Genuine Parts (NYSE:GPC) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its holdings in shares of Genuine Parts (NYSE:GPC - Free Report) by 65.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,326 shares of the specialty retailer's stock after selling 29,555 shares during the quarter. Mackenzie Financial Corp's holdings in Genuine Parts were worth $1,789,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Norges Bank purchased a new position in Genuine Parts in the 4th quarter worth approximately $206,645,000. Junto Capital Management LP acquired a new stake in shares of Genuine Parts in the fourth quarter valued at approximately $94,868,000. Equity Investment Corp purchased a new position in Genuine Parts during the fourth quarter worth approximately $84,128,000. Alyeska Investment Group L.P. boosted its stake in Genuine Parts by 204.7% during the fourth quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer's stock worth $92,129,000 after buying an additional 530,057 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Genuine Parts by 18.9% in the 4th quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer's stock valued at $380,898,000 after buying an additional 518,851 shares in the last quarter. Hedge funds and other institutional investors own 78.83% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group reiterated a "sell" rating and set a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. Evercore ISI reduced their target price on shares of Genuine Parts from $135.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Argus upgraded shares of Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. Wall Street Zen downgraded shares of Genuine Parts from a "buy" rating to a "hold" rating in a report on Saturday, April 26th. Finally, Truist Financial lifted their price target on shares of Genuine Parts from $133.00 to $137.00 and gave the company a "buy" rating in a research report on Thursday, April 24th. 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 given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $130.86.

Genuine Parts Trading Down 1.1%

Shares of Genuine Parts stock traded down $1.43 on Wednesday, reaching $126.32. The company had a trading volume of 691,302 shares, compared to its average volume of 1,290,263. The firm's 50 day moving average price is $119.41 and its two-hundred day moving average price is $120.32. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.57 and a current ratio of 1.16. Genuine Parts has a 52-week low of $104.01 and a 52-week high of $149.22. The firm has a market cap of $17.53 billion, a PE ratio of 19.52 and a beta of 0.76.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.09. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.83 billion. Sell-side analysts predict that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Friday, June 6th will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a yield of 3.26%. 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.