Evercore ISI Lowers Genuine Parts (NYSE:GPC) Price Target to $155.00

Genuine Parts (NYSE:GPC) had its target price cut by Evercore ISI from $160.00 to $155.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have an in-line rating on the specialty retailer’s stock.

GPC has been the topic of several other research reports. StockNews.com raised Genuine Parts from a hold rating to a buy rating in a report on Friday, April 5th. Wedbush reaffirmed a neutral rating and issued a $140.00 price target on shares of Genuine Parts in a report on Friday, February 16th. Finally, Truist Financial reiterated a buy rating and set a $167.00 price objective on shares of Genuine Parts in a research report on Friday, April 12th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $168.33.

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $160.23 on Tuesday. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $174.91. The stock has a market cap of $22.34 billion, a price-to-earnings ratio of 17.17 and a beta of 0.94. The stock’s 50 day moving average price is $149.92 and its 200 day moving average price is $142.22. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.23 and a quick ratio of 0.63.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.06. The company had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. Genuine Parts had a return on equity of 31.64% and a net margin of 5.70%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.14 earnings per share. Equities research analysts anticipate that Genuine Parts will post 9.76 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.50%. This is a boost from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, February 29th. Genuine Parts’s payout ratio is presently 42.87%.

Insider Activity

In other news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total transaction of $503,490.00. Following the transaction, the director now directly owns 14,397 shares in the company, valued at approximately $2,230,383.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Genuine Parts

Institutional investors and hedge funds have recently modified their holdings of the stock. Comerica Bank purchased a new position in shares of Genuine Parts during the 2nd quarter valued at $190,000. Sunbelt Securities Inc. grew its holdings in shares of Genuine Parts by 122.2% during the 2nd quarter. Sunbelt Securities Inc. now owns 160 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 88 shares in the last quarter. WD Rutherford LLC bought a new stake in Genuine Parts in the first quarter worth $26,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in Genuine Parts in the third quarter worth $25,000. Finally, OFI Invest Asset Management bought a new stake in Genuine Parts in the third quarter worth $25,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

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.