WealthPlan Investment Management LLC Raises Stock Position in Genuine Parts Company (NYSE:GPC)

Key Points

• WealthPlan Investment Management LLC increased its stake in Genuine Parts Company by 5.1% to a total of 70,662 shares, valued at approximately $8.4 million.
• Goldman Sachs Group Inc. significantly expanded its holdings in Genuine Parts by 276.2%, now owning over 3.3 million shares worth about $399 million.
• Genuine Parts reported earnings of $2.10 EPS, exceeding estimates, with quarterly revenue of $6.16 billion, reflecting a 3.4% increase year-over-year.

WealthPlan Investment Management LLC boosted its stake in Genuine Parts Company (NYSE:GPC - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,662 shares of the specialty retailer's stock after purchasing an additional 3,431 shares during the period. WealthPlan Investment Management LLC owned approximately 0.05% of Genuine Parts worth $8,419,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its stake in Genuine Parts by 276.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,352,772 shares of the specialty retailer's stock valued at $399,449,000 after purchasing an additional 2,461,497 shares in the last quarter. Junto Capital Management LP bought a new position in Genuine Parts in the fourth quarter worth about $94,868,000. Alyeska Investment Group L.P. grew its stake in Genuine Parts by 204.7% during the 4th quarter. Alyeska Investment Group L.P. now owns 789,050 shares of the specialty retailer's stock worth $92,129,000 after buying an additional 530,057 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Genuine Parts by 18.9% in 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 during the period. Finally, GAMMA Investing LLC grew its holdings in Genuine Parts by 20,194.9% in the 1st quarter. GAMMA Investing LLC now owns 476,322 shares of the specialty retailer's stock worth $56,749,000 after buying an additional 473,975 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company's stock.

Analysts Set New Price Targets

GPC has been the subject of several recent analyst reports. Argus upgraded shares of Genuine Parts to a "strong-buy" rating in a report on Friday, April 25th. JPMorgan Chase & Co. increased their price objective on Genuine Parts from $134.00 to $145.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Wall Street Zen cut Genuine Parts from a "buy" rating to a "hold" rating in a report on Saturday, April 26th. Evercore ISI reduced 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. Finally, Truist Financial lifted 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. One investment analyst has rated the stock with a sell rating, five have given 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, Genuine Parts has an average rating of "Hold" and an average price target of $135.29.

Genuine Parts Stock Up 0.7%

GPC opened at $133.52 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.51 and a current ratio of 1.14. The business has a 50 day moving average price of $125.72 and a 200 day moving average price of $121.91. The firm has a market cap of $18.57 billion, a P/E ratio of 22.98 and a beta of 0.75. Genuine Parts Company has a twelve month low of $104.01 and a twelve month high of $144.49.

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

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.

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