Geode Capital Management LLC Has $391.60 Million Position in Genuine Parts (NYSE:GPC)

Geode Capital Management LLC increased its stake in shares of Genuine Parts (NYSE:GPC) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,362,748 shares of the specialty retailer’s stock after purchasing an additional 65,783 shares during the quarter. Geode Capital Management LLC owned approximately 2.42% of Genuine Parts worth $391,604,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Genuine Parts during the fourth quarter worth $206,645,000. Equity Investment Corp acquired a new position in Genuine Parts in the 4th quarter worth about $84,128,000. Raymond James Financial Inc. bought a new position in Genuine Parts in the fourth quarter valued at about $57,407,000. State Street Corp boosted its stake in shares of Genuine Parts by 5.4% during the third quarter. State Street Corp now owns 7,844,189 shares of the specialty retailer’s stock valued at $1,103,300,000 after purchasing an additional 401,180 shares in the last quarter. Finally, Synovus Financial Corp grew its holdings in shares of 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. Institutional investors own 78.83% of the company’s stock.

Analyst Upgrades and Downgrades

GPC has been the topic of several recent research reports. Loop Capital assumed coverage on shares of Genuine Parts in a research report on Thursday, January 16th. They set a “buy” rating and a $155.00 target price on the stock. Northcoast Research lowered shares of Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Evercore ISI upgraded Genuine Parts from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $128.00 to $135.00 in a report on Friday. Truist Financial lifted their target price on Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $114.00 price target (down previously from $133.00) on shares of Genuine Parts in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $135.88.

Genuine Parts Stock Down 1.6 %

Shares of Genuine Parts stock opened at $116.80 on Friday. The stock’s 50-day moving average is $121.16 and its 200 day moving average is $123.54. Genuine Parts has a one year low of $112.74 and a one year high of $164.45. The firm has a market cap of $16.21 billion, a price-to-earnings ratio of 18.05 and a beta of 0.93. 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 posted its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. The firm had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Genuine Parts had a return on equity of 25.28% and a net margin of 3.85%. During the same period in the prior year, the business earned $2.26 EPS. Equities research analysts anticipate that Genuine Parts will post 7.9 EPS for the current year.

Genuine Parts Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, March 7th were paid a $1.03 dividend. This is an increase from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a yield of 3.53%. The ex-dividend date was Friday, March 7th. Genuine Parts’s payout ratio is 63.68%.

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.