Checchi Capital Advisers LLC Reduces Stock Position in Genuine Parts (NYSE:GPC)

Checchi Capital Advisers LLC trimmed its holdings in shares of Genuine Parts (NYSE:GPC) by 12.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,877 shares of the specialty retailer’s stock after selling 412 shares during the period. Checchi Capital Advisers LLC’s holdings in Genuine Parts were worth $336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Pinnacle West Asset Management Inc. raised its position in Genuine Parts by 2.6% in the 4th quarter. Pinnacle West Asset Management Inc. now owns 7,035 shares of the specialty retailer’s stock valued at $821,000 after purchasing an additional 175 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of Genuine Parts by 5.9% in the fourth quarter. Illinois Municipal Retirement Fund now owns 63,738 shares of the specialty retailer’s stock valued at $7,442,000 after buying an additional 3,554 shares during the last quarter. Vaughan David Investments LLC IL grew its holdings in shares of Genuine Parts by 2.7% during the fourth quarter. Vaughan David Investments LLC IL now owns 288,988 shares of the specialty retailer’s stock worth $33,742,000 after buying an additional 7,488 shares during the last quarter. Rowlandmiller & PARTNERS.ADV increased its position in Genuine Parts by 0.3% in the 4th quarter. Rowlandmiller & PARTNERS.ADV now owns 55,716 shares of the specialty retailer’s stock valued at $6,505,000 after acquiring an additional 162 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its stake in Genuine Parts by 157.6% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 19,397 shares of the specialty retailer’s stock valued at $2,265,000 after acquiring an additional 11,867 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on GPC shares. Loop Capital began coverage on Genuine Parts in a research note on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price on the stock. Evercore ISI dropped their price objective on shares of Genuine Parts from $128.00 to $125.00 and set an “in-line” rating on the stock in a research note on Wednesday, February 19th. Northcoast Research downgraded shares of Genuine Parts from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. Redburn Atlantic raised shares of Genuine Parts to a “hold” rating in a report on Monday, November 11th. Finally, Truist Financial increased their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Eight equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $137.63.

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $122.95 on Friday. The business’s 50 day simple moving average is $118.76 and its 200-day simple moving average is $126.72. The firm has a market capitalization of $17.06 billion, a price-to-earnings ratio of 19.00 and a beta of 0.94. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, beating the consensus estimate of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The business had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the business earned $2.26 earnings per share. As a group, equities analysts forecast that Genuine Parts will post 7.9 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be issued a dividend of $1.03 per share. The ex-dividend date is Friday, March 7th. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.35%. Genuine Parts’s payout ratio is 63.68%.

Insiders Place Their Bets

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

About Genuine Parts

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.