Jensen Investment Management Inc. Sells 5,950 Shares of Genuine Parts Company (NYSE:GPC)

Key Points

• Jensen Investment Management Inc. reduced its stake in Genuine Parts Company by 18.3%, selling 5,950 shares and leaving it with 26,604 shares valued at $3,170,000.
• Despite this reduction, institutional investors hold 78.83% of Genuine Parts stock, indicating strong institutional confidence in the company.
• Genuine Parts reported better-than-expected quarterly earnings with $2.10 EPS and revenues of $6.16 billion, exceeding analysts' estimates.

Jensen Investment Management Inc. lowered its stake in Genuine Parts Company (NYSE:GPC - Free Report) by 18.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,604 shares of the specialty retailer's stock after selling 5,950 shares during the period. Jensen Investment Management Inc.'s holdings in Genuine Parts were worth $3,170,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GPC. Pinnacle Associates Ltd. raised its holdings in Genuine Parts by 2.8% in the 1st quarter. Pinnacle Associates Ltd. now owns 3,376 shares of the specialty retailer's stock worth $402,000 after acquiring an additional 93 shares during the last quarter. Strategic Wealth Partners Ltd. boosted its stake in Genuine Parts by 4.2% during the 4th quarter. Strategic Wealth Partners Ltd. now owns 2,420 shares of the specialty retailer's stock valued at $302,000 after purchasing an additional 98 shares during the last quarter. Keybank National Association OH increased its holdings in shares of Genuine Parts by 0.5% in the 1st quarter. Keybank National Association OH now owns 20,862 shares of the specialty retailer's stock worth $2,486,000 after purchasing an additional 98 shares in the last quarter. Veracity Capital LLC raised its stake in shares of Genuine Parts by 4.9% in the first quarter. Veracity Capital LLC now owns 2,147 shares of the specialty retailer's stock worth $256,000 after purchasing an additional 100 shares during the last quarter. Finally, Gallagher Fiduciary Advisors LLC raised its stake in shares of Genuine Parts by 4.7% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 2,647 shares of the specialty retailer's stock worth $309,000 after purchasing an additional 118 shares during the last quarter. Institutional investors own 78.83% of the company's stock.

Analyst Ratings Changes

GPC has been the topic of several recent analyst reports. Truist Financial increased their price objective on Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Evercore ISI dropped their price objective 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. Wall Street Zen lowered Genuine Parts from a "buy" rating to a "hold" rating in a 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 stock a "buy" rating in a research note on Thursday, July 24th. Finally, Argus raised Genuine Parts to a "strong-buy" rating in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $135.29.

Genuine Parts Price Performance

Shares of Genuine Parts stock traded down $0.88 during trading hours on Friday, reaching $133.09. The company's stock had a trading volume of 627,254 shares, compared to its average volume of 1,344,332. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.14 and a quick ratio of 0.51. Genuine Parts Company has a one year low of $104.01 and a one year high of $144.49. The firm has a 50 day moving average price of $126.00 and a 200-day moving average price of $122.11. The stock has a market cap of $18.51 billion, a P/E ratio of 22.91 and a beta of 0.75.

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

About Genuine Parts

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.