Genuine Parts (NYSE:GPC) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp trimmed its holdings in shares of Genuine Parts (NYSE:GPC) by 7.7% in the fourth quarter, Holdings Channel reports. The firm owned 134,859 shares of the specialty retailer’s stock after selling 11,326 shares during the period. Peapack Gladstone Financial Corp’s holdings in Genuine Parts were worth $15,746,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Millstone Evans Group LLC purchased a new position in Genuine Parts during the fourth quarter worth about $25,000. Kestra Investment Management LLC acquired a new position in shares of Genuine Parts in the 4th quarter worth approximately $28,000. First Command Advisory Services Inc. purchased a new position in shares of Genuine Parts during the 4th quarter worth approximately $28,000. Compass Planning Associates Inc acquired a new stake in Genuine Parts in the 4th quarter valued at approximately $29,000. Finally, Synergy Asset Management LLC purchased a new stake in Genuine Parts in the fourth quarter valued at approximately $32,000. 78.83% of the stock is owned by institutional investors and hedge funds.

Genuine Parts Price Performance

Genuine Parts stock opened at $116.80 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.16 and a quick ratio of 0.57. The business has a 50 day simple moving average of $121.16 and a 200-day simple moving average of $123.45. Genuine Parts has a 12 month low of $112.74 and a 12 month high of $164.45. The stock has a market capitalization of $16.21 billion, a PE ratio of 18.05 and a beta of 0.82.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, February 18th. The specialty retailer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. Equities analysts predict that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GPC. Loop Capital initiated coverage on Genuine Parts in a research note on Thursday, January 16th. They issued a “buy” rating and a $155.00 price objective for the company. Truist Financial boosted their price target on shares of Genuine Parts from $129.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Northcoast Research downgraded Genuine Parts from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. The Goldman Sachs Group reissued a “sell” rating and issued a $114.00 price objective (down from $133.00) on shares of Genuine Parts in a research report on Tuesday, April 1st. Finally, Evercore ISI raised Genuine Parts from an “in-line” rating to an “outperform” rating and upped their price target for the company from $128.00 to $135.00 in a report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $135.88.

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.