OVERSEA CHINESE BANKING Corp Ltd Acquires Shares of 3,100 Genuine Parts Company (NYSE:GPC)

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Genuine Parts Company (NYSE:GPC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,100 shares of the specialty retailer's stock, valued at approximately $369,000.

A number of other hedge funds have also recently made changes to their positions in GPC. Norges Bank acquired a new stake in shares of Genuine Parts during the fourth quarter valued at about $206,645,000. Junto Capital Management LP acquired a new stake in shares of Genuine Parts during the fourth quarter valued at about $94,868,000. Alyeska Investment Group L.P. boosted its stake in shares of Genuine Parts by 204.7% during the fourth quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer's stock valued at $92,129,000 after purchasing an additional 530,057 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Genuine Parts by 18.9% during the fourth quarter. Invesco Ltd. now owns 3,262,229 shares of the specialty retailer's stock valued at $380,898,000 after purchasing an additional 518,851 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Genuine Parts by 20,194.9% during the first quarter. GAMMA Investing LLC now owns 476,322 shares of the specialty retailer's stock valued at $56,749,000 after purchasing an additional 473,975 shares in the last quarter. 78.83% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Trading Up 0.9%

GPC stock traded up $1.06 during mid-day trading on Thursday, reaching $123.61. The company's stock had a trading volume of 452,508 shares, compared to its average volume of 1,295,652. The company has a market cap of $17.16 billion, a price-to-earnings ratio of 20.27 and a beta of 0.74. The business's 50 day moving average price is $124.02 and its 200 day moving average price is $120.50. The company has a current ratio of 1.15, a quick ratio of 0.52 and a debt-to-equity ratio of 0.85. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $149.22.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The specialty retailer reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.66 by $0.09. The business 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%. On average, equities research analysts predict that Genuine Parts Company will post 7.9 EPS for the current year.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Friday, June 6th were paid a $1.03 dividend. The ex-dividend date was Friday, June 6th. This represents a $4.12 dividend on an annualized basis and a yield of 3.33%. Genuine Parts's dividend payout ratio (DPR) is presently 67.65%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GPC. Wall Street Zen downgraded Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. Argus upgraded Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. Evercore ISI lowered their price objective on Genuine Parts from $135.00 to $130.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group restated a "sell" rating and set a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Finally, Truist Financial raised their price objective on Genuine Parts from $133.00 to $137.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $130.86.

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.