Highland Capital Management LLC Sells 660 Shares of Genuine Parts (NYSE:GPC)

Highland Capital Management LLC trimmed its stake in shares of Genuine Parts (NYSE:GPC) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,520 shares of the specialty retailer’s stock after selling 660 shares during the quarter. Highland Capital Management LLC’s holdings in Genuine Parts were worth $3,447,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. International Assets Investment Management LLC boosted its stake in Genuine Parts by 14,222.1% in the 3rd quarter. International Assets Investment Management LLC now owns 584,342 shares of the specialty retailer’s stock valued at $81,621,000 after purchasing an additional 580,262 shares during the period. State Street Corp boosted its position in shares of Genuine Parts by 5.4% in the third quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock valued at $1,103,300,000 after acquiring an additional 401,180 shares during the period. Boston Trust Walden Corp acquired a new position in shares of Genuine Parts in the third quarter valued at about $39,474,000. Caisse DE Depot ET Placement DU Quebec increased its position in Genuine Parts by 1,038.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 277,802 shares of the specialty retailer’s stock worth $38,803,000 after acquiring an additional 253,400 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Genuine Parts by 557.9% in the 3rd quarter. SG Americas Securities LLC now owns 262,645 shares of the specialty retailer’s stock valued at $36,686,000 after purchasing an additional 222,723 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GPC has been the topic of a number of analyst reports. Loop Capital initiated coverage on Genuine Parts in a research report on Thursday, January 16th. They set a “buy” rating and a $155.00 price target on the stock. UBS Group cut their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 23rd. Northcoast Research lowered shares of Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Wedbush cut their price target on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Finally, StockNews.com cut shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Eight investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $141.50.

Insider Activity

In related news, Director Wendy B. Needham sold 1,608 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $120.78, for a total transaction of $194,214.24. Following the sale, the director now owns 11,357 shares in the company, valued at $1,371,698.46. This represents a 12.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.37% of the company’s stock.

Genuine Parts Trading Up 1.5 %

Shares of GPC stock opened at $118.12 on Friday. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $16.42 billion, a P/E ratio of 15.20 and a beta of 0.95. The stock’s fifty day simple moving average is $119.88 and its 200 day simple moving average is $129.44.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend was Friday, December 6th. Genuine Parts’s dividend payout ratio is presently 51.48%.

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.