JPMorgan Chase & Co. Buys 498,469 Shares of Genuine Parts Company (NYSE:GPC)

Key Points

• JPMorgan Chase & Co. increased its stake in Genuine Parts Company by 22.1% during the 1st quarter, owning 2,752,845 shares worth approximately $327.97 million.
• The company recently reported $2.10 EPS for the quarter, exceeding analysts' expectations of $2.08, with a revenue increase of 3.4% year-over-year.
• Genuine Parts has a current dividend yield of 3.1%, with a quarterly dividend of $1.03 per share set to be paid on October 2nd.

JPMorgan Chase & Co. lifted its stake in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 22.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,752,845 shares of the specialty retailer's stock after acquiring an additional 498,469 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.98% of Genuine Parts worth $327,974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in shares of Genuine Parts by 276.2% during the first quarter. Goldman Sachs Group Inc. now owns 3,352,772 shares of the specialty retailer's stock valued at $399,449,000 after buying an additional 2,461,497 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Genuine Parts by 4.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,009,583 shares of the specialty retailer's stock valued at $358,387,000 after buying an additional 119,653 shares during the period. Stifel Financial Corp raised its stake in shares of Genuine Parts by 21.6% in the fourth quarter. Stifel Financial Corp now owns 2,502,852 shares of the specialty retailer's stock valued at $292,233,000 after buying an additional 445,259 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Genuine Parts by 5.1% in the fourth quarter. Ameriprise Financial Inc. now owns 2,136,214 shares of the specialty retailer's stock valued at $249,426,000 after buying an additional 104,343 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Genuine Parts by 12.1% in the fourth 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 period. Institutional investors and hedge funds own 78.83% of the company's stock.

Genuine Parts Price Performance

NYSE:GPC traded up $0.02 on Friday, reaching $137.79. 1,285,449 shares of the company's stock traded hands, compared to its average volume of 1,348,312. The company has a quick ratio of 0.51, a current ratio of 1.14 and a debt-to-equity ratio of 0.79. The stock has a 50-day simple moving average of $126.96 and a 200-day simple moving average of $122.78. The firm has a market cap of $19.17 billion, a PE ratio of 23.72 and a beta of 0.75. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $144.49.

Genuine Parts (NYSE:GPC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The specialty retailer reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $2.08 by $0.02. The business 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 business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $2.44 earnings per share. Equities research analysts forecast that Genuine Parts Company will post 7.9 earnings per share for the current year.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Friday, September 5th will be paid a $1.03 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.12 annualized dividend and a yield of 3.0%. Genuine Parts's dividend payout ratio (DPR) is presently 70.91%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Loop Capital lifted their price target on Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Argus raised Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. Evercore ISI cut their price target on 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 stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, UBS Group upped their price target on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $135.29.

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.