Truvestments Capital LLC Takes Position in Genuine Parts (NYSE:GPC)

Truvestments Capital LLC acquired a new stake in Genuine Parts (NYSE:GPC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 800 shares of the specialty retailer’s stock, valued at approximately $93,000.

Several other hedge funds and other institutional investors have also made changes to their positions in GPC. Equity Investment Corp purchased a new position in shares of Genuine Parts in the 4th quarter valued at about $84,128,000. Raymond James Financial Inc. purchased a new position in shares of Genuine Parts in the 4th quarter valued at about $57,407,000. State Street Corp lifted its stake in Genuine Parts by 5.4% during the third quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock worth $1,103,300,000 after purchasing an additional 401,180 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake 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 purchasing an additional 253,400 shares during the last quarter. Finally, Synovus Financial Corp lifted its stake in Genuine Parts by 95.4% during the third quarter. Synovus Financial Corp now owns 391,670 shares of the specialty retailer’s stock worth $54,708,000 after purchasing an additional 191,272 shares during the last quarter. Hedge funds and other institutional investors own 78.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GPC. Loop Capital began coverage on Genuine Parts in a research note on Thursday, January 16th. They set a “buy” rating and a $155.00 target price for the company. Evercore ISI decreased their target price on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research note on Wednesday, February 19th. Truist Financial boosted their target price on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. 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 company currently has an average rating of “Hold” and an average target price of $137.63.

Genuine Parts Price Performance

Shares of NYSE GPC opened at $121.33 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45. The stock has a 50 day moving average of $120.24 and a two-hundred day moving average of $125.73. The stock has a market cap of $16.84 billion, a P/E ratio of 18.75 and a beta of 0.93.

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

Genuine Parts Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be issued a $1.03 dividend. The ex-dividend date is Friday, March 7th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.40%. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. Genuine Parts’s payout ratio is presently 63.68%.

Insider Activity

In other news, Director Wendy B. Needham sold 1,608 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was 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 of the company’s stock, valued at approximately $1,371,698.46. The trade was a 12.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

Genuine Parts 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.