Mizuho Markets Americas LLC Trims Stock Holdings in Genuine Parts Company (NYSE:GPC)

Key Points

• Mizuho Markets Americas LLC reduced its stake in Genuine Parts Company by 55.9%, selling off 13,273 shares and now holding 10,488 shares valued at approximately $1.25 million.
• Despite the sell-off, several institutional investors increased their positions, with Wellington Management Group boosting their holdings by 30.3%, leading to increased institutional ownership at 78.83%.
• Genuine Parts Company reported a 2nd quarter EPS of $2.10, exceeding the consensus estimate of $2.08, and a revenue of $6.16 billion, reflecting a 3.4% year-over-year increase.

Mizuho Markets Americas LLC lessened its position in Genuine Parts Company (NYSE:GPC - Free Report) by 55.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,488 shares of the specialty retailer's stock after selling 13,273 shares during the quarter. Mizuho Markets Americas LLC's holdings in Genuine Parts were worth $1,250,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Rossby Financial LCC purchased a new stake in Genuine Parts in the first quarter valued at $25,000. Olde Wealth Management LLC acquired a new stake in shares of Genuine Parts in the 1st quarter valued at about $27,000. North Capital Inc. purchased a new stake in Genuine Parts during the 1st quarter valued at approximately $28,000. Investors Research Corp raised its stake in shares of 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 in the last quarter. Finally, Golden State Wealth Management LLC increased its stake in 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 valued at $38,000 after purchasing an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GPC. Loop Capital raised their price objective on Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Argus upgraded Genuine Parts to a "strong-buy" rating in a research note on Friday, April 25th. Truist Financial boosted their price objective on Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. 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 report on Wednesday, April 23rd. Finally, Wall Street Zen downgraded shares of Genuine Parts from a "buy" rating to a "hold" rating in a research note on Saturday, April 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $135.29.

Genuine Parts Price Performance

NYSE:GPC traded up $1.37 on Tuesday, hitting $134.77. The company had a trading volume of 847,037 shares, compared to its average volume of 1,314,513. The stock has a market capitalization of $18.75 billion, a price-to-earnings ratio of 23.20 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. The firm has a 50 day moving average of $126.25 and a two-hundred day moving average of $122.37. Genuine Parts Company has a 52 week low of $104.01 and a 52 week high of $144.49.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.02. Genuine Parts had a net margin of 3.40% and a return on equity of 22.41%. The company had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.10 billion. During the same period in the prior year, the company posted $2.44 earnings per share. Genuine Parts's revenue for the quarter was up 3.4% compared to the same quarter last year. On average, research 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 disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Friday, September 5th will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.1%. Genuine Parts's dividend payout ratio (DPR) is 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.