Malaga Cove Capital LLC Invests $255,000 in Genuine Parts Company (NYSE:GPC)

Key Points

• Malaga Cove Capital LLC has invested $255,000 in Genuine Parts Company, acquiring 2,140 shares, as reported in their recent SEC filing.
• Genuine Parts Company reported a quarterly earnings per share (EPS) of $2.10, beating the consensus estimate of $2.08, alongside a revenue of $6.16 billion, which exceeded analysts' expectations.
• Hedge funds and institutional investors collectively own 78.83% of Genuine Parts Company's stock, indicating strong institutional interest in the company.

Malaga Cove Capital LLC acquired a new position in shares of Genuine Parts Company (NYSE:GPC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,140 shares of the specialty retailer's stock, valued at approximately $255,000.

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

Genuine Parts Trading Down 0.5%

NYSE GPC opened at $128.28 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.79. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $144.49. The stock has a market cap of $17.84 billion, a P/E ratio of 22.08 and a beta of 0.75. The stock's fifty day moving average price is $125.36 and its 200-day moving average price is $121.65.

Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 EPS for the quarter, beating 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 company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.10 billion. During the same period last year, the firm posted $2.44 earnings per share. Genuine Parts's revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GPC shares. Evercore ISI decreased their target price on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price objective on Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. UBS Group increased their price objective on Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Argus upgraded Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. Finally, Truist Financial increased their price objective on Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus 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.

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