Allspring Global Investments Holdings LLC Reduces Position in Genuine Parts (NYSE:GPC)

Allspring Global Investments Holdings LLC trimmed its holdings in Genuine Parts (NYSE:GPC) by 1.0% during the third quarter, HoldingsChannel reports. The firm owned 248,312 shares of the specialty retailer’s stock after selling 2,594 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Genuine Parts were worth $34,684,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. WD Rutherford LLC purchased a new position in shares of Genuine Parts during the 1st quarter worth $26,000. Stephens Consulting LLC increased its position in shares of Genuine Parts by 740.7% during the first quarter. Stephens Consulting LLC now owns 227 shares of the specialty retailer’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Thompson Investment Management Inc. purchased a new stake in shares of Genuine Parts in the 1st quarter valued at approximately $35,000. Manchester Capital Management LLC lifted its stake in Genuine Parts by 36.1% during the first quarter. Manchester Capital Management LLC now owns 249 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 66 shares in the last quarter. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Genuine Parts in the second quarter valued at $40,000. 78.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GPC has been the subject of a number of research analyst reports. StockNews.com cut Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Wedbush dropped their price objective on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Truist Financial reaffirmed a “buy” rating and set a $164.00 target price on shares of Genuine Parts in a research note on Wednesday, August 28th. The Goldman Sachs Group decreased their price target on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Finally, Evercore ISI increased their price objective on Genuine Parts from $155.00 to $160.00 and gave the company an “in-line” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Genuine Parts has a consensus rating of “Hold” and a consensus price target of $155.14.

Genuine Parts Price Performance

Shares of GPC opened at $113.02 on Wednesday. The firm has a market capitalization of $15.74 billion, a price-to-earnings ratio of 12.60 and a beta of 0.90. The firm’s fifty day simple moving average is $139.12 and its 200-day simple moving average is $143.08. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66.

Genuine Parts (NYSE:GPC) last posted its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.15). The business had revenue of $5.96 billion during the quarter, compared to analyst estimates of $6.03 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.44 earnings per share. Equities analysts forecast that Genuine Parts will post 9.37 EPS for the current fiscal year.

Genuine Parts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Genuine Parts Company Profile

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.