Public Sector Pension Investment Board Acquires 229,564 Shares of Genuine Parts Company (NYSE:GPC)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Genuine Parts Company by 1,326.3%, acquiring an additional 229,564 shares to own a total of 246,872 shares valued at approximately $29.4 million.
• Genuine Parts Company reported earnings of $2.10 per share for the most recent quarter, beating estimates by $0.02 and achieving a 3.4% year-over-year revenue growth.
• Analysts have varying views on Genuine Parts, with one strong-buy rating, four buy ratings, five hold ratings, and one sell rating, reflecting a consensus target price of $135.29.

Public Sector Pension Investment Board boosted its holdings in Genuine Parts Company (NYSE:GPC - Free Report) by 1,326.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 246,872 shares of the specialty retailer's stock after buying an additional 229,564 shares during the period. Public Sector Pension Investment Board owned approximately 0.18% of Genuine Parts worth $29,412,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Rossby Financial LCC purchased a new position in Genuine Parts in the 1st quarter valued at approximately $25,000. Olde Wealth Management LLC purchased a new position in Genuine Parts in the 1st quarter valued at approximately $27,000. North Capital Inc. purchased a new position in Genuine Parts in the 1st quarter valued at approximately $28,000. Investors Research Corp grew its stake in Genuine Parts by 75.3% in the 1st quarter. Investors Research Corp now owns 291 shares of the specialty retailer's stock valued at $35,000 after buying an additional 125 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its stake in Genuine Parts by 7,950.0% in the 1st quarter. Golden State Wealth Management LLC now owns 322 shares of the specialty retailer's stock valued at $38,000 after buying an additional 318 shares in the last quarter. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

Genuine Parts Price Performance

Shares of NYSE GPC traded up $1.37 during mid-day trading on Tuesday, reaching $134.77. 847,037 shares of the company were exchanged, compared to its average volume of 1,314,513. Genuine Parts Company has a 52 week low of $104.01 and a 52 week high of $144.49. 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 market capitalization of $18.75 billion, a PE ratio of 23.20 and a beta of 0.75. The company's 50 day moving average price is $126.25 and its 200 day moving average price is $122.37.

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

Genuine Parts Dividend Announcement

The firm also recently declared 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. This represents a $4.12 annualized dividend and a yield of 3.1%. Genuine Parts's dividend payout ratio is presently 70.91%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Argus upgraded shares of Genuine Parts to a "strong-buy" rating in a research report on Friday, April 25th. Truist Financial boosted their price target on shares of Genuine Parts from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen lowered shares of Genuine Parts from a "buy" rating to a "hold" rating in a research report on Saturday, April 26th. Loop Capital boosted their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, UBS Group boosted their price target on shares of Genuine Parts from $125.00 to $135.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Genuine Parts currently has a consensus rating of "Hold" and a consensus price target of $135.29.

Genuine Parts 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.