Mirae Asset Global Investments Co. Ltd. Boosts Stake in Genuine Parts Company (NYSE:GPC)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 11.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,430 shares of the specialty retailer's stock after acquiring an additional 2,290 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Genuine Parts were worth $2,657,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in Genuine Parts during the fourth quarter worth approximately $206,645,000. Junto Capital Management LP purchased a new position in shares of Genuine Parts in the 4th quarter valued at $94,868,000. Alyeska Investment Group L.P. grew its position in shares of Genuine Parts by 204.7% in the 4th quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer's stock valued at $92,129,000 after buying an additional 530,057 shares during the last quarter. Invesco Ltd. raised its stake in Genuine Parts by 18.9% during the 4th quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer's stock worth $380,898,000 after acquiring an additional 518,851 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Genuine Parts in the fourth quarter valued at $57,407,000. Institutional investors and hedge funds own 78.83% of the company's stock.

Genuine Parts Stock Performance

Genuine Parts stock traded down $0.06 during mid-day trading on Friday, reaching $127.41. 495,193 shares of the company were exchanged, compared to its average volume of 1,302,825. The firm's 50-day simple moving average is $122.94 and its two-hundred day simple moving average is $120.04. Genuine Parts Company has a twelve month low of $104.01 and a twelve month high of $149.22. The firm has a market cap of $17.68 billion, a PE ratio of 20.92 and a beta of 0.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.52 and a current ratio of 1.15.

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 for the quarter, topping the consensus estimate of $1.66 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.83 billion. Genuine Parts had a return on equity of 23.71% and a net margin of 3.60%. Equities analysts predict that Genuine Parts Company will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Stockholders of record on Friday, June 6th were paid a dividend of $1.03 per share. The ex-dividend date was Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.23%. Genuine Parts's dividend payout ratio (DPR) is 67.65%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GPC. The Goldman Sachs Group reaffirmed a "sell" rating and set a $114.00 price objective (down previously from $133.00) on shares of Genuine Parts in a report on Tuesday, April 1st. Evercore ISI dropped 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 lifted their price target on Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. Argus raised Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. Finally, Wall Street Zen lowered shares of Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Genuine Parts presently has a consensus rating of "Moderate Buy" and a consensus target price of $130.86.

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.