on Genuine Parts from $145.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Finally, Truist Financial cut their price target on Genuine Parts from $127.00 to $124.00 and set a "hold" rating for the company in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Genuine Parts has a consensus rating of "Moderate Buy" and an average price target of $144.50.

Insider Buying and Selling at Genuine Parts

In other news, insider James F. Howe sold 415 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $104.33, for a total transaction of $43,296.95. Following the sale, the insider owned 25,589 shares in the company, valued at $2,669,700.37. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.13% of the stock is currently owned by corporate insiders.

Genuine Parts Price Performance

NYSE:GPC opened at $122.41 on Tuesday. The firm has a market cap of $16.85 billion, a price-to-earnings ratio of 284.68 and a beta of 0.63. The company has a current ratio of 1.09, a quick ratio of 0.48 and a debt-to-equity ratio of 0.77. The company's 50-day moving average is $108.58 and its two-hundred day moving average is $115.55. Genuine Parts Company has a 12-month low of $90.78 and a 12-month high of $151.57.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The specialty retailer reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.75 by $0.02. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $6.17 billion. Genuine Parts had a net margin of 0.24% and a return on equity of 22.28%. The company's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.75 earnings per share. Research analysts expect that Genuine Parts Company will post 7.69 EPS for the current year.

Genuine Parts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 5th were paid a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 5th. Genuine Parts's dividend payout ratio is currently 988.37%.

Genuine Parts Company Profile

Genuine Parts Company NYSE: GPC is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.

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