Genuine Parts Company $GPC Stock Sold by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its Genuine Parts position by 51.1% in the third quarter, selling 1.45 million shares and retaining 1.39 million shares worth approximately $175 million. Institutional investors overall own 78.83% of the company.
• Genuine Parts exceeded quarterly expectations, reporting $2.07 in adjusted EPS and $6.52 billion in revenue, with revenue up 4.2% year over year.
• The company maintains a quarterly dividend of $1.0625, equivalent to $4.25 annually and a 3.5% yield. Analysts have a consensus “Moderate Buy” rating with an average price target of $145.

ProShare Advisors LLC decreased its position in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 51.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,391,614 shares of the specialty retailer's stock after selling 1,454,540 shares during the period. ProShare Advisors LLC owned about 1.01% of Genuine Parts worth $174,982,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of GPC. BlackRock Inc. bought a new position in shares of Genuine Parts during the 2nd quarter valued at approximately $1,574,910,000. Bank of America Corp DE acquired a new stake in shares of Genuine Parts during the 2nd quarter worth approximately $201,072,000. Corient Private Wealth LP purchased a new position in shares of Genuine Parts in the 2nd quarter valued at about $3,903,000. Cullen Capital Management LLC purchased a new stake in shares of Genuine Parts in the second quarter valued at about $166,471,000. Finally, Equity Investment Corp purchased a new position in shares of Genuine Parts in the second quarter valued at $114,922,000. Hedge funds and other institutional investors own 78.83% of the company's stock.

Genuine Parts Price Performance

GPC opened at $120.76 on Friday. The business's 50-day moving average is $130.10 and its two-hundred day moving average is $120.25. The firm has a market capitalization of $16.65 billion, a PE ratio of 483.04, a price-to-earnings-growth ratio of 2.65 and a beta of 0.67. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.22 and a quick ratio of 0.54. Genuine Parts Company has a 1 year low of $90.78 and a 1 year high of $151.57.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its earnings results on Tuesday, October 20th. The specialty retailer reported $2.07 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Genuine Parts had a net margin of 0.12% and a return on equity of 23.00%. The business had revenue of $6.52 billion during the quarter, compared to analysts' expectations of $6.49 billion. During the same period in the prior year, the business earned $1.98 earnings per share. The company's quarterly revenue was up 4.2% compared to the same quarter last year. Research analysts anticipate that Genuine Parts Company will post 7.62 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Friday, September 4th were given a $1.0625 dividend. 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, September 4th. Genuine Parts's payout ratio is currently 1,700.00%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Weiss Ratings restated a "hold (c-)" rating on shares of Genuine Parts in a research report on Monday, September 21st. Argus lowered their price objective on shares of Genuine Parts from $156.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. The Goldman Sachs Group set a $122.00 price target on shares of Genuine Parts in a research note on Tuesday, October 20th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $165.00 price objective on shares of Genuine Parts in a research note on Wednesday, July 22nd. Finally, Truist Financial lifted their price objective on shares of Genuine Parts from $126.00 to $131.00 and gave the company a "hold" rating in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Genuine Parts has an average rating of "Moderate Buy" and an average target price of $145.00.

About Genuine Parts

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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