The Manufacturers Life Insurance Company Trims Position in Genuine Parts (NYSE:GPC)

The Manufacturers Life Insurance Company lowered its stake in shares of Genuine Parts (NYSE:GPC) by 0.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 106,446 shares of the specialty retailer’s stock after selling 1,018 shares during the period. The Manufacturers Life Insurance Company’s holdings in Genuine Parts were worth $14,868,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Cetera Advisors LLC grew its stake in shares of Genuine Parts by 110.9% in the 1st quarter. Cetera Advisors LLC now owns 22,183 shares of the specialty retailer’s stock valued at $3,437,000 after purchasing an additional 11,663 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Genuine Parts by 43.8% during the second quarter. GAMMA Investing LLC now owns 1,917 shares of the specialty retailer’s stock worth $265,000 after purchasing an additional 584 shares during the period. First Hawaiian Bank grew its position in Genuine Parts by 6.6% in the 2nd quarter. First Hawaiian Bank now owns 7,168 shares of the specialty retailer’s stock valued at $991,000 after buying an additional 442 shares during the last quarter. DNB Asset Management AS increased its stake in Genuine Parts by 6.2% in the 2nd quarter. DNB Asset Management AS now owns 22,000 shares of the specialty retailer’s stock valued at $3,043,000 after buying an additional 1,294 shares during the period. Finally, Mather Group LLC. raised its position in Genuine Parts by 19.5% during the 2nd quarter. Mather Group LLC. now owns 2,977 shares of the specialty retailer’s stock worth $412,000 after buying an additional 485 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

GPC has been the topic of a number of recent analyst reports. UBS Group dropped their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI increased their target price 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. Truist Financial dropped their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. The Goldman Sachs Group reduced their target price on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Seven research 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 stock presently has a consensus rating of “Hold” and an average price target of $139.57.

Genuine Parts Trading Down 0.1 %

NYSE:GPC opened at $126.73 on Monday. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The company has a quick ratio of 0.57, a current ratio of 1.17 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $128.43 and a 200-day simple moving average of $136.28. The company has a market capitalization of $17.62 billion, a PE ratio of 16.31 and a beta of 0.92.

Genuine Parts (NYSE:GPC) last announced 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 business had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. Genuine Parts had a return on equity of 27.23% and a net margin of 4.67%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.49 EPS. On average, equities research analysts expect that Genuine Parts will post 8.09 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Friday, December 6th. Genuine Parts’s dividend payout ratio (DPR) is presently 51.48%.

Genuine Parts Company 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.