Genuine Parts Company $GPC Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Genuine Parts stake by 42.2% in the third quarter, selling 66,166 shares and retaining 90,493 shares valued at approximately $11.4 million. Institutional investors collectively own 78.83% of GPC.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus rating of “Moderate Buy” and an average price target of $146, above its reported opening price of $130.07.
• Genuine Parts exceeded quarterly expectations, reporting $2.15 in EPS and $6.54 billion in revenue, while revenue increased 6% year over year. The company also pays an annualized dividend of $4.25 per share, yielding about 3.3%.

Assenagon Asset Management S.A. reduced its stake in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 42.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 90,493 shares of the specialty retailer's stock after selling 66,166 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.07% of Genuine Parts worth $11,379,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GPC. Fortitude Family Office LLC grew its stake in Genuine Parts by 386.5% in the third quarter. Fortitude Family Office LLC now owns 827 shares of the specialty retailer's stock valued at $104,000 after purchasing an additional 657 shares in the last quarter. Cultivar Capital Inc. acquired a new position in Genuine Parts in the 3rd quarter worth about $203,000. Focus Financial Network Inc. increased its position in Genuine Parts by 2.9% in the 3rd quarter. Focus Financial Network Inc. now owns 2,725 shares of the specialty retailer's stock worth $346,000 after purchasing an additional 77 shares during the last quarter. Allied Investment Advisors LLC raised its stake in shares of Genuine Parts by 2.8% during the 3rd quarter. Allied Investment Advisors LLC now owns 105,298 shares of the specialty retailer's stock worth $13,240,000 after purchasing an additional 2,828 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in shares of Genuine Parts by 11.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,465 shares of the specialty retailer's stock worth $310,000 after purchasing an additional 259 shares in the last quarter. 78.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GPC has been the subject of several research reports. Truist Financial lifted their price target on Genuine Parts from $124.00 to $126.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. UBS Group restated a "neutral" rating and issued a $122.00 price objective on shares of Genuine Parts in a report on Wednesday, July 22nd. DA Davidson raised their price objective on shares of Genuine Parts from $150.00 to $170.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $165.00 price objective on shares of Genuine Parts in a research report on Wednesday, July 22nd. Finally, Evercore reiterated an "outperform" rating on shares of Genuine Parts in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $146.00.

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $130.07 on Tuesday. Genuine Parts Company has a fifty-two week low of $90.78 and a fifty-two week high of $151.57. The business has a 50-day moving average of $132.11 and a two-hundred day moving average of $118.68. The stock has a market capitalization of $17.93 billion, a P/E ratio of 520.27, a P/E/G ratio of 2.48 and a beta of 0.67. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.16 and a quick ratio of 0.50.

Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The specialty retailer reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.07. The company had revenue of $6.54 billion during the quarter, compared to the consensus estimate of $6.43 billion. Genuine Parts had a return on equity of 22.59% and a net margin of 0.13%. The firm's revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.10 EPS. On average, equities research analysts predict that Genuine Parts Company will post 7.73 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 4th were given a dividend of $1.0625 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $4.25 dividend on an annualized basis and a yield of 3.3%. Genuine Parts's dividend payout ratio is presently 1,700.00%.

Genuine Parts Company Profile

Genuine Parts Company NYSE: GPC is a distributor of automotive and industrial replacement parts. Its Automotive Parts Group supplies components and accessories for cars, trucks and other vehicles, serving professional repair shops, commercial customers and do-it-yourself consumers through distribution networks, stores and digital channels.

The company's Industrial Parts Group distributes products used to maintain and repair manufacturing, commercial and other industrial equipment. Its offerings include bearings, power-transmission components, motion-control products, industrial supplies and related maintenance, repair and operations products.

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