Genuine Parts Company (NYSE:GPC) Shares Purchased by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. significantly increased its stake in Genuine Parts Company by 276.2%, acquiring over 2.4 million additional shares, bringing its total ownership to approximately 2.42% worth around $399.4 million.
• The company's recent quarterly earnings report showed a EPS of $2.10, exceeding the consensus estimate, along with a 3.4% revenue increase year-over-year to $6.16 billion.
• Wall Street analysts have mixed ratings for Genuine Parts, with a consensus rating of "Hold" and an average price target of $135.29, indicating some uncertainty in future performance.

Goldman Sachs Group Inc. raised its stake in Genuine Parts Company (NYSE:GPC - Free Report) by 276.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,352,772 shares of the specialty retailer's stock after buying an additional 2,461,497 shares during the quarter. Goldman Sachs Group Inc. owned approximately 2.42% of Genuine Parts worth $399,449,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. lifted its position in shares of Genuine Parts by 2.8% during the first quarter. Pinnacle Associates Ltd. now owns 3,376 shares of the specialty retailer's stock worth $402,000 after purchasing an additional 93 shares in the last quarter. Strategic Wealth Partners Ltd. raised its position in shares of Genuine Parts by 4.2% during the 4th quarter. Strategic Wealth Partners Ltd. now owns 2,420 shares of the specialty retailer's stock worth $302,000 after acquiring an additional 98 shares in the last quarter. Keybank National Association OH raised its position in shares of Genuine Parts by 0.5% during the 1st quarter. Keybank National Association OH now owns 20,862 shares of the specialty retailer's stock worth $2,486,000 after acquiring an additional 98 shares in the last quarter. Veracity Capital LLC raised its position in shares of Genuine Parts by 4.9% during the 1st quarter. Veracity Capital LLC now owns 2,147 shares of the specialty retailer's stock worth $256,000 after acquiring an additional 100 shares in the last quarter. Finally, Gallagher Fiduciary Advisors LLC raised its position in shares of Genuine Parts by 4.7% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 2,647 shares of the specialty retailer's stock worth $309,000 after acquiring an additional 118 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Price Performance

Shares of GPC stock traded down $0.88 during mid-day trading on Friday, reaching $133.09. The stock had a trading volume of 627,254 shares, compared to its average volume of 1,344,332. The company has a market cap of $18.51 billion, a P/E ratio of 22.91 and a beta of 0.75. 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 Company has a 12-month low of $104.01 and a 12-month high of $144.49. The business has a 50-day simple moving average of $126.00 and a 200 day simple moving average of $122.14.

Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the previous year, the company posted $2.44 EPS. The business's revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts anticipate that Genuine Parts Company will post 7.9 earnings per share for the current year.

Wall Street Analyst Weigh In

GPC has been the topic of several research analyst reports. Wall Street Zen lowered Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. UBS Group lifted their price target on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Loop Capital lifted their price target on Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. lifted their price target on Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Truist Financial lifted their price target on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $135.29.

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.