Genuine Parts Company $GPC Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Genuine Parts Company by 8.8%, owning 45,955 shares after selling 4,439 shares during Q1.
• Several analysts have recently provided mixed ratings on Genuine Parts stock, with targets adjusted; notable are UBS raising the price objective to $135 and JPMorgan increasing theirs to $145.
• Genuine Parts Company reported quarterly earnings of $2.10 per share, exceeding expectations and highlighting a revenue increase of 3.4% compared to the same period last year.

State of New Jersey Common Pension Fund D decreased its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 8.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,955 shares of the specialty retailer's stock after selling 4,439 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Genuine Parts were worth $5,475,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GPC. Rossby Financial LCC acquired a new position in shares of Genuine Parts during the first quarter valued at about $25,000. Olde Wealth Management LLC purchased a new stake in Genuine Parts during the 1st quarter worth approximately $27,000. North Capital Inc. acquired a new position in Genuine Parts during the 1st quarter valued at approximately $28,000. Investors Research Corp raised its holdings in shares of Genuine Parts by 75.3% in the first quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock worth $35,000 after buying an additional 125 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in shares of Genuine Parts by 7,950.0% in the first quarter. Golden State Wealth Management LLC now owns 322 shares of the specialty retailer's stock worth $38,000 after buying an additional 318 shares during the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GPC. Argus raised Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. Evercore ISI dropped their price target on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. UBS Group raised their price objective on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. upped their target price on Genuine Parts from $134.00 to $145.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Loop Capital increased their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $135.29.

Genuine Parts Trading Down 0.4%

Genuine Parts stock opened at $137.31 on Tuesday. The firm has a market cap of $19.10 billion, a PE ratio of 23.63 and a beta of 0.75. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $144.49. The stock's 50 day simple moving average is $127.20 and its two-hundred day simple moving average is $122.96. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.79.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.08 by $0.02. Genuine Parts had a net margin of 3.40% and a return on equity of 22.41%. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same period in the prior year, the firm posted $2.44 earnings per share. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. Analysts anticipate that Genuine Parts Company will post 7.9 earnings per share for the current year.

Genuine Parts Announces Dividend

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

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