Teachers Retirement System of The State of Kentucky Decreases Stock Holdings in Genuine Parts (NYSE:GPC)

Teachers Retirement System of The State of Kentucky cut its stake in Genuine Parts (NYSE:GPC) by 3.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,138 shares of the specialty retailer’s stock after selling 341 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Genuine Parts were worth $1,541,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. WD Rutherford LLC purchased a new position in Genuine Parts in the 1st quarter valued at approximately $26,000. Union Savings Bank grew its holdings in Genuine Parts by 100.0% in the first quarter. Union Savings Bank now owns 200 shares of the specialty retailer’s stock valued at $31,000 after purchasing an additional 100 shares during the last quarter. Thompson Investment Management Inc. purchased a new position in shares of Genuine Parts in the first quarter valued at $35,000. Stephens Consulting LLC raised its stake in shares of Genuine Parts by 740.7% during the 1st quarter. Stephens Consulting LLC now owns 227 shares of the specialty retailer’s stock worth $35,000 after buying an additional 200 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its position in shares of Genuine Parts by 36.1% in the 1st quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock worth $39,000 after buying an additional 66 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Genuine Parts Stock Performance

Genuine Parts stock opened at $136.69 on Friday. The stock has a fifty day moving average price of $139.70 and a 200 day moving average price of $144.53. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $164.45. The firm has a market capitalization of $19.04 billion, a P/E ratio of 15.24 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.15). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same quarter in the previous year, the company earned $2.44 earnings per share. The company’s revenue was up .8% on a year-over-year basis. Equities research analysts anticipate that Genuine Parts will post 9.37 earnings per share for the current year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 2.93%. Genuine Parts’s dividend payout ratio is presently 44.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GPC shares. Evercore ISI cut their target price on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a research report on Wednesday, July 24th. The Goldman Sachs Group reduced their target price on Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. StockNews.com downgraded Genuine Parts from a “buy” rating to a “hold” rating in a research report on Friday. Wedbush reduced their price objective on Genuine Parts from $170.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Finally, Truist Financial reaffirmed a “buy” rating and set a $164.00 price objective on shares of Genuine Parts in a research note on Wednesday, August 28th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Genuine Parts has an average rating of “Hold” and an average price target of $161.14.

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.