HB Wealth Management LLC Increases Position in Genuine Parts Company (NYSE:GPC)

Key Points

• HB Wealth Management LLC increased its stake in Genuine Parts Company by 3.8%, acquiring an additional 2,877 shares, leading to a total holding of 79,094 shares valued at approximately $9.42 million.
• Genuine Parts reported quarterly earnings of $2.10 per share, exceeding analyst expectations of $2.08, and revenue of $6.16 billion, which is a 3.4% increase year-over-year.
• Genuine Parts recently announced a quarterly dividend of $1.03, translating to an annual dividend yield of 3.08% and a payout ratio of 70.91%.

HB Wealth Management LLC raised its position in Genuine Parts Company (NYSE:GPC - Free Report) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,094 shares of the specialty retailer's stock after buying an additional 2,877 shares during the quarter. HB Wealth Management LLC owned approximately 0.06% of Genuine Parts worth $9,423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in shares of Genuine Parts by 12.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,698,737 shares of the specialty retailer's stock valued at $198,338,000 after buying an additional 182,965 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Genuine Parts by 436.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 31,451 shares of the specialty retailer's stock worth $3,672,000 after purchasing an additional 25,583 shares in the last quarter. Parvin Asset Management LLC bought a new stake in Genuine Parts during the fourth quarter worth approximately $1,320,000. FORA Capital LLC increased its position in shares of Genuine Parts by 410.9% during the fourth quarter. FORA Capital LLC now owns 26,332 shares of the specialty retailer's stock valued at $3,075,000 after purchasing an additional 21,178 shares during the period. Finally, Bastion Asset Management Inc. acquired a new stake in shares of Genuine Parts in the fourth quarter valued at $3,391,000. Institutional investors and hedge funds own 78.83% of the company's stock.

Analysts Set New Price Targets

GPC has been the topic of several recent research reports. The Goldman Sachs Group reiterated a "sell" rating and issued a $114.00 price target (down from $133.00) on shares of Genuine Parts in a research note on Tuesday, April 1st. UBS Group raised their price objective on shares of Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Evercore ISI dropped 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. Truist Financial upped their price target on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Loop Capital boosted their target price on Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $135.29.

Genuine Parts Trading Down 0.2%

Shares of GPC traded down $0.21 during trading hours on Wednesday, reaching $133.26. 353,405 shares of the company traded hands, compared to its average volume of 1,422,055. The firm has a market cap of $18.53 billion, a price-to-earnings ratio of 22.94 and a beta of 0.74. Genuine Parts Company has a 12-month low of $104.01 and a 12-month high of $149.22. 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 stock's fifty day moving average price is $125.15 and its 200 day moving average price is $121.39.

Genuine Parts (NYSE:GPC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.02. Genuine Parts had a return on equity of 22.41% and a net margin of 3.40%. The firm had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $6.10 billion. During the same period last year, the business posted $2.44 earnings per share. The company's revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that Genuine Parts Company will post 7.9 earnings per share for the current year.

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.