Genuine Parts (NYSE:GPC) Shares Sold by Palisade Asset Management LLC

Palisade Asset Management LLC decreased its holdings in Genuine Parts (NYSE:GPC) by 0.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,652 shares of the specialty retailer’s stock after selling 80 shares during the quarter. Palisade Asset Management LLC’s holdings in Genuine Parts were worth $4,245,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cambridge Trust Co. increased its position in shares of Genuine Parts by 27.7% in the third quarter. Cambridge Trust Co. now owns 9,693 shares of the specialty retailer’s stock worth $1,399,000 after acquiring an additional 2,104 shares in the last quarter. Community Bank N.A. purchased a new position in Genuine Parts during the 3rd quarter valued at about $433,000. Simmons Bank lifted its position in shares of Genuine Parts by 8.1% in the third quarter. Simmons Bank now owns 16,051 shares of the specialty retailer’s stock worth $2,317,000 after purchasing an additional 1,208 shares in the last quarter. SeaBridge Investment Advisors LLC acquired a new stake in shares of Genuine Parts during the third quarter worth approximately $474,000. Finally, Gradient Investments LLC grew its position in Genuine Parts by 381.1% during the third quarter. Gradient Investments LLC now owns 587 shares of the specialty retailer’s stock valued at $85,000 after purchasing an additional 465 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Performance

NYSE GPC traded down $0.57 during trading on Wednesday, hitting $154.35. The company’s stock had a trading volume of 924,038 shares, compared to its average volume of 1,055,450. Genuine Parts has a 52 week low of $126.35 and a 52 week high of $174.91. The firm has a market cap of $21.50 billion, a P/E ratio of 17.27 and a beta of 0.94. The firm has a 50 day moving average price of $153.64 and a 200 day moving average price of $143.61. The company has a quick ratio of 0.59, a current ratio of 1.14 and a debt-to-equity ratio of 0.69.

Genuine Parts (NYSE:GPC) last announced its earnings results on Thursday, April 18th. The specialty retailer reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.07. Genuine Parts had a net margin of 5.46% and a return on equity of 30.92%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the previous year, the firm posted $2.14 earnings per share. Genuine Parts’s revenue was up .3% compared to the same quarter last year. Equities research analysts forecast that Genuine Parts will post 9.94 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 7th will be paid a dividend of $1.00 per share. The ex-dividend date is Friday, June 7th. This represents a $4.00 annualized dividend and a yield of 2.59%. Genuine Parts’s dividend payout ratio is 44.59%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GPC. StockNews.com upgraded Genuine Parts from a “hold” rating to a “buy” rating in a report on Friday, April 5th. Truist Financial lifted their price target on Genuine Parts from $167.00 to $183.00 and gave the company a “buy” rating in a report on Friday, April 19th. Evercore ISI dropped their price objective on Genuine Parts from $160.00 to $155.00 and set an “in-line” rating on the stock in a report on Tuesday, April 16th. Jefferies Financial Group lifted their target price on shares of Genuine Parts from $150.00 to $170.00 and gave the company a “hold” rating in a research note on Friday, April 19th. Finally, Wedbush restated a “neutral” rating and set a $170.00 price target (up previously from $140.00) on shares of Genuine Parts in a report on Friday, April 19th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Genuine Parts currently has an average rating of “Hold” and an average price target of $173.10.

Insiders Place Their Bets

In other Genuine Parts news, Director Wendy B. Needham sold 3,250 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $154.92, for a total value of $503,490.00. Following the sale, the director now owns 14,397 shares of the company’s stock, valued at approximately $2,230,383.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.37% of the company’s stock.

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.