Genuine Parts Company (NYSE:GPC) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its holdings in Genuine Parts Company by 25%, selling approximately 814,989 shares during Q1, resulting in ownership of around 1.76% of the company.
• Genuine Parts reported Q2 earnings of $2.10 per share, exceeding estimates, with a total revenue of $6.16 billion, reflecting a 3.4% year-over-year increase.
• The company announced a quarterly dividend of $1.03 per share, marking an annualized dividend yield of 3.1% and a payout ratio of 70.91%.

Invesco Ltd. cut its position in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 25.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,447,240 shares of the specialty retailer's stock after selling 814,989 shares during the quarter. Invesco Ltd. owned about 1.76% of Genuine Parts worth $291,564,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GPC. Rossby Financial LCC acquired a new stake in shares of Genuine Parts in the first quarter valued at about $25,000. Olde Wealth Management LLC bought a new position in Genuine Parts during the 1st quarter worth approximately $27,000. North Capital Inc. bought a new position in Genuine Parts during the 1st quarter worth approximately $28,000. Investors Research Corp lifted its holdings in Genuine Parts by 75.3% during the 1st 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 lifted its holdings 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 worth $38,000 after purchasing an additional 318 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

GPC traded up $0.02 during trading hours on Friday, hitting $137.79. The company's stock had a trading volume of 1,285,449 shares, compared to its average volume of 1,348,312. Genuine Parts Company has a fifty-two week low of $104.01 and a fifty-two week high of $144.49. The firm has a market capitalization of $19.17 billion, a PE ratio of 23.72 and a beta of 0.75. The company has a 50-day simple moving average of $126.96 and a 200 day simple moving average of $122.74. 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 issued its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.02. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.10 billion. During the same period last year, the firm earned $2.44 EPS. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Genuine Parts Company will post 7.9 EPS for the current year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 5th will be given a dividend of $1.03 per share. The ex-dividend date 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 70.91%.

Analyst Upgrades and Downgrades

GPC has been the topic of several recent research reports. UBS Group raised their price target on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Truist Financial raised their price target on Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Loop Capital raised their price target on Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Argus raised Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. Finally, Evercore ISI cut their price target on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Genuine Parts currently has a consensus rating of "Hold" and an average target price of $135.29.

About Genuine Parts

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.