Genuine Parts Company $GPC Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its stake in Genuine Parts Company by 4.9% during the second quarter, holding 478,113 shares valued at approximately $57.89 million.
• Genuine Parts reported $2.10 earnings per share for the last quarter, surpassing estimates, with a revenue increase of 3.4% year-over-year.
• The company recently declared a quarterly dividend of $1.03 per share, reflecting an annual yield of 2.9% and a payout ratio of 70.91%.

DAVENPORT & Co LLC lowered its stake in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 4.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 478,113 shares of the specialty retailer's stock after selling 24,475 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.34% of Genuine Parts worth $57,892,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of GPC. Rossby Financial LCC purchased a new stake in Genuine Parts in the first quarter valued at $25,000. Olde Wealth Management LLC acquired a new stake in shares of Genuine Parts during the first quarter worth about $27,000. North Capital Inc. purchased a new stake in shares of Genuine Parts in the 1st quarter valued at about $28,000. Golden State Wealth Management LLC boosted its position in shares of 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 valued at $38,000 after purchasing an additional 318 shares during the period. Finally, Cromwell Holdings LLC grew its stake in Genuine Parts by 49.1% during the 2nd quarter. Cromwell Holdings LLC now owns 346 shares of the specialty retailer's stock worth $42,000 after buying an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company's stock.

Insider Activity

In other news, EVP Naveen Krishna sold 5,303 shares of the firm's stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $138.12, for a total value of $732,450.36. Following the completion of the sale, the executive vice president directly owned 26,112 shares of the company's stock, valued at $3,606,589.44. This trade represents a 16.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.42% of the company's stock.

Genuine Parts Stock Performance

Shares of GPC opened at $139.81 on Monday. Genuine Parts Company has a 1 year low of $104.01 and a 1 year high of $144.29. The stock has a market capitalization of $19.45 billion, a P/E ratio of 24.06 and a beta of 0.77. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.51 and a current ratio of 1.14. The company's fifty day moving average is $137.23 and its two-hundred day moving average is $126.88.

Genuine Parts (NYSE:GPC - Get Free Report) last issued 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. 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 for the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. The business's quarterly revenue 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, sell-side analysts predict that Genuine Parts Company will post 7.9 earnings per share for the current year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Stockholders of record on Friday, September 5th were paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, September 5th. Genuine Parts's dividend payout ratio is 70.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI boosted their price objective on Genuine Parts from $148.00 to $150.00 and gave the company an "outperform" rating in a research note on Wednesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Genuine Parts in a research report on Saturday, September 27th. JPMorgan Chase & Co. increased their price target 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. 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, Loop Capital upped their target price 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $138.14.

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.

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