Allspring Global Investments Holdings LLC Raises Stock Holdings in Genuine Parts Company (NYSE:GPC)

Allspring Global Investments Holdings LLC boosted its holdings in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 146.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 180,142 shares of the specialty retailer's stock after purchasing an additional 107,127 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.13% of Genuine Parts worth $21,338,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. BSW Wealth Partners acquired a new position in shares of Genuine Parts in the first quarter valued at approximately $254,000. Schwartz Investment Counsel Inc. grew its position in Genuine Parts by 17.7% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 403,000 shares of the specialty retailer's stock valued at $48,013,000 after buying an additional 60,500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Genuine Parts by 11.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,430 shares of the specialty retailer's stock valued at $2,657,000 after buying an additional 2,290 shares during the period. Oakworth Capital Inc. increased its stake in Genuine Parts by 7.1% in the 1st quarter. Oakworth Capital Inc. now owns 4,175 shares of the specialty retailer's stock valued at $497,000 after buying an additional 275 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in Genuine Parts by 5.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 67,026 shares of the specialty retailer's stock worth $7,985,000 after buying an additional 3,288 shares during the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GPC has been the topic of several analyst reports. Evercore ISI lowered their target price on shares of Genuine Parts from $135.00 to $130.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Argus upgraded shares of Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. Wall Street Zen cut Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. Truist Financial increased their target price on Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $114.00 price target (down from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $130.86.

Genuine Parts Price Performance

NYSE GPC traded down $0.06 during mid-day trading on Friday, hitting $127.41. The stock had a trading volume of 495,193 shares, compared to its average volume of 1,302,825. The company has a 50 day simple moving average of $122.72 and a 200 day simple moving average of $119.98. The company has a quick ratio of 0.52, a current ratio of 1.15 and a debt-to-equity ratio of 0.85. The company has a market cap of $17.68 billion, a price-to-earnings ratio of 20.92 and a beta of 0.74. Genuine Parts Company has a 52-week low of $104.01 and a 52-week high of $149.22.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.09. Genuine Parts had a return on equity of 23.71% and a net margin of 3.60%. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.83 billion. Equities analysts forecast that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Friday, June 6th were issued a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, June 6th. Genuine Parts's dividend payout ratio (DPR) is presently 67.65%.

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.