Genuine Parts (NYSE:GPC) Shares Sold by Nordea Investment Management AB

Posted by Defense World Staff on May 13th, 2023

Nordea Investment Management AB lowered its position in shares of Genuine Parts (NYSE:GPC – Get Rating) by 2.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,497 shares of the specialty retailer’s stock after selling 207 shares during the quarter. Nordea Investment Management AB’s holdings in Genuine Parts were worth $1,478,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Capital World Investors purchased a new stake in shares of Genuine Parts in the first quarter valued at approximately $124,130,000. Vanguard Group Inc. grew its position in shares of Genuine Parts by 2.9% in the first quarter. Vanguard Group Inc. now owns 17,088,101 shares of the specialty retailer’s stock valued at $2,153,442,000 after purchasing an additional 481,039 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Genuine Parts by 105.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 715,885 shares of the specialty retailer’s stock valued at $106,896,000 after purchasing an additional 368,252 shares in the last quarter. Sugarloaf Wealth Management LLC grew its position in shares of Genuine Parts by 20,771.1% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 313,067 shares of the specialty retailer’s stock valued at $572,000 after purchasing an additional 311,567 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its position in shares of Genuine Parts by 276.8% in the third quarter. Glenmede Trust Co. NA now owns 356,804 shares of the specialty retailer’s stock valued at $53,276,000 after purchasing an additional 262,102 shares in the last quarter. Institutional investors and hedge funds own 78.14% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Genuine Parts from a “sell” rating to a “neutral” rating and upped their price target for the company from $163.00 to $164.00 in a research report on Monday, May 1st. They noted that the move was a valuation call. StockNews.com started coverage on Genuine Parts in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Truist Financial increased their price objective on Genuine Parts from $186.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Finally, Wedbush reiterated a “neutral” rating and issued a $165.00 price objective on shares of Genuine Parts in a research report on Friday, April 21st.

Genuine Parts Stock Down 0.6 %

NYSE:GPC opened at $170.65 on Friday. The company has a quick ratio of 0.58, a current ratio of 1.16 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average is $166.17 and its two-hundred day moving average is $172.23. Genuine Parts has a 52 week low of $125.55 and a 52 week high of $187.73. The stock has a market capitalization of $23.98 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 2.49 and a beta of 0.88.

Genuine Parts (NYSE:GPC – Get Rating) last released its quarterly earnings results on Thursday, April 20th. The specialty retailer reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.11. Genuine Parts had a return on equity of 32.53% and a net margin of 5.50%. The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.68 billion. During the same period in the prior year, the firm earned $1.86 earnings per share. The firm’s revenue was up 8.9% compared to the same quarter last year. Research analysts anticipate that Genuine Parts will post 9.06 EPS for the current year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 2nd will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Thursday, June 1st. Genuine Parts’s payout ratio is currently 43.53%.

Insider Activity

In related news, CEO Paul D. Donahue acquired 1,600 shares of Genuine Parts stock in a transaction dated Friday, March 24th. The shares were acquired at an average cost of $156.08 per share, for a total transaction of $249,728.00. Following the completion of the purchase, the chief executive officer now owns 59,727 shares in the company, valued at $9,322,190.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.39% of the company’s stock.

Genuine Parts 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.