Genuine Parts Company (NYSE:GPC) Stake Reduced by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management Inc. has decreased its stake in Genuine Parts Company by 20.9% during the first quarter, bringing its total shares down to 22,594 valued at approximately $2.7 million.
• The company reported a quarterly EPS of $2.10, exceeding analysts' expectations, with revenue of $6.16 billion, up 3.4% year-over-year.
• Genuine Parts recently announced a quarterly dividend of $1.03 per share, representing an annualized dividend of $4.12 and a dividend yield of 3.08%.

Bastion Asset Management Inc. reduced its stake in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 20.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,594 shares of the specialty retailer's stock after selling 5,958 shares during the quarter. Bastion Asset Management Inc.'s holdings in Genuine Parts were worth $2,695,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GPC. Rossby Financial LCC bought a new position in Genuine Parts during the 1st quarter worth $25,000. Olde Wealth Management LLC bought a new position in Genuine Parts during the 1st quarter worth $27,000. North Capital Inc. bought a new position in Genuine Parts during the 1st quarter worth $28,000. Aster Capital Management DIFC Ltd bought a new position in Genuine Parts during the 4th quarter worth $33,000. Finally, Investors Research Corp grew its stake 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. 78.83% of the stock is currently owned by institutional investors.

Genuine Parts Stock Up 0.3%

GPC opened at $133.57 on Friday. Genuine Parts Company has a one year low of $104.01 and a one year high of $149.22. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.52 and a current ratio of 1.14. The stock's fifty day moving average is $124.96 and its 200-day moving average is $121.12. The company has a market capitalization of $18.58 billion, a PE ratio of 22.99 and a beta of 0.74.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 EPS 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 company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the previous year, the business earned $2.44 EPS. The company's quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities analysts predict that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Friday, June 6th were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Friday, June 6th. Genuine Parts's payout ratio is 70.91%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GPC. UBS Group boosted 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. Evercore ISI reduced their price target on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen lowered Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. Loop Capital increased their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Genuine Parts from $134.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday. One equities 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 MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $135.29.

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.

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