Genuine Parts (NYSE:GPC) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN trimmed its holdings in Genuine Parts (NYSE:GPC) by 15.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,317 shares of the specialty retailer’s stock after selling 1,315 shares during the quarter. OLD National Bancorp IN’s holdings in Genuine Parts were worth $1,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GPC. Amalgamated Bank boosted its stake in Genuine Parts by 10.7% during the 3rd quarter. Amalgamated Bank now owns 41,734 shares of the specialty retailer’s stock valued at $6,026,000 after purchasing an additional 4,047 shares in the last quarter. Conning Inc. boosted its stake in Genuine Parts by 5.9% during the 4th quarter. Conning Inc. now owns 227,942 shares of the specialty retailer’s stock valued at $31,501,000 after purchasing an additional 12,634 shares in the last quarter. Hunter Associates Investment Management LLC boosted its stake in Genuine Parts by 20.7% during the 4th quarter. Hunter Associates Investment Management LLC now owns 11,891 shares of the specialty retailer’s stock valued at $1,646,000 after purchasing an additional 2,041 shares in the last quarter. Teza Capital Management LLC bought a new position in Genuine Parts during the 3rd quarter valued at $1,593,000. Finally, LPL Financial LLC boosted its stake in Genuine Parts by 15.1% during the 3rd quarter. LPL Financial LLC now owns 141,483 shares of the specialty retailer’s stock valued at $20,427,000 after purchasing an additional 18,522 shares in the last quarter. 78.83% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $163.36 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 0.59 and a debt-to-equity ratio of 0.69. Genuine Parts has a 1 year low of $126.35 and a 1 year high of $174.91. The business has a fifty day simple moving average of $151.08 and a 200 day simple moving average of $142.62. The firm has a market cap of $22.76 billion, a price-to-earnings ratio of 18.21 and a beta of 0.94.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.07. Genuine Parts had a return on equity of 30.92% and a net margin of 5.46%. The business had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period last year, the company earned $2.14 earnings per share. Genuine Parts’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts predict that Genuine Parts will post 9.89 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. Investors of record on Friday, March 1st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.45%. This is a positive change from Genuine Parts’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, February 29th. Genuine Parts’s dividend payout ratio (DPR) is currently 44.59%.

Analysts Set New Price Targets

A number of brokerages have issued reports on GPC. Evercore ISI decreased their price target on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. StockNews.com raised Genuine Parts from a “hold” rating to a “buy” rating in a research note on Friday, April 5th. Truist Financial raised their price objective on Genuine Parts from $167.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Jefferies Financial Group raised their price objective on Genuine Parts from $150.00 to $170.00 and gave the stock a “hold” rating in a research note on Friday, April 19th. Finally, Wedbush reissued a “neutral” rating and set a $170.00 price objective (up from $140.00) on shares of Genuine Parts in a research note on Friday, April 19th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Genuine Parts has an average rating of “Hold” and an average target price of $173.10.

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.