Raymond James & Associates Raises Position in Genuine Parts (NYSE:GPC)

Posted by Defense World Staff on Jun 27th, 2023

Raymond James & Associates increased its position in Genuine Parts (NYSE:GPC – Get Rating) by 31.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 338,521 shares of the specialty retailer’s stock after acquiring an additional 80,879 shares during the period. Raymond James & Associates owned approximately 0.24% of Genuine Parts worth $56,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GPC. Norges Bank purchased a new position in Genuine Parts in the 4th quarter worth $239,384,000. Capital World Investors purchased a new position in Genuine Parts in the 1st quarter worth $124,130,000. Vanguard Group Inc. raised 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 during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Genuine Parts by 105.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 715,885 shares of the specialty retailer’s stock valued at $106,896,000 after buying an additional 368,252 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC raised its stake in shares of Genuine Parts by 20,771.1% during the 4th quarter. Sugarloaf Wealth Management LLC now owns 313,067 shares of the specialty retailer’s stock valued at $572,000 after buying an additional 311,567 shares during the last quarter. Hedge funds and other institutional investors own 80.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GPC shares. Truist Financial lifted their price objective on Genuine Parts from $186.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, April 21st. Bank of America upgraded Genuine Parts from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $185.00 to $189.00 in a research note on Thursday, June 1st. The Goldman Sachs Group upgraded Genuine Parts from a “sell” rating to a “neutral” rating and raised their target price 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. Wedbush restated a “neutral” rating and set a $165.00 target price on shares of Genuine Parts in a research report on Friday, April 21st. Finally, StockNews.com cut Genuine Parts from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $178.25.

Insider Buying and Selling

In other news, insider Randall P. Breaux acquired 500 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were bought at an average cost of $149.44 per share, for a total transaction of $74,720.00. Following the acquisition, the insider now owns 20,523 shares in the company, valued at approximately $3,066,957.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is currently owned by insiders.

Genuine Parts Price Performance

NYSE:GPC opened at $162.65 on Tuesday. Genuine Parts has a 52 week low of $131.27 and a 52 week high of $187.73. 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 has a market capitalization of $22.86 billion, a PE ratio of 18.63, a price-to-earnings-growth ratio of 1.97 and a beta of 0.89. The stock’s 50-day moving average price is $162.95 and its 200-day moving average price is $167.38.

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 (EPS) for the quarter, topping the consensus estimate 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 previous year, the firm posted $1.86 EPS. Genuine Parts’s revenue was up 8.9% compared to the same quarter last year. As a group, equities analysts expect that Genuine Parts will post 9.07 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 2nd will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, June 1st. Genuine Parts’s payout ratio is 43.53%.

Genuine Parts 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.