Wedbush Securities Inc. Makes New Investment in Genuine Parts (NYSE:GPC)

Posted by Defense World Staff on Apr 19th, 2023

Wedbush Securities Inc. bought a new stake in Genuine Parts (NYSE:GPC – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,253 shares of the specialty retailer’s stock, valued at approximately $217,000.

Several other institutional investors and hedge funds also recently made changes to their positions in GPC. Capital World Investors bought a new position in Genuine Parts during the first quarter worth about $124,130,000. Vanguard Group Inc. lifted its stake in shares of Genuine Parts by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after buying an additional 481,039 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Genuine Parts by 105.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 715,885 shares of the specialty retailer’s stock worth $106,896,000 after buying an additional 368,252 shares during the period. Glenmede Trust Co. NA grew its stake in Genuine Parts by 276.8% in the 3rd quarter. Glenmede Trust Co. NA now owns 356,804 shares of the specialty retailer’s stock valued at $53,276,000 after buying an additional 262,102 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in Genuine Parts by 14.8% during the 3rd quarter. Truist Financial Corp now owns 1,857,081 shares of the specialty retailer’s stock valued at $277,299,000 after acquiring an additional 239,186 shares during the period. Institutional investors own 78.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. StockNews.com began coverage on Genuine Parts in a report on Thursday, March 16th. They issued a “buy” rating for the company. Truist Financial raised Genuine Parts from a “hold” rating to a “buy” rating and set a $186.00 target price for the company in a report on Friday, March 24th. Wedbush reissued a “neutral” rating on shares of Genuine Parts in a report on Friday, February 24th. Finally, The Goldman Sachs Group raised their price objective on shares of Genuine Parts from $147.00 to $157.00 and gave the company a “sell” rating in a research report on Thursday, February 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $152.20.

Genuine Parts Price Performance

Genuine Parts stock opened at $166.47 on Wednesday. The stock has a market cap of $23.44 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.78 and a beta of 0.89. The company has a quick ratio of 0.57, a current ratio of 1.15 and a debt-to-equity ratio of 0.81. The business has a 50-day simple moving average of $168.26 and a 200 day simple moving average of $170.92. Genuine Parts has a 52 week low of $125.55 and a 52 week high of $187.73.

Genuine Parts (NYSE:GPC – Get Rating) last issued its quarterly earnings results on Thursday, February 23rd. The specialty retailer reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.15. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.33 billion. Genuine Parts had a return on equity of 32.22% and a net margin of 5.35%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $1.79 EPS. On average, research analysts forecast that Genuine Parts will post 8.93 earnings per share for the current fiscal year.

Genuine Parts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Friday, March 3rd were given a dividend of $0.95 per share. The ex-dividend date was Thursday, March 2nd. This represents a $3.80 annualized dividend and a dividend yield of 2.28%. This is a boost from Genuine Parts’s previous quarterly dividend of $0.90. Genuine Parts’s dividend payout ratio (DPR) is 45.73%.

Insider Buying and Selling

In other news, CEO Paul D. Donahue purchased 1,600 shares of the stock in a transaction on Friday, March 24th. The shares were acquired at an average price of $156.08 per share, for a total transaction of $249,728.00. Following the completion of the transaction, the chief executive officer now directly owns 59,727 shares of the company’s stock, valued at approximately $9,322,190.16. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.39% of the stock is owned by company insiders.

Genuine Parts Company Profile

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Genuine Parts Co engages in the distribution of automotive and industrial replacement parts. It operates through the following segments: Automotive Parts Group, Industrial Parts Group, and Corporate. The Automotive Parts Group segment distributes replacement parts, other than body parts for substantially all makes and models of automobiles, trucks, and other vehicles.