Genuine Parts Company $GPC Shares Sold by Comerica Bank

Key Points

• Comerica Bank has reduced its stake in Genuine Parts Company by 23.6%, now holding 80,493 shares valued at approximately $9.6 million.
• Genuine Parts reported a net revenue of $6.16 billion for the recent quarter, exceeding analyst expectations and reflecting a 3.4% increase year-over-year.
• The company recently announced a quarterly dividend of $1.03 per share, with an annualized yield of 3.0% and a payout ratio of 70.91%.

Comerica Bank trimmed its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 23.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,493 shares of the specialty retailer's stock after selling 24,846 shares during the period. Comerica Bank owned 0.06% of Genuine Parts worth $9,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of GPC. Goldman Sachs Group Inc. raised its position in shares of Genuine Parts by 276.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,352,772 shares of the specialty retailer's stock valued at $399,449,000 after buying an additional 2,461,497 shares during the last quarter. Junto Capital Management LP purchased a new stake in shares of Genuine Parts in the fourth quarter valued at about $94,868,000. Alyeska Investment Group L.P. grew its holdings in shares of Genuine Parts by 204.7% in the fourth quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer's stock valued at $92,129,000 after purchasing an additional 530,057 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Genuine Parts by 22.1% in the first quarter. JPMorgan Chase & Co. now owns 2,752,845 shares of the specialty retailer's stock valued at $327,974,000 after purchasing an additional 498,469 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Genuine Parts by 20,194.9% in the first quarter. GAMMA Investing LLC now owns 476,322 shares of the specialty retailer's stock valued at $56,749,000 after purchasing an additional 473,975 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Stock Up 0.1%

Shares of NYSE GPC traded up $0.17 during midday trading on Friday, hitting $139.48. The company's stock had a trading volume of 675,888 shares, compared to its average volume of 1,009,791. The business's fifty day simple moving average is $130.41 and its two-hundred day simple moving average is $124.18. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51. Genuine Parts Company has a 1 year low of $104.01 and a 1 year high of $144.44. The firm has a market capitalization of $19.40 billion, a price-to-earnings ratio of 24.01 and a beta of 0.75.

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

Genuine Parts Dividend Announcement

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

Analysts Set New Price Targets

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

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.