Short Interest in Genuine Parts (NYSE:GPC) Increases By 14.2%

Genuine Parts (NYSE:GPC) was the recipient of a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 3,770,000 shares, a growth of 14.2% from the December 31st total of 3,300,000 shares. Based on an average daily trading volume, of 1,390,000 shares, the short-interest ratio is currently 2.7 days. Approximately 2.7% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

GPC has been the subject of a number of analyst reports. Loop Capital assumed coverage on Genuine Parts in a research note on Thursday, January 16th. They set a “buy” rating and a $155.00 price target for the company. Evercore ISI upped their target price on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group dropped their price target on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Truist Financial cut their target price on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $141.50.

Insider Buying and Selling

In other news, Director Wendy B. Needham sold 1,608 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $120.78, for a total transaction of $194,214.24. Following the transaction, the director now owns 11,357 shares in the company, valued at approximately $1,371,698.46. This trade represents a 12.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantinno Capital Management LP raised its holdings in shares of Genuine Parts by 74.0% in the 3rd quarter. Quantinno Capital Management LP now owns 11,311 shares of the specialty retailer’s stock worth $1,580,000 after buying an additional 4,809 shares in the last quarter. Miramar Capital LLC raised its stake in Genuine Parts by 9.8% during the third quarter. Miramar Capital LLC now owns 87,802 shares of the specialty retailer’s stock worth $12,264,000 after acquiring an additional 7,845 shares in the last quarter. Verity & Verity LLC lifted its holdings in shares of Genuine Parts by 9.7% during the fourth quarter. Verity & Verity LLC now owns 104,473 shares of the specialty retailer’s stock valued at $12,198,000 after acquiring an additional 9,199 shares during the period. Conning Inc. grew its holdings in shares of Genuine Parts by 8.2% in the 3rd quarter. Conning Inc. now owns 261,303 shares of the specialty retailer’s stock worth $36,499,000 after purchasing an additional 19,795 shares during the last quarter. Finally, WD Rutherford LLC increased its position in shares of Genuine Parts by 4,265.9% during the 3rd quarter. WD Rutherford LLC now owns 7,422 shares of the specialty retailer’s stock worth $1,037,000 after purchasing an additional 7,252 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

Genuine Parts Stock Down 1.7 %

GPC stock opened at $116.13 on Monday. The business’s 50-day simple moving average is $119.71 and its 200 day simple moving average is $129.07. 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 company has a market cap of $16.15 billion, a PE ratio of 14.95 and a beta of 0.95. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45.

Genuine Parts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $1.00 dividend. The ex-dividend date was Friday, December 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.44%. Genuine Parts’s payout ratio is 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.