First Horizon Advisors Inc. Decreases Holdings in Genuine Parts (NYSE:GPC)

First Horizon Advisors Inc. decreased its stake in Genuine Parts (NYSE:GPC) by 3.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,586 shares of the specialty retailer’s stock after selling 229 shares during the period. First Horizon Advisors Inc.’s holdings in Genuine Parts were worth $780,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Genuine Parts in the 3rd quarter valued at about $26,000. Capital Performance Advisors LLP purchased a new stake in Genuine Parts in the 3rd quarter valued at approximately $31,000. Concord Wealth Partners grew its holdings in Genuine Parts by 79.3% during the third quarter. Concord Wealth Partners now owns 269 shares of the specialty retailer’s stock worth $38,000 after acquiring an additional 119 shares during the period. Triad Wealth Partners LLC acquired a new position in Genuine Parts during the second quarter worth about $40,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Genuine Parts in the third quarter valued at about $44,000. 78.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GPC has been the topic of a number of research reports. Wedbush lowered their price target on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. Truist Financial dropped their price objective on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI increased their price target on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 22nd. Finally, Redburn Atlantic upgraded Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $139.57.

Genuine Parts Stock Performance

Genuine Parts stock opened at $122.69 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.57 and a debt-to-equity ratio of 0.81. The stock has a 50 day moving average of $129.70 and a 200-day moving average of $137.60. The stock has a market cap of $17.06 billion, a P/E ratio of 15.79 and a beta of 0.92. Genuine Parts has a 52 week low of $112.74 and a 52 week high of $164.45.

Genuine Parts (NYSE:GPC) last issued its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The company had revenue of $6 billion during the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a net margin of 4.67% and a return on equity of 27.23%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.49 EPS. On average, analysts expect that Genuine Parts will post 8.09 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, December 6th. Genuine Parts’s dividend payout ratio is presently 51.48%.

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.