Genuine Parts (NYSE:GPC) Sees Large Increase in Short Interest

Genuine Parts (NYSE:GPC - Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 2,300,000 shares, a growth of 5.0% from the March 15th total of 2,190,000 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average daily trading volume, of 978,300 shares, the days-to-cover ratio is currently 2.4 days.

Genuine Parts Price Performance

NYSE GPC traded down $0.23 on Tuesday, reaching $144.52. 1,100,381 shares of the company's stock traded hands, compared to its average volume of 977,139. The stock has a market cap of $20.15 billion, a PE ratio of 15.55 and a beta of 0.94. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.23 and a quick ratio of 0.63. The stock has a 50-day simple moving average of $149.47 and a 200 day simple moving average of $142.08.

Genuine Parts (NYSE:GPC - Get Free Report) last issued its earnings results on Thursday, February 15th. The specialty retailer reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.06. Genuine Parts had a net margin of 5.70% and a return on equity of 31.64%. The firm had revenue of $5.59 billion for the quarter, compared to analysts' expectations of $5.64 billion. During the same quarter last year, the business earned $2.05 earnings per share. The business's revenue was up 1.1% on a year-over-year basis. As a group, research analysts predict that Genuine Parts will post 9.76 earnings per share for the current year.

Genuine Parts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a $1.00 dividend. This is a boost from Genuine Parts's previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. This represents a $4.00 annualized dividend and a dividend yield of 2.77%. Genuine Parts's dividend payout ratio (DPR) is currently 42.87%.

Insider Buying and Selling

In related news, Director Wendy B. Needham sold 3,250 shares of the business's stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the transaction, the director now directly owns 14,397 shares of the company's stock, valued at approximately $2,230,383.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GPC. Salem Investment Counselors Inc. boosted its holdings in Genuine Parts by 42.9% in the fourth quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer's stock valued at $35,000 after acquiring an additional 60 shares in the last quarter. Wetherby Asset Management Inc. boosted its holdings in shares of Genuine Parts by 3.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 2,101 shares of the specialty retailer's stock valued at $352,000 after buying an additional 61 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Genuine Parts by 2.9% during the 3rd quarter. Federated Hermes Inc. now owns 2,402 shares of the specialty retailer's stock valued at $359,000 after buying an additional 68 shares in the last quarter. CHICAGO TRUST Co NA boosted its holdings in shares of Genuine Parts by 3.6% during the 1st quarter. CHICAGO TRUST Co NA now owns 2,042 shares of the specialty retailer's stock valued at $316,000 after buying an additional 71 shares in the last quarter. Finally, Axxcess Wealth Management LLC raised its position in shares of Genuine Parts by 5.0% in the 3rd quarter. Axxcess Wealth Management LLC now owns 1,546 shares of the specialty retailer's stock worth $223,000 after purchasing an additional 74 shares during the last quarter. Institutional investors own 78.83% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GPC shares. Wedbush restated a "neutral" rating and issued a $140.00 price objective on shares of Genuine Parts in a research report on Friday, February 16th. Truist Financial restated a "buy" rating and issued a $167.00 price objective on shares of Genuine Parts in a research report on Friday. Evercore ISI decreased their price objective on shares of Genuine Parts from $160.00 to $155.00 and set an "in-line" rating on the stock in a research report on Tuesday. Finally, StockNews.com upgraded shares of Genuine Parts from a "hold" rating to a "buy" rating in a research report on Friday, April 5th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $168.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.