Kornitzer Capital Management Inc. KS Has $6.78 Million Stake in Genuine Parts Company $GPC

Kornitzer Capital Management Inc. KS lessened its holdings in Genuine Parts Company (NYSE:GPC) by 20.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 48,889 shares of the specialty retailer’s stock after selling 12,824 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Genuine Parts were worth $6,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Peoples Financial Services CORP. bought a new stake in Genuine Parts in the third quarter valued at $29,000. Golden State Wealth Management LLC lifted its holdings in Genuine Parts by 8,833.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 268 shares of the specialty retailer’s stock valued at $33,000 after purchasing an additional 265 shares during the last quarter. Concord Wealth Partners increased its holdings in shares of Genuine Parts by 148.7% during the second quarter. Concord Wealth Partners now owns 296 shares of the specialty retailer’s stock worth $36,000 after buying an additional 177 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Genuine Parts by 7,825.0% in the second quarter. Hantz Financial Services Inc. now owns 317 shares of the specialty retailer’s stock valued at $38,000 after acquiring an additional 313 shares during the last quarter. Finally, Quaker Wealth Management LLC grew its position in Genuine Parts by 11,533.3% during the 2nd quarter. Quaker Wealth Management LLC now owns 343 shares of the specialty retailer’s stock worth $42,000 after acquiring an additional 346 shares during the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Stock Performance

Shares of Genuine Parts stock opened at $139.27 on Wednesday. The stock’s fifty day simple moving average is $129.24 and its 200 day simple moving average is $132.07. The company has a current ratio of 1.14, a quick ratio of 0.51 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $19.37 billion, a PE ratio of 23.97 and a beta of 0.75. Genuine Parts Company has a 12 month low of $104.01 and a 12 month high of $143.48.

Genuine Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 5th. Stockholders of record on Friday, December 5th were given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, December 5th. Genuine Parts’s dividend payout ratio is currently 70.91%.

Wall Street Analyst Weigh In

A number of research firms have commented on GPC. UBS Group boosted their price objective on Genuine Parts from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. The Goldman Sachs Group raised shares of Genuine Parts from a “sell” rating to a “neutral” rating and increased their price target for the company from $130.00 to $142.00 in a research note on Thursday, November 13th. Truist Financial upped their price objective on Genuine Parts from $143.00 to $146.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Evercore ISI lifted their target price on Genuine Parts from $148.00 to $150.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. upped their price target on Genuine Parts from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $148.00.

Genuine Parts Company Profile

Genuine Parts Company (NYSE: GPC) is a global distributor of automotive replacement parts, industrial parts and business products with a history dating back to 1928. Headquartered in Atlanta, Georgia, the company operates a broad distribution network and retail presence serving repair shops, independent retailers, industrial customers and commercial accounts. Its business model centers on stocking and delivering a wide range of parts and supplies to support aftermarket and maintenance needs across multiple end markets.

Genuine Parts conducts its operations through several well-known operating groups and subsidiaries.