Bank of New York Mellon Corp Decreases Position in Genuine Parts (NYSE:GPC)

Bank of New York Mellon Corp reduced its position in shares of Genuine Parts (NYSE:GPC) by 20.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 844,706 shares of the specialty retailer’s stock after selling 222,602 shares during the period. Bank of New York Mellon Corp’s holdings in Genuine Parts were worth $98,628,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in Genuine Parts during the third quarter worth about $26,000. Capital Performance Advisors LLP acquired a new position in Genuine Parts during the third quarter worth $31,000. Kestra Investment Management LLC purchased a new stake in Genuine Parts in the 4th quarter valued at $28,000. Compass Planning Associates Inc acquired a new stake in shares of Genuine Parts in the 4th quarter worth $29,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of Genuine Parts in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 78.83% of the company’s stock.

Genuine Parts Price Performance

Shares of NYSE GPC opened at $125.02 on Monday. The stock has a market cap of $17.35 billion, a P/E ratio of 19.32 and a beta of 0.94. The company has a current ratio of 1.16, a quick ratio of 0.57 and a debt-to-equity ratio of 0.86. The stock has a 50 day moving average of $118.94 and a two-hundred day moving average of $126.50. Genuine Parts has a twelve month low of $112.74 and a twelve month high of $164.45.

Genuine Parts (NYSE:GPC) last issued its quarterly earnings results on Tuesday, February 18th. The specialty retailer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.07. Genuine Parts had a net margin of 3.85% and a return on equity of 25.28%. The business had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the business posted $2.26 earnings per share. On average, research analysts forecast that Genuine Parts will post 7.9 earnings per share for the current year.

Genuine Parts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Friday, March 7th will be given a $1.03 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Genuine Parts’s previous quarterly dividend of $1.00. This represents a $4.12 annualized dividend and a dividend yield of 3.30%. Genuine Parts’s dividend payout ratio is currently 63.68%.

Insiders Place Their Bets

In other Genuine Parts news, Director Wendy B. Needham sold 1,608 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $120.78, for a total value of $194,214.24. Following the completion of the transaction, the director now directly owns 11,357 shares in the company, valued at approximately $1,371,698.46. The trade was a 12.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Evercore ISI cut their price objective on Genuine Parts from $128.00 to $125.00 and set an “in-line” rating for the company in a research report on Wednesday, February 19th. Loop Capital started coverage on Genuine Parts in a research report on Thursday, January 16th. They issued a “buy” rating and a $155.00 target price for the company. Redburn Atlantic raised shares of Genuine Parts to a “hold” rating in a research report on Monday, November 11th. Northcoast Research cut Genuine Parts from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. Finally, Truist Financial increased their price target on Genuine Parts from $129.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $137.63.

Genuine Parts 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.