US Bancorp DE Reduces Holdings in Genuine Parts Company (NYSE:GPC)

Key Points

• US Bancorp DE reduced its stake in Genuine Parts Company by 15.1%, selling 5,696 shares and retaining 31,922 shares valued at approximately $3.8 million as of the last quarter.
• Shares of Genuine Parts have increased by 0.7%, trading at $133.52, with a market cap of $18.57 billion and a P/E ratio of 22.98.
• The company reported a Q2 earnings per share (EPS) of $2.10, exceeding analyst expectations, with annual revenue growth of 3.4% year-over-year.

US Bancorp DE decreased its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 15.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,922 shares of the specialty retailer's stock after selling 5,696 shares during the period. US Bancorp DE's holdings in Genuine Parts were worth $3,803,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Rossby Financial LCC bought a new stake in shares of Genuine Parts in the 1st quarter worth about $25,000. Olde Wealth Management LLC purchased a new position in Genuine Parts in the first quarter worth about $27,000. North Capital Inc. bought a new stake in Genuine Parts during the first quarter worth approximately $28,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Genuine Parts in the 4th quarter valued at approximately $33,000. Finally, Investors Research Corp boosted its holdings 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 purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 78.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Truist Financial boosted 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. UBS Group upped their target price on Genuine Parts from $125.00 to $135.00 and gave the company a "neutral" rating in a research note 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 research note on Thursday, July 24th. JPMorgan Chase & Co. increased their target price on Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Argus upgraded 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 assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $135.29.

Genuine Parts Stock Up 0.4%

Shares of NYSE GPC traded up $0.52 during midday trading on Thursday, reaching $133.97. 747,223 shares of the company's stock traded hands, compared to its average volume of 1,378,374. The company has a market cap of $18.63 billion, a price-to-earnings ratio of 18.18 and a beta of 0.75. The stock's 50 day simple moving average is $125.72 and its 200-day simple moving average is $121.91. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.79. Genuine Parts Company has a one year low of $104.01 and a one year high of $144.49.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $6.10 billion. During the same period last year, the business posted $2.44 EPS. The business's revenue was up 3.4% compared to the same quarter last year. On average, analysts predict that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts 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.