Genuine Parts Company $GPC Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management reduced its stake in Genuine Parts Company by 2.1%, selling 1,927 shares to hold 88,896 shares valued at approximately $10.78 million.
• Analysts have recently raised their price targets for Genuine Parts, with the average target price now at $137.86, reflecting a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $1.03, representing an annualized dividend of $4.12 and a dividend yield of 3.0%.

Wedge Capital Management L L P NC lessened its position in shares of Genuine Parts Company (NYSE:GPC - Free Report) by 2.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 88,896 shares of the specialty retailer's stock after selling 1,927 shares during the period. Wedge Capital Management L L P NC owned about 0.06% of Genuine Parts worth $10,784,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GPC. Goldman Sachs Group Inc. grew its holdings 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 worth $399,449,000 after acquiring an additional 2,461,497 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Genuine Parts by 377.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 933,418 shares of the specialty retailer's stock worth $113,233,000 after buying an additional 737,836 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Genuine Parts by 22.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,752,845 shares of the specialty retailer's stock worth $327,974,000 after buying an additional 498,469 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Genuine Parts by 20,194.9% during 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 during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Genuine Parts during the 1st quarter worth approximately $41,646,000. Institutional investors and hedge funds own 78.83% of the company's stock.

Genuine Parts Trading Up 0.5%

GPC traded up $0.68 during trading on Tuesday, hitting $138.64. 627,161 shares of the company's stock were exchanged, compared to its average volume of 1,387,436. 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 1 year low of $104.01 and a 1 year high of $144.29. The stock has a 50 day moving average price of $135.28 and a 200 day moving average price of $125.91. The firm has a market cap of $19.28 billion, a P/E ratio of 23.84 and a beta of 0.75.

Genuine Parts (NYSE:GPC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The specialty retailer reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 earned $2.44 earnings per share. Genuine Parts's revenue for the quarter was up 3.4% on a year-over-year basis. Genuine Parts has set its FY 2025 guidance at 7.500-8.000 EPS. As a group, analysts expect that Genuine Parts Company will post 7.9 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Friday, September 5th will be given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 5th. Genuine Parts's payout ratio is presently 70.91%.

Analyst Ratings Changes

Several analysts have recently weighed in on GPC shares. JPMorgan Chase & Co. boosted their price objective on shares of Genuine Parts from $134.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Evercore ISI raised their price objective on shares of Genuine Parts from $145.00 to $148.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Truist Financial raised their price objective on shares of Genuine Parts from $137.00 to $143.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. UBS Group raised their price objective on shares of Genuine Parts from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Loop Capital raised their price objective on shares of Genuine Parts from $155.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

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.