Genuine Parts Company (NYSE:GPC) Shares Bought by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Genuine Parts Company by 40%, owning 23,252 shares valued at approximately $2.77 million after acquiring additional shares in the first quarter.
• The company reported $2.10 earnings per share for the quarter, surpassing expectations, along with a 3.4% year-over-year revenue growth totaling $6.16 billion.
• Genuine Parts has a market cap of $18.57 billion with its stock currently trading at $133.51, reflecting a PE ratio of 22.98.

Assetmark Inc. boosted its position in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 40.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,252 shares of the specialty retailer's stock after buying an additional 6,644 shares during the quarter. Assetmark Inc.'s holdings in Genuine Parts were worth $2,770,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rossby Financial LCC purchased a new position in Genuine Parts during the 1st quarter valued at $25,000. Olde Wealth Management LLC purchased a new position in Genuine Parts during the 1st quarter valued at $27,000. North Capital Inc. purchased a new position in Genuine Parts during the 1st quarter valued at $28,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Genuine Parts in the 4th quarter worth about $33,000. Finally, Investors Research Corp grew its position in shares of Genuine Parts by 75.3% in 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 period. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Trading Down 2.5%

Shares of NYSE:GPC traded down $3.25 on Thursday, hitting $128.78. 2,190,627 shares of the company's stock were exchanged, compared to its average volume of 1,439,269. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $149.22. The stock has a market capitalization of $17.91 billion, a price-to-earnings ratio of 22.16 and a beta of 0.74. The business's 50 day simple moving average is $125.28 and its two-hundred day simple moving average is $121.46. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51.

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 for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $6.10 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. The company's revenue was up 3.4% on a year-over-year basis. Analysts anticipate that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GPC shares. UBS Group upped their target price on shares of Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. upped their target price on shares of Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Truist Financial increased their price objective on shares of Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen downgraded shares of Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. Finally, Argus raised shares of Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target 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.