Genuine Parts (NYSE:GPC) Downgraded by StockNews.com to “Buy”

Posted by on Jun 21st, 2023

Genuine Parts (NYSE:GPC – Get Rating) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

A number of other equities research analysts have also weighed in on GPC. Truist Financial lifted their target price on shares of Genuine Parts from $186.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Wedbush reissued a “neutral” rating and set a $165.00 price objective on shares of Genuine Parts in a research note on Friday, April 21st. Bank of America raised shares of Genuine Parts from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $185.00 to $189.00 in a research note on Thursday, June 1st. Finally, The Goldman Sachs Group raised shares of Genuine Parts from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $163.00 to $164.00 in a report on Monday, May 1st. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Genuine Parts presently has a consensus rating of “Moderate Buy” and an average price target of $178.25.

Genuine Parts Stock Down 1.2 %

GPC opened at $159.59 on Wednesday. The company has a 50 day moving average of $163.29 and a 200 day moving average of $168.02. The company has a market cap of $22.43 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 2.00 and a beta of 0.89. Genuine Parts has a 12 month low of $127.09 and a 12 month high of $187.73. The company has a current ratio of 1.16, a quick ratio of 0.58 and a debt-to-equity ratio of 0.79.

Genuine Parts (NYSE:GPC – Get Rating) last posted its quarterly earnings data on Thursday, April 20th. The specialty retailer reported $2.14 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.11. The firm had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.68 billion. Genuine Parts had a net margin of 5.50% and a return on equity of 32.53%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company posted $1.86 EPS. On average, sell-side analysts expect that Genuine Parts will post 9.06 EPS for the current year.

Insider Buying and Selling

In other Genuine Parts news, insider Randall P. Breaux purchased 500 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were bought at an average price of $149.44 per share, with a total value of $74,720.00. Following the completion of the purchase, the insider now directly owns 20,523 shares in the company, valued at $3,066,957.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Genuine Parts news, CEO Paul D. Donahue bought 1,600 shares of the company’s stock in a transaction on Friday, March 24th. The shares were bought at an average cost of $156.08 per share, for a total transaction of $249,728.00. Following the acquisition, the chief executive officer now directly owns 59,727 shares in the company, valued at $9,322,190.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Randall P. Breaux purchased 500 shares of the stock in a transaction dated Thursday, June 1st. The stock was purchased at an average price of $149.44 per share, for a total transaction of $74,720.00. Following the completion of the acquisition, the insider now directly owns 20,523 shares in the company, valued at approximately $3,066,957.12. The disclosure for this purchase can be found here. 0.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Genuine Parts

Hedge funds and other institutional investors have recently modified their holdings of the stock. OLD Mission Capital LLC purchased a new position in shares of Genuine Parts during the 4th quarter valued at approximately $28,000. Ten Capital Wealth Advisors LLC increased its stake in shares of Genuine Parts by 1,308.3% during the first quarter. Ten Capital Wealth Advisors LLC now owns 169 shares of the specialty retailer’s stock worth $28,000 after buying an additional 157 shares during the period. Salem Investment Counselors Inc. boosted its position in shares of Genuine Parts by 42.9% during the 4th quarter. Salem Investment Counselors Inc. now owns 200 shares of the specialty retailer’s stock worth $35,000 after acquiring an additional 60 shares in the last quarter. Compass Wealth Management LLC acquired a new position in shares of Genuine Parts in the fourth quarter valued at approximately $35,000. Finally, Armstrong Advisory Group Inc. acquired a new position in Genuine Parts during the fourth quarter worth $40,000. 80.67% of the stock is owned by hedge funds and other institutional investors.

Genuine Parts Company Profile

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Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates through 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 accessory and supply items used by various automotive aftermarket customers, such as repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.

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